2024 New Orders

As of October, new orders increased by an average of 3.4 percent year-over-year, totaling $20.1 million, according to the latest data from the U.S. Census Bureau. The Transportation Equipment sector led all industries with a notable 9.5 percent increase compared to October 2023. The Electrical Equipment, Appliances and Components category followed with a 6.1 percent rise, followed closely by Durable Goods Industries, with a 5.4 percent gain. Meanwhile, orders for Fabricated Metal Products saw a 4.7 percent increase.

Primary Metals and Computers and Electronic Products both recorded a 3.2 percent increase, reflecting moderate year-over-year growth. Meanwhile, new orders in the Furniture and Related Products sector expanded by 2.9 percent, while Machinery posted a smaller uptick of 2.2 percent. The Nondurable Goods Industries sector, which accounts for a significant share of manufacturing, grew more modestly by 1.7 percent.

Month-over-month growth

On a month-over-month basis, new orders increased by 0.8 percent when compared to September, or $4.7 million. At 4.5 percent, orders in the Primary Metals sector recorded the highest increase, followed Nondurable Goods Industries, up 3.3 percent. At the same time, orders grew 2.4 percent for Fabricated Metal Products. The Machinery segment also recorded growth, increasing 1.3 percent from the previous month.

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However, not all industries performed positively. The Computers and Electronic Products category experienced the steepest drop, falling 13.4 percent compared to September. The Transportation Equipment sector saw a 5.0 percent month-over-month decline, reversing its annual gains. Additionally, the Durable Goods Industries and The Electrical Equipment, Appliances and Components segments contracted by 1.8 percent, highlighting ongoing variability within the manufacturing sector.

—Posted on December 27, 2024.