Manufacturing orders are up, according to a new report by the Association for Manufacturing Technology. The association found that manufacturing technology sales were up 13.6 percent in May from the month before, totaling $430.06 million. Although sales are still lower than they were in 2012, the data is a positive sign that the equipment financing and leasing industry is on the rise.
The United States Manufacturing Technology Orders report found that orders for manufacturing technology equipment were largely on the rise across the country, with certain regions experiencing larger increases than others. The north central-east region of the country, for example, experienced 36 percent growth in May, jumping to $100.46 million from $73.98 million in April.
These numbers are particularly important, as an increase in sales at the beginning of summer is unusual. Patrick W. McGibbon, vice president of AMT, said summer sales are usually “soft” and pointed to other areas of growth that may be impacting the equipment sales and leasing sector.
“Contract machining is also seeing growth thanks to the cost advantages of manufacturing within the U.S.,” McGibbon said. “Meanwhile, foreign direct investment within the U.S. continues to increase, and all of these factors are contributing to new capital investment within manufacturing.”
These market increases are good news for small business owners who may be able to expand their businesses with new technology. In order to thrive in the current market, up-to-date technology and equipment is essential. Paying up front for equipment can be costly, though, leaving many entrepreneurs without necessary technology to move their businesses forward.
If a small business owner needs to replace outdated equipment or wants to stay competitive in a tough market, they can come to National Funding for guidance. National Funding can provide equipment financing and leasing options for entrepreneurs, as well as many other financial services.