MCLEAN, Va. - Jan. 30, 2025 - The U.S. Bureau of Economic Analysis released the first estimate of GDP for the fourth quarter of 2024 .
According to the first estimate, GDP grew 2.3% at an annualized rate. This increase was driven by strong consumer demand, particularly from demand for durable goods, but held back by lagging investment, particularly for new equipment. Including the fourth quarter, GDP expanded by 2.8% through all of 2024.
“Today's GDP print for the fourth quarter showed strong growth from consumer demand for durable goods, the type of goods most commonly made utilizing the metalworking machinery AMT members make and sell,” said Christopher Chidzik, principal economist of AMT–The Association For Manufacturing Technology. “On the other hand, there was a sharp pullback in business investment in equipment. Despite this, orders for manufacturing technology began to rise through the fourth quarter of 2024. Continued demand from consumers and a rebound in investment could sustain the momentum of manufacturing technology orders well into 2025.”
The next U.S. Manufacturing Technology Orders (USMTO) report from AMT with data on metalworking machinery orders through December 2024 will be published on Monday, Feb. 10.
About AMT
Members of AMT–The Association for Manufacturing Technology build and sell metalworking machinery, commonly known as machine tools, as well as the workholding, tooling, inspection equipment, and automation integral to modern manufacturing.
