Source: AFS

More than 55% of respondents said they were very positive or somewhat positive about their company's business outlook for the next 12 months, compared to 21% of respondents who took a negative view. Respondents were especially bullish on casting sales to the defense, oil and gas, and valve industries.

The majority of metalcasters are gearing up for significant investments, with 39% planning to allocate $1 million or more to capital projects in the upcoming year, while another 25% anticipate spending between $500,000 and $1 million.

Despite this positive outlook, metalcasters still face challenges, with labor shortages topping the list, followed by regulatory difficulties and workforce training concerns.

"The Metalcasters Quarterly Outlook Survey underscores the crucial role of foundries in our manufacturing base and economy," said AFS CEO Doug Kurkul. "These findings demonstrate the readiness of North American metalcasters to make substantial investments in their facilities, fostering innovation and job creation in 2024."

Source: AFS