First-quarter machine tool orders reached their highest level in almost a quarter-century, AMT – The Association for Manufacturing Technology said today.
Orders for the first three months of 2022 totaled $1.47 billion, McLean, Va.-based AMT said in an emailed statement. That was 26.5 percent above the same period in 2021 and the best first-quarter figure since 1998.
What’s more, orders in March surged on both a monthly and year-over-year basis, the group said.
Orders totaled $552.3 million for the month, AMT said. That was 15 percent higher that February and 20 percent above March 2021 orders.
The first quarter “has been extremely impressive for manufacturing technology orders,” Pat McGibbon, chief knowledge officer at AMT.
The results occurred despite the U.S. Gross Domestic Product contracting at a 1.4 percent annualized rate in the first quarter.
McGibbon said there is uncertainty surrounding the machine tool market.
“Previous forecasts had predicted a strong beginning to 2022 and a soft summer which would rebound by IMTS in September, as summer orders are often delayed in anticipation of new products being exhibited at IMTS,” he said.
AMT is the organizer of IMTS, the large trade show held in Chicago. The event normally is held every two years but the 2020 edition was canceled because of the COVID-19 pandemic.
McGibbon said Russia’s invasion of Ukraine and related events “are creating a level of uncertainty and risk that businesses must consider. Despite these challenges, we see the manufacturing sector continuing to invest in additional capacity.”
The figures are from companies participating in AMT’s U.S. Manufacturing Technology Orders (USMTO) program.
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