Metalforming manufacturers remain optimistic about business conditions, according to the January 2025 Precision Metalforming Association (PMA) Business Conditions Report, continuing an upward trend that began in October 2024. Prepared monthly, PMA's report provides an economic indicator for the next three months of manufacturing, sampling 107 metalforming companies in the United States and Canada.
PMA's January report shows that 35% of surveyed manufacturers predict an increase in economic activity through April (up from 30% in December, 23% in November and 13% in October), 54% expect no change in activity (compared to 49% in December) and only 11% anticipate a decrease in activity (down from 21% in December).
Metalformers also forecast a spike in incoming orders, with 49% of survey respondents expecting an increase in orders (compared to 34% in December), 38% predicting no change in orders (compared to 47% last month) and 13% anticipating a decrease in orders (down from 19% in December).
Current average daily shipping levels rebounded slightly in January after dropping in December, with 36% reporting a decrease in shipping levels (down from 45% in December), 52% reporting no change (compared to 39% last month) and 12% reporting an increase in levels (compared to 16% in December).
The survey also showed no change between December 2024 and January 2025 in the percentage of respondents reporting a portion of their workforce on short time or layoff (12%), the percentage reporting that they are expanding their workforce (24%) and the percentage reporting an increase in lead times (5%).
"PMA's January Business Conditions report highlights the resilience of metalforming manufacturers in 2024, which is paying off as they anticipate increased economic activity heading into the first quarter of 2025," said PMA President David Klotz. "Our members are optimistic that the new administration and Congress will take steps to strengthen domestic manufacturing, reduce unnecessary regulations and reinstate important business tax incentives that encourage research and development and capital equipment purchases. PMA's advocacy team in Washington, D.C., is urging policymakers to avoid adopting a tariff policy that protects only one part of the supply chain at the expense of downstream users, as a true economic revitalization must support both upstream and downstream manufacturing industries."
For more information contact:
Precision Metalforming Association
6363 Oak Tree Blvd.
Independence, OH 44131
216-901-8800