McLean, USA – The US Manufacturing Technology totaled $383.8 million in orders for October 2020, a rise of 3.7 percent from September 2020, and the highest dollar value since December 2019. It was based on The United States Manufacturing Technology Orders (USMTO) Report which is the totals of actual data reported by companies participating in the USMTO program and is compiled by the AMT (The Association For Manufacturing Technology). October 2020 orders decreased 1.9 percent from October 2019, which was nonetheless a smallest year-over-year (YOY) difference in 2020 and a marked contrast to the 43.1 percent YOY drop seen in May 2020. Total orders hit $3.07 billion in October, a decrease of 20.2 percent from 2019.
The regional and national US Industrial machinery orders were strong in many industries relative to this time last year, pointing to a continuation of economic recovery in the manufacturing technology sector. The mold and die sector experienced strong growth for the second straight month. Pandemic-related needs for secure supplies of medical equipment, and consumer products due to a continued strong housing market, also contributed to this growth.
“Additionally, we are seeing large investments in capital equipment in the automotive sector with substantial investments going to EVs and hybrid vehicles, while some traditional manufacturing lines are just being refurbished versus replaced. The rail industry is also investing – largely to refurbish both rail cars and infrastructure – as transport of goods by rail to centralized warehouses for home delivery continues to grow as a consequence of the pandemic,” asserted Douglas K Woods, President, AMT. “Unfortunately, the news is still not promising in the lagging aerospace and oil & gas sectors, as these sectors are still experiencing weak growth, and we do not foresee any significant uptick in growth in either sector in the foreseeable future.”
Image Source: AMT