New U.S. orders for metal cutting, forming and fabrication machinery (manufacturing technology) totaled $447.9 million in November, showing a notable monthly decline, though steady year-over-year while its year-to-date figure remained solidly elevated.

According to the Association for Manufacturing Technology’s monthly Manufacturing Technology Orders Report (USMTO), the November figure was down 19.6% from October and down 0.5% year-over-year. Year-to-date orders through November were $4.92 billion — up 17.8% vs. 2024.

The report noted that end-of-year manufacturing technology orders tend to increase as firms seek to exhaust capital equipment budgets and maximize tax benefits, adding that November continued this trend alongside further elevated order activity that began in August. November orders were nearly 26% above the typical level for the month, AMT said, and had the largest three-month cumulative order value since May 2022.

The November USMTO report said that while nearly all customer industries declined during the month noted the following bright spots: 

• Contract machine shops and manufacturers in the aerospace sector decreased machinery order values by only slightly less than the overall market 
• Primary metal manufacturers reversed a three-month trend of declines with significant order increases, as North America is one of the few regions that has increased steel and aluminum production through 2025. 
• Manufacturers of industrial machinery also increased order values, as did manufacturers specializing in molds, metalworking machinery, and specialty tools and dies. 

These additional capacity additions late in 2025 may signal a coming surge of manufacturing activity throughout 2026, AMT said.

“Despite the decline in order value experienced in November 2025, the metalworking machinery market remains on solid ground,” the report stated. “Even without a tally of December activity, year-to-date orders are nearly 5% higher than all of 2024. While tax incentives and easing financial conditions have the potential to spur additional investment in manufacturing technology, a resurgence of geopolitical unrest and growing uncertainty could derail this promising path.”