Q1 Solid for Manufacturing, and Q2 Outlook Even StrongerMay 10, 2021
U.S. manufacturing technology orders grew by 16.1 percent in March 2021 compared to February, and increased by 41.6 percent compared to March 2020, according to the latest report from AMT–The Association For Manufacturing Technology. Total orders for Q1 2021 reached $1.1 billion, almost one-third greater than total orders in Q1 2020.
Says Douglas K. Woods, president of AMT: “While these certainly are impressive numbers, they should have been even higher when looking at Oxford Economics’ prediction that U.S. GDP could have been 9.2 percent had inventories been at their normal levels, versus the 6.4 percent actually achieved for Q1 2021. The good news is they predict that Q2 2021 growth likely will be upwards of 12 percent.”
The report notes that machinery orders in the agricultural, construction and mining sectors more than doubled in March compared to February; and recreational equipment, including boats, motorcycles, snow mobiles and ATVs, were also very strong. Two notable industries experiencing declines: automotive and aerospace.
See also: Association for Manufacturing Technology