2023 Manufacturing Tech Orders Surpass Expectations

TLDR: December 2023 orders of manufacturing technology reached $491 million, up nearly 22% compared to November 2023 and almost 12% higher than December 2022, according to the U.S. Manufacturing Technology Orders Report by AMT. The report shows that manufacturing technology orders for 2023 exceeded expectations, with a total of $4.94 billion in orders, surpassing predictions of a 20% decline from 2022. The decline was mainly due to a decrease in contract machine shop orders, while larger OEMs and automotive manufacturers made significant investments in manufacturing technology. The aerospace sector also recorded its fourth-best year for manufacturing technology orders, despite the Boeing 737 MAX-9 issues. Other notable investments were made by manufacturers of ventilation, heating, air conditioning, and commercial refrigeration equipment. The report suggests that the momentum in manufacturing technology orders will continue in 2024, as shipments of cutting tools increased in 2023, indicating increased output and a potential need for additional capacity in the future.