Orders of manufacturing technology surpassed $650 million in November, according to the latest U.S. Manufacturing Technology Orders Report, a publication of the Association for Manufacturing Technology (AMT).
This is the second-highest monthly total and only the fifth time monthly orders have exceeded $600 million since the beginning of the program in 1998.
The value of orders was up nearly 14 percent from October and more than double the value of orders received in November 2020.
“Tool and die, valve manufacturing, forging and stamping, and hardware— sectors in decline due to decades of outsourcing prior to the pandemic—continued to make a comeback due to reshoring,” said Douglas K. Woods, president of AMT. “Job shops showed a modest decline in dollars spent but a double-digit increase in orders, indicating an industry-wide need for increased capacity.”
The off-road equipment sector increased by “multiples” over October, likely due to anticipated interest rate hikes, the AMT report said.