Report: Metal Formers’ Optimism About Business Activity Rises

CLEVELAND, Ohio – Optimism by metal-forming manufacturers about business activity continues to rise, according to the Precision Metalforming Association’s February 2024 Business Conditions Report

Prepared monthly, PMA’s report provides an economic indicator for the next three months of manufacturing, sampling 121 metal-forming companies in the United States and Canada.

The February report shows for the third straight month an increase in those manufacturers responding to the survey that expect an increase in business activity (23% compared with 20% in January). Also, 61% forecast no change in activity (compared with 60% last month), and only 16% anticipate a decrease in activity (dropping from 20% in January).

Metal formers also forecast an improvement in incoming orders, with 40% of survey respondents expecting an increase in orders during the next three months (up from 34% in January), 48% predicting no change in orders (compared with 45% in January) and only 12% anticipating a decrease in orders (declining from 21% in January).

“The February PMA Business Conditions report continues to show growing confidence by our members that economic activity will continue to improve over the next three months,” said PMA President David Klotz. “This optimism was given a boost by the U.S. House of Representatives’ passage of the Tax Relief for American Families and Workers Act in January, which would reinstate several important tax provisions for manufacturers, including R&D expensing and bonus depreciation.”

Published by The Business Journal, Youngstown, Ohio.