Metal Formers’ Outlook Improves, Shipping Levels Trend Upward
November 26, 2024Comments
Metal forming manufacturers’ forecast for business activity during the next three months shows a modestly improved outlook, according to the November 2024 Precision Metalforming Association (PMA) Business Conditions Report. Per the report, 23% of respondents predict an increase in economic activity in the next three months (up notably from 13% in October) and 34% anticipate a decrease in activity (down from 37% last month).
Respondents have a slightly more positive forecast for incoming orders, with 30% forecasting an increase in orders during the next three months (up from 24% in October), and 30% anticipating a decrease in orders (down from 34% in October).
Current average daily shipping levels in November trended upward, with 26% reporting an increase in shipping levels (up from 10% in October), and 33% reporting a decrease in levels (the same percentage reported in October).
“Metal formers continue to demonstrate resilience despite economic uncertainty, driven in part by the delay in reinstating key tax provisions,” says PMA President David Klotz. “These include rolling back the tax on R&D expenditures, restoring the ability to fully deduct those costs and reestablishing 100% bonus depreciation. We urge the incoming Trump Administration and the new Congress to make reinstating these critical tax incentives a top priority if the current Congress does not act during the lame-duck session. Resolving these issues would inject much-needed confidence and encourage strategic investments to strengthen domestic manufacturing—a central theme of both parties during the election campaign.”
See also: Precision Metalforming Association
Technologies: Management
