New orders for metal cutting, forming and fabricating machinery (manufacturing technology) totaled $317.9 million during April 2024, according to the Association for Manufacturing Technology’s monthly U.S. Manufacturing Technology Orders Report (USMTO).

That total was down 25.6% from March, essentially reversing March’s 24.9% spike that typically occurs as many builders of manufacturing technology end their fiscal year in March. 

April’s total was down 5.4% year-over-year, much improved from March’s -21.3%. 

Year-to-date, orders through April totaled $1.43 billion, down 16.2% from the first four months of 2023. 

Orders have steadily declined since hitting a peak in the fourth quarter of 2021, according to USMTO data. AMT noted that although 2024 has had the weakest start to the year since 2020, year-to-date orders are nearly 5% above the average order volume for the first four months of a year since USMTO began tracking orders in 1998. 

The April USMTO report also shared the following:  

• Contract machine shops — the largest customer of manufacturing technology — decreased orders significantly in April compared to March 2024, but by less than the overall market. Still, contract machine shops experienced the slowest start to the year since the first few months of 2020. 
• After two strong years of orders, the automotive industry has begun to pare back investment in manufacturing technology. Consumer demand for electric vehicles has not met expectations despite significant investment from major automakers. 
• The aerospace industry has continued its elevated level of investment into 2024. Order activity from this sector is particularly strong in the Southeast region, leading it to the strongest growth of any region.