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September 2023 Manufacturing Technology Orders Down, Still Above Historical Averages

New orders of manufacturing technology totaled $398.9 million in September 2023, according to the latest U.S. Manufacturing Technology Orders Report published by AMT – The Association For Manufacturing Technology.
Nov 13, 2023

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McLean, Va. (November 13, 2023) — New orders of manufacturing technology totaled $398.9 million in September 2023, according to the latest U.S. Manufacturing Technology Orders Report published by AMT – The Association For Manufacturing Technology. September orders declined 2.8% from August 2023 and 23.4% from September 2022. Year-to-date orders reached $3.64 billion, 13.8% lower than the first three quarters of 2022.

“Though 2023 orders are down, activity is still above long-term historical averages, indicating relative health overall,” said Douglas K. Woods, president of AMT. “We are still seeing strength in key industries, with contract machine shops, medical, and automotive continuing to invest heavily in manufacturing technology.”

Contract machine shops increased order value by nearly a third while units ordered grew by a much smaller degree. Similarly, manufacturers of medical supplies dramatically increased their overall spending. The automotive sector also continued to increase orders. Because of the longer production horizon as well as a sustained increase in demand for new vehicles, automotive manufacturers made capital spending investments despite labor challenges.

“The disparity in manufacturing technology investment across industries indicates that not all are paring back capital spending at once,” said Woods. “Industries that are spending healthily on manufacturing tech appear to be shifting expenditures toward highly automated machinery as evidenced by rising per-unit values.”

Though year-to-date orders have declined compared to a strong 2022, order levels are above historical averages, and there are pockets of strength in several industries. 

“Industries supported by high consumer demand and benefiting from long production timelines continued to be reliable customers of manufacturing technology,” said Woods. “We are detecting a shift in capital goods investment toward improving productivity through adoption of manufacturing technology automation.”

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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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