Q1 2022 Mfg. Technology Orders Best Since 1998May 9, 2022
According to the latest U.S. Manufacturing Technology Orders Report published by AMT–The Association For Manufacturing Technology, the first quarter of 2022 had orders totaling $1.47 billion, 26.5 percent higher than the first quarter of 2021 and the highest Q1 of any year since 1998.
“The first quarter of 2022 has been extremely impressive for manufacturing technology orders,” says Pat McGibbon, chief knowledge officer at AMT. “Previous forecasts had predicted a strong beginning to 2022 and a soft summer which would rebound by IMTS in September, as summer orders often are delayed in anticipation of new products being exhibited at IMTS. However, inflation, the war, and saber-rattling in the east 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.”
Despite the near-record orders for manufacturing technology, the first quarter of 2022 had the first negative GDP growth since the onset of COVID. “To have one of the best quarters in manufacturing technology orders and then find out GDP contracted over the same time almost defies logic,” says McGibbon. “However, there have been many instances over the past several months where orders have been up, despite some headwind that would have been a major issue for the industry prior to COVID.”
See also: Association for Manufacturing Technology