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New manufacturing technology orders totaled $ 571.5 million in October 2021, according to the latest U.S. manufacturing technology orders report released by the Association For Manufacturing Technology (AMT). Orders for October fell 3.6% from September 2021, but were up 50.2% from October 2020. Total orders in 2021 almost reached $ 4.7 billion, a 53% increase from 2020. The three consecutive months ending in October totaled $ 1.7 billion, the highest total in three months. since April 1998.
“The market for manufacturing technologies is flourishing in today’s economic environment. Unfortunately, the impact on the result is not as great â€, said Douglas K. Woods, president of AMT. “Our members are caught between higher material, component and transportation costs and a customer base that resists price increases. It’s a problem that will only get worse if the Federal Reserve’s actions this winter lead to higher interest rates. I think it would be counterproductive to tighten monetary policies and increase the cost of expanding capacity at a time when our country is experiencing unprecedented supply chain disruption. ”
The US manufacturing technology market growth rate of 53% from 2020 levels is exceptional. This is especially exciting because producers of critical components and industries hard hit by offshoring in the 1990s are driving this expansion through significant investments to expand US-based capacity. These industries increased their capital spending by multiples of previous years, far exceeding the October market average by 53%. The current level of manufacturing technology orders signals the beginning of reinvestment by manufacturers in US-based production and strengthening supply chains for US manufacturers.
The US Cutting Tool Institute (USCTI) and AM also reported that the consumption of cutting tools in the United States was $ 179.6 million. This total, as reported by the companies participating in the Cutting Tools Market Report Collaboration, increased 10.1% from September’s $ 163.1 million and 11.7% from September $ 160.7 million reported for October 2020. With a cumulative total of $ 1.6 billion. , 2021 is up 7.9% compared to the same period in 2020.
These figures and all data in the report are based on the totals reported by the companies participating in the CTMR program. Totals represent the majority of the US cutting tool market.
According to Bret Tayne, president of Everede Tool Company, “October sales figures indicate that monthly and year-to-date sales of the cutting tool industry continue to grow from 2020. The expected improvement in the outlook for customers in our industry, such as aerospace and l automotive industry bodes well for this trend to continue. “
Mark Killion, Director of US Industries at Oxford Economics, commented: “After moving sideways over the previous two months, which were hampered by grunts in the supply chain, the sharp increase in October reflects strong demand from key customers, such as those manufacturing medical equipment and machinery. All Terrain.”
For more information: www.amtonline.org
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