Association News

Metalformers' Optimism Keeps Climbing

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Optimism among metalforming manufacturers about upcoming activity levels continues to rise, according to the February 2024 Precision Metalforming Association Business Conditions Report. Prepared monthly, PMA’s report provides an economic indicator for the next three months of manufacturing, sampling 121 metalforming companies in the United States and Canada.

For the third straight month, respondents were slightly more optimistic, with 23 percent expecting an improvement in conditions compared with 20 percent in January. Only 16 anticipate a decline, down from 20 percent the previous month.

Forty percent of survey respondents expect an increase in orders during the next three months, up from 34 percent in January, while just 12 percent anticipate a decrease, down from 21 percent in January.
 
“The February PMA Business Conditions report continues to show growing confidence by our members that economic activity will continue to improve,” 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.”