Manufacturing technology orders in the U.S. totaled $321.7 million in July 2024, a decrease of 19.3% from June 2024, according to a report published by the Association of Manufacturing Technology (AMT). This is 7.8% behind orders in July 2023.
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Even though July is typically one of the slower months for manufacturing technology orders, July 2024 is 3.8% above the pre-2020 average for the month. Cancellations were the highest since July 2023. The number of units orders in July 2024 increased 1.9% over June 2024.
Year-to-date orders reached $2.53 billion, a 10.5% decline from orders in the first seven months of 2023.
There are signs the industry might be at the start of an anticipated rebound.
Orders from contract machine shops outperformed the market for the first time in many months. The number of units ordered increased almost 10% from June to July, and the value of manufacturing technology orders contracted less than 5%, indicating shops are expanding their capacity to meet customer demand for additional parts.
The medical equipment manufacturers decreased the number of units but increased the value of their orders from June to July 2024. Some expect this industry to grow by 50% between now and 2029.
Electrical generation and distribution equipment manufacturer orders were flat from June to July 2024. They remain on an upward trend due to grid modernization and increased power demand from data centers, even though this sector has pulled back orders from their early 2023 peak.
