Manufacturing Technology Orders: Year-to-Date Value Dips Below 2021January 9, 2023
New orders of manufacturing technology in November 2022 were down 4.5 percent from October 2022 and down nearly 32 percent from November 2021, according to the latest U.S. Manufacturing Technology Orders Report published by AMT–The Association For Manufacturing Technology. Year-to-date orders dropped below 2021 for the first time in 2022, dipping 3.7 percent below the total through November 2021.
“After recording the highest level of orders in 2021, it was only a matter of time before 2022 fell slightly behind,” says Douglas K. Woods, president of AMT. “The fact that orders stayed above 2021 levels for 10 months speaks to the continued strength in the demand for manufacturing technology. This demand has been spurred by extraordinary economic challenges, which has prompted expanded domestic manufacturing as well as foreign direct investment.”
In an environment of rapidly rising interest rates, home construction and renovation has slowed, the orders report notes, and manufacturers of household appliances have continued to reduce their orders through November 2022. Likewise, declining investments in capital goods by manufacturers of HVAC and commercial refrigeration reflect slowing demand from commercial construction.
“Despite some of the slowing orders, a number of our members remain confident in their 2023 projections because of the outstanding orders collected in 2022,” adds Woods. “2023 most likely will be a balancing act.”
See also: Association for Manufacturing Technology