McLean, Va. (January 13, 2025) — Orders of manufacturing technology, measured by the U.S. Manufacturing Technology Orders (USMTO) report published by AMT – The Association For Manufacturing Technology, totaled $448.8 million in November 2024. These orders for metalworking machinery increased 16.8% from October 2024 and 12.4% from November 2023. Year-to-date orders reached $4.18 billion, a decline of 5.7% compared to the first 11 months of 2023.
After a slow start to 2024, orders of manufacturing technology began trending upward following September’s IMTS – The International Manufacturing Technology Show. This continued in November, with new orders nearly 30% above a typical November and at the highest order level for any November since 2021. November 2024 orders nearly equaled those in September, when IMTS opened its doors at Chicago’s McCormick Place. This is further evidence of the lengthened buying cycle for metalworking machinery in recent months. As the impetus for capital investment shifts from augmenting capacity to quality and efficiency improvements, the time between an initial quotation and an order being placed has expanded.
With the exception of September 2024, contract machine shops, the largest consumer of manufacturing technology, placed the largest order since March 2023. This is a welcome sign for the larger manufacturing sector, as these shops typically receive additional work when OEMs experience capacity constraints. Aerospace manufacturers decreased their orders modestly from October but remained slightly above their 2024 average, indicating the effects of the nearly two-month strike of Boeing machinists likely only shifted demand.
Although orders of manufacturing technology tend to correlate positively with interest rates over the long run, recent trends have shown more of the inverse correlation that conventional economic thinking would expect. This is in stark contrast to the previous example of an economic soft landing, where orders peaked along with interest rates and began to decline slightly as the Federal Reserve began loosening their monetary position. Given this trend, along with a tendency for manufacturers to expend their capital budgets by year’s end, orders from December 2024 could show a strong end to an irregular year.
Interested in More Financial Insights From AMT?
On Jan. 24, AMT will host the 2025 Winter Economic Forum, featuring the latest Oxford Economics forecast on the economy and manufacturing technology orders. AMT will also recap IMTS 2024 and share important can’t-miss industry insights to prepare manufacturers for the new year. Register for free to attend in person in Cincinnati, Ohio, or virtually.
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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. USMTO.com.
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 – The International Manufacturing Technology Show is where the creators, builders, sellers, and drivers of manufacturing technology come to connect and be inspired. Attendees discover advanced manufacturing solutions that include innovations in CNC machining, automation, robotics, additive, software, inspection, and transformative digital technologies that drive our future forward. Powered by AMT – The Association For Manufacturing Technology, IMTS is the largest manufacturing technology show and marketplace in the Western Hemisphere. With more than 1.2 million square feet of exhibit space, the show attracts visitors from more than 110 countries. IMTS 2024 had 89,020 registrants, featured 1,737 exhibiting companies, and included a Student Summit that attracted 14,713 visitors. Be the change at IMTS 2026, Sept. 14-20, 2026. Inspiring the Extraordinary. IMTS.com.
