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July 2023 Manufacturing Technology Orders Total $353.9 Million; Year-to-Date Gap Narrows Despite Entering Usual Seasonal Slowdown

New orders of manufacturing technology totaled $353.9 million in July 2023, according to the latest U.S. Manufacturing Technology Orders Report published by AMT – The Association For Manufacturing Technology.
Sep 11, 2023

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McLean, Va. (September 11, 2023) — New orders of manufacturing technology totaled $353.9 million in July 2023, according to the latest U.S. Manufacturing Technology Orders Report published by AMT – The Association For Manufacturing Technology. July orders declined 12.4% from June 2023 but were only 10.5% lower than July 2022. Year-to-date orders reached $2.83 billion, 12.7% lower than this point last year.

“July is typically one of the slower months for manufacturing technology orders, so to be down slightly is not surprising,” said Douglas K. Woods, president of AMT. “The more interesting trend is that for two consecutive months, the gap in year-to-date orders has narrowed over what have been historically slow months. Job shops have continued to decrease orders, but other industries that have benefited from recent reshoring or government investment have been filling in the gap.”

Among individual sectors, job shops, the largest customer segment, placed their lowest total monthly orders since August 2020. Metal valve manufacturers recorded their third-highest monthly order value on record, which was last surpassed in September 2018. Their monthly orders reached nearly 5% of the total manufacturing technology order value for July 2023. Manufacturers of motor vehicle transmissions, which we highlighted in last month’s USMTO press release, continued to order machinery at an elevated pace. While still representing a large share of the market, the aerospace industry continued to order well below the peaks reached in early 2022. Several recently announced projects, such as the federal government’s $1.5 billion investment in communications satellites, could reverse the trend.

“Manufacturing technology orders have definitely begun to feel the effects of higher interest rates and economic uncertainty, but the buildup of domestic capacity means that there are more diverse sales opportunities than there have been in decades,” said Woods. “That is what has kept manufacturing technology orders well above their historical levels despite the recent downward trend, and it will likely lead the industry out of any mild recession on the horizon.”

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The United States Manufacturing Technology Orders (USMTO) Report is based on the totals of actual data reported by companies participating in the USMTO program. This report, compiled by AMT – The Association For Manufacturing Technology, provides regional and national U.S. orders data of domestic and imported machine tools and related equipment. Analysis of manufacturing technology orders provides a reliable leading economic indicator as manufacturing industries invest in capital metalworking equipment to increase capacity and improve productivity.

AMT – The Association For Manufacturing Technology represents U.S.-based providers of manufacturing technology – the advanced machinery, devices, and digital equipment that U.S. manufacturing relies on to be productive, innovative, and competitive. Located in McLean, Virginia, near the nation’s capital, AMT acts as the industry’s voice to speed the pace of innovation, increase global competitiveness, and develop manufacturing’s advanced workforce of tomorrow. With extensive expertise in industry data and intelligence, as well as a full complement of international business operations, AMT offers its members an unparalleled level of support. AMT also produces IMTS – The International Manufacturing Technology Show, the premier manufacturing technology event in North America. AMTonline.org

IMTS – International Manufacturing Technology Show – The largest and longest running manufacturing technology trade show in the United States is held every other year at McCormick Place in Chicago, Ill. IMTS 2024 will run Sept. 9-14. IMTS is ranked among the largest trade shows in the world. Recognized as one of the world’s preeminent stages for introducing and selling manufacturing equipment and technology as well as connecting the industry’s supply chain. IMTS attracts visitors from every level of industry and more than 117 countries. IMTS 2022 had 86,307 registrants, 1,212,806 net square feet of exhibit space, 1,602 booths, and 1,816 exhibiting companies. IMTS is owned and produced by AMT – The Association For Manufacturing Technology. www.IMTS.com

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Author
Christopher Chidzik
Principal Economist
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