Metal Formers’ Outlook for Business Activity Remains Steady

CLEVELAND, Ohio – Metal forming manufacturers’ predictions about business activity showed little change from February, according to the Precision Metalforming Association’s March 2024 Business Conditions Report

Prepared monthly, PMA’s report provides an economic indicator for the next three months of manufacturing, sampling 97 metal forming companies in the United States and Canada.

Manufacturers responding to the PMA survey anticipate that economic activity will be stable during the next three months, with 24% expecting an increase in activity (compared with 23% in February). Also, 60% forecast no change in activity (compared with 61% in February), and only 16% anticipate a decrease in activity (the same percentage reported in February).

Metalformers also forecast little change in incoming orders for the next three months, with 39% of survey respondents expecting an increase in orders during the next three months (compared with 40% in February), 45% predicting no change in orders (compared with 48% in February) and 16% anticipating a decrease in orders (increasing from 12% in February).

Current average daily shipping levels dipped in March after spiking in February, with 24% reporting an increase in shipping levels (compared with 31% in February), 44% reporting no change (compared with 39% in February) and 32% reporting a decrease in levels (up from 30% in February).

“PMA’s March Business Conditions Report shows the resiliency of metal forming manufacturers, but to drive more growth and expansion in our industry, it is imperative that the Senate approves the House-passed Tax Relief for American Families and Workers Act as soon as possible,” said PMA President David Klotz. “The bill would reinstate critical manufacturing tax provisions whose expiration has amounted to a significant tax increase for our members.”

The full report can be viewed HERE.

Published by The Business Journal, Youngstown, Ohio.