The Association for Manufacturing Technology reported manufacturing technology had the strongest first quarter in more than two decades with orders totaling $1.47 billion, 26.5% higher than the first quarter of 2021 and the highest first quarter since 1998.
According to the latest U.S. Manufacturing Technology Orders Report, monthly orders surpassed half a billion dollars for the first time, totaling $552.3 million in March. March orders were also 15.2% higher than February orders.
“The first quarter of 2022 has been extremely impressive for manufacturing technology orders. Previous forecasts had predicted a strong beginning to 2022 and a soft summer, which would rebound by IMTS in September, as summer orders are often delayed in anticipation of new products being exhibited at IMTS. However, inflation, the war and saber-rattling in the east are creating a level of uncertainty and risk that businesses must consider. Despite these challenges, we see the manufacturing sector continuing to invest in additional capacity,” AMT Chief Knowledge Officer Pat McGibbon said.