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