Metalformers show resilience as orders rise and outlook remains steady

Metalforming manufacturers forecast stable economic activity over the next three months, while reported shipping levels rose in January, according to the February 2026 Precision Metalforming Association (PMA) Business Conditions Report. Prepared monthly, PMA’s report provides an economic indicator for the next three months of manufacturing, sampling 90 metalforming companies in the United States and Canada.

“PMA’s February Business Conditions Report highlights the resilience of our members,” said PMA President David Klotz. “Metalformers continue to benefit from the tax certainty and pro-manufacturing provisions included in the One Big Beautiful Bill Act, including the restoration of 100% bonus depreciation and full expensing of R&D investments. These policies are helping manufacturers invest in equipment and innovation.

“At the same time, ongoing volatility surrounding tariffs and trade policy—including the implications of the recent Supreme Court decision on IEEPA tariffs—continues to create uncertainty for manufacturers planning for the months ahead. Greater clarity and predictability in trade policy will be critical to sustaining growth.”

PMA’s February report shows that 41% of manufacturers surveyed expect an increase in general economic activity in the next three months (compared to 49% in January), 53% predict no change in activity (compared to 43% last month) and 6% forecast a decrease in activity (down from 8% in January).

Metalformers anticipate an uptick in incoming orders in the next three months, with 57% of survey respondents predicting an increase in orders (up from 53% in January), 41% expecting no change (compared to 37% last month) and only 2% forecasting a decrease in orders (down from 10% in January).

Shipping levels in February rose for the second month in a row. Thirty-four percent of metalformers surveyed reported an increase in current average daily shipping levels in February (up from 20% in January), 50% reported no change (the same percentage reported last month) and 16% reported a decrease in shipping levels (down from 30% in January).

In addition, the survey showed that only 2% of respondents had workers on short time or layoff in February, decreasing from 6% in January and at its lowest level since January 2023, while 33% are currently expanding their workforce (the same percentage reported last month). Lead times decreased slightly in February, with 11% of respondents reporting an increase in lead times, compared to 13% in January.

Full report results are available at https://www.pma.org/public/business_reports/pdf/BCREP.pdf.