Increase in U.S. manufacturing technology order: report
The U.S. manufacturing technology orders totaled $437.9 million, according to the latest U.S. Manufacturing Technology Orders report published by The Association For Manufacturing Technology (AMT).
The report shows an increase of 16.1 per cent over February 2021 and an increase of 41.6 percent over March 2020.
Total orders for 2021 reached $1.1 billion, almost one-third above the total orders in the first quarter of 2020.
“It is noteworthy that total orders in the first quarter were significantly higher than total orders in Q1 2020, given the strength of the first three months of 2020, when the pandemic had not yet affected the industry,” said Douglas K. Woods, President, AMT. “And while these are certainly impressive numbers, they should have been even higher when looking at Oxford Economics’ prediction that U.S. GDP could have been 9.2 per cent had inventories been at their normal levels versus the 6.4 per cent actually achieved for Q1 2021. The good news is they predict that Q2 2021 growth will likely be upwards of 12 per cent.”
“Drilling into sectors, agricultural, construction, and mining machinery orders more than doubled from last month; and recreational equipment, including boats, motorcycles, snow mobiles, and ATVs, were all very strong” said Woods. “Two notable industries which saw declines over February 2021 were automotive and aerospace, two sectors which typically drive manufacturing growth, highlighting just how strong orders from other sectors were in March.”