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Metalformers expect stable business conditions in months ahead

March 27, 2024

Metalformers are expecting business conditions to remain steady over the next few months, according to the March Business Conditions Report from the Precision Metalforming Association (PMA).

Each month, PMA conducts a survey of around 100 metalforming companies in the US and Canada. The results provide an economic indicator for the manufacturing sector for the next three months.

In PMA’s March report, a majority (60%) of metalforming companies expected stable economic activity over the next three months. Only 16% predicted a decline in activity. And 24% forecast an increase in activity.

Nearly half (45%) of metalformers forecast no change in incoming orders. That’s down slightly from 48% in February. Still, 39% of respondents anticipate a rise in orders (down from 40% in February). Only 16% foresee fewer orders (up from 12% last month).

Looking at average daily shipping levels, more survey respondents reported no change in March compared to February (44% vs. 39%). The number reporting higher daily shipping levels dropped from 31% in February to 24% in March.

“PMA’s March Business Conditions Report shows the resiliency of metalforming manufacturers,” PMA President David Klotz said.

However, “to drive more growth and expansion in our industry, it is imperative that the Senate approves the House-passed Tax Relief for American Families and Workers Act as soon as possible,” Klotz added. He noted that the bill would “reinstate critical manufacturing tax provisions whose expiration has amounted to a significant tax increase for our members.”

Cleveland-based PMA represents the North American metalforming industry. Its more than 900 members stamp, fabricate, spin, slide form, roll form, and provide other value-added services to create precision metal products.

Laura Miller

Laura Miller is a reporter and editor for Steel Market Update. She has held a variety of positions within the steel industry since 2007, including reporting and editing for Steel Business Briefing/Platts, the Association for Iron and Steel Technology, and Kallanish Commodities, as well as marketing for what was then known as ThyssenKrupp Steel USA (now AM/NS Calvert). After a five-year hiatus working across other industries, she returned to steel in 2021 and has covered the flat rolled, tubular, and trade areas of the industry. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania. She can be reached at laura@steelmarketupdate.com or 724-759-7869.