Metal Formers Remain Optimistic Regarding Business Conditions
February 27, 2024Comments
Optimism by metal forming companies regarding business activity continues to rise, according to the February 2024 Precision Metalforming Association (PMA) Business Conditions Report. Notable: The number of manufacturers expecting business activity to increase has risen for three consecutive months. The February survey finds that 23% expect activity to increase, up from 20% in January, and only 16% anticipate a decrease in activity, down from 20% in January.
Metal formers also forecast an improvement in incoming orders: 40% of survey respondents expect orders to increase during the next three months, up from 34% in January, and only 12% anticipate orders to decrease, down from 21% in January.
“The February PMA Business Conditions report continues to show growing confidence by our members that economic activity will continue to improve over the next three months,” says PMA President David Klotz. “This optimism was given a boost by the U.S. House of Representatives’ passage of the Tax Relief for American Families and Workers Act in January, reinstating several important tax provisions for manufacturers, including R&D expensing and bonus depreciation. PMA’s advocacy team in Washington, D.C., has been working for months on this bill because while this country has the most innovative manufacturers in the world, we must not fall behind China and other global competitors in continuing to invest in R&D. PMA strongly urges the U.S. Senate to pass this bill as quickly as possible.”
See also: Precision Metalforming Association
Technologies: Management
