Metalcasters Optimistic About 2023

America’s metalcasters are cautiously optimistic about business conditions for 2023, according to a new “Quarterly Metalcasters Outlook Survey” released by the American Foundry Society.

Source: AFS

Although 91% of respondents expect the U.S. economy to enter a recession, only 5% expect the recession to have a major negative impact on casting sales. In the survey, 79% said they had a positive business outlook for the year ahead.

In another positive sign, metalcasters are continuing to make significant investments in their foundries. Fully 79% of responding foundries are planning capital investments of at least $100,000 and four of every 10 foundries are investing more than $1 million in 2023. The categories identified most often for 2023 investments include:

  • Grinding Equipment 39%
  • Robotics 35%
  • Conveyors 35%
  • Lab Equipment 31%
  • Cranes & Hoists 29%
  • Molding Equipment 27%
  • Environmental Controls 25%
  • Inspection & Testing Equipment 24%
  • Melting Equipment 22%
  • Air Compressors 22%
  • Machine Tools 20%
  • Blast Cleaning Equipment 20%
  • Core-making Machines 18%

Metalcasters continue to identify a shortage of workers and inflation as the two most nettlesome challenges. On the worker availability front, 39% have seen an improvement over the past six months, but 19% say the problem has gotten worse over the same period.

“Metalcasters directly and indirectly contribute $100.5 billion per year to the U.S. economy,” said Doug Kurkul, CEO of AFS. “The metalcasting industry accounts for over 490,000 direct, indirect and induced jobs and $32.1 billion in wages. AFS and its members work throughout the year to promote sound public policies that keep this vital and vibrant industry viable.”

Source: AFS