US Cutting Tool Orders Totaled $214.6M in February 2024, Bringing the Year-Over-Year Total Up 9% From February 2023
February 2024 U.S. cutting tool consumption totaled $214.6 million, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology. This total, as reported by companies participating in the Cutting Tool Market Report collaboration, was up 4.9% from January’s $204.5 million and up 9% when compared with the $196.9 million reported for February 2023. With a year-to-date total of $419.1 million, 2024 is up 6.5% when compared to the same time period in 2023.
“After some declines in orders to end the fourth quarter of 2023, the U.S. cutting tool industry has seen rebounds in monthly orders and growth in shipments to begin the first quarter of 2024,” observed Steve Boyer, president of USCTI. “Inflation continues to add some apprehension for upcoming quarters, but the industry continues to positively show growth even if that pattern is of uneven growth.”