November 2023 sales of manufacturing equipment to the US aerospace sector peaked at 60% above the monthly average compared to the rest of 2023. PHOTO courtesy Makino.
Every industry doesn’t experience business contraction in the same way or at the same time. So in times of business contraction, it’s always wise to look for the industries bucking the contraction trend.
A good example is what happened in November of last year with sales of manufacturing equipment. Overall orders of manufacturing technology were 2% behind the orders placed the previous month and 10.3% lower compared to November 2022, according to the U.S. Manufacturing Technology Orders Report published by AMT—The Association For Manufacturing Technology.
Contract machine shops, the largest consumer of manufacturing technology, decreased their November 2023 orders by nearly 16% from October 2023.
Yet aerospace manufacturers in the US were flying high, with November 2023 sales of manufacturing equipment to that sector peaking at 60% above the monthly average compared to the rest of 2023.
Electrical equipment also increased their equipment orders during the month.
The 2023 slowdown in manufacturing equipment orders is also being experienced differently by economic region, reports AMT.
Manufacturing equipment sales to the Northeast and South-Central US regions were virtually flat compared to the steeper declines seen in other regions. The minimal comparative losses in these regions were driven by significant year-over-year growth in orders from aerospace manufacturers. The South-Central region also benefited from significant growth in orders from the automotive sector.