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June Metalworking Orders Up 12.6% YoY

New orders of manufacturing technology totaled $411.3M in June, according to the latest U.S. Manufacturing Technology Orders Report.

New orders of manufacturing technology totaled $411.3 million in June, according to the latest U.S. Manufacturing Technology Orders Report published by The Association For Manufacturing Technology.

Orders in June increased 12.6% over May 2023 but fell 1.7% below orders in June 2022. That brings total orders through the first half of 2023 to nearly $2.5 billion, approximately 13% below the total for the first half of 2022, according to the report.

“Orders of manufacturing technology have continued their downward trend since peaking in the second half of 2021; however, for perspective, they remain above historical averages,” said Douglas K. Woods, president of AMT. “Even in non-IMTS years, the majority of orders tend to come in the second half of the year. Despite some headwinds, including fears of a recession, it would seem reasonable that manufacturing technology orders could outperform some of the more pessimistic expectations if we return to that historical trend.”

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Job shops — the largest customer segment — only increased spending by 4.2%, far below the industry growth of 12.6% from May to June 2023. They also decreased the number of units ordered, while the industry remained about flat.

However, manufacturers of automotive transmissions have been noticeably increasing investment in manufacturing technology, according to the report.

“Investments on this scale show how manufacturers are preparing for a prolonged transitional period from internal combustion engines to electric vehicles,” said Woods. “Moving toward electrification means facing numerous supply and logistical hurdles, from the sourcing of elements to grid reliability. Auto manufacturers recognize that until these challenges are overcome, demand for internal combustion engines will justify further investment.”

Year-to-date orders for manufacturing technology from the automotive transmission and powertrain parts manufacturing sector are at the second-highest level since the first half of 2015.

Source: The Association For Manufacturing Technology

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