Manufacturing technology orders totaled $479.3 million in February 2022 according to the latest U.S. Manufacturing Technology Orders Report published by the Association for Manufacturing Technology (AMT).
February 2022 orders were up 9% from January 2022 and up 27% from February 2021. Year-to-date orders were just below $920 million, an increase of 30% from the same period in 2021. Manufacturing technology orders were only down 11% from the same period in 1998, when orders set a record by surpassing $1 billion in two months.
Strong consumer demand has been a key driving factor behind much of the recent capital investment from manufacturers. However, inflation, exacerbated by geopolitical events, may undermine the demand that has supported the manufacturing technology industry over the past 12 months.
“The aggressive posture taken by the Federal Reserve in their last meeting is really telling. Inflation needs to be controlled, but for interest rate-sensitive activities like capital investment, the medicine may be a tough pill to swallow,” said Douglas K. Woods, president of AMT.