One in Three Metal Formers Expect an Increase in Orders During Q1
January 22, 2024Comments
Metal forming company executives, while continuing to anticipate stable business conditions for the first few months of 2024, express more optimism about business activity month over month. That according to the January 2024 Precision Metalforming Association (PMA) Business Conditions Report, which reveals that 60% of executives expect no change in general economic activity in the next three months (compared to 57% in December), while 20% anticipate an increase in activity (up from 13% last month).
Metal formers also forecast an uptick in incoming orders, with 34% of survey respondents expecting an increase in orders during the next three months (up from 29% in December), and only 21% anticipate a decrease in orders (down from 30% in December).
“PMA members are confident that their businesses will continue to experience stable conditions in the first quarter of 2024,” says PMA President David Klotz. “In fact, the January Business Conditions Report shows the highest percentage of respondents predicting steady or increased economic activity since April 2022. Congress can help the manufacturing sector grow further by quickly passing the bicameral tax framework announced by House Ways and Means Committee Chairman Jason Smith (MO-08) and Senate Finance Committee Chairman Ron Wyden (D-OR) on January 16. The framework reinstates several important tax provisions that PMA has long advocated for to boost U.S. manufacturing, including reinstating R&D expensing retroactive to January 1, 2022, and 100% full expensing (bonus depreciation) retroactive to January 1, 2023.”
See also: Precision Metalforming Association
Technologies: Management
