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Released May 04, 2023 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Manufacturing activity in the U.S. contracted in April for the sixth straight month, according to the Institute for Supply Management (ISM). But the ISM's April Purchasing Manager's Index (PMI), which tracks 18 industry sectors in the U.S., improved when compared with March's reading. The survey report's respondents expressed mixed sentiments, but Industrial Info's project data for the U.S. Industrial Manufacturing Industry still shows robust project activity.
The April PMI registered 47.1%, an increase of 0.8 percentage points compared with March's reading of 46.3%. Any reading under 50% indicates contraction in the manufacturing economy. The Purchasing Manager's Index is part of the ISM's monthly Report on Business.
Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee, said in a press release, "the U.S. manufacturing sector contracted again; however, the Manufacturing PMI improved compared to the previous month, indicating slower contraction. The April composite index reading reflects companies continuing to manage outputs to better match demand for the first half of 2023 and prepare for growth in the late summer/early fall period."
He added demand eased again, with the New Orders index contracting, although at a slower rate; the Backlog of Orders index continued "in strong contraction"; the Employment index indicated expansion after two months of contraction; and the Production index still showed contraction, but at a "slightly slower rate."
"Panelists' comments continue to indicate near-equal levels of activity toward expanding and contracting head counts at their companies, amid mixed sentiment about when significant growth will return," Fiore said.
Despite any red flags, Industrial Info is tracking $25.7 billion worth of U.S. Industrial Manufacturing Industry projects that kicked off in April. The activity was largely buoyed by $17.6 billion in project starts in the semiconductors and computers sector. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can click here for a full list.
Companies in the U.S. are aiming to ease the semiconductor shortage and boost onshore production. Micron Technology Incorporated's (NASDAQ:MU) (Boise, Idaho) $15 billion expansion of its Boise Fab 4 Memory and Semiconductors Campus in Boise, Idaho, entails constructing a 600,000-square-foot cleanroom, 92,000-square-foot fabrication building to expand wafer production, and other buildings, plus new production lines and fabrication equipment, to produce semiconductor memory chips for the automotive and data center sectors, among others. Subscribers can click here for a detailed project report.
In addition, Wolfspeed Incorporated (NYSE:WOLF) (Durham, North Carolina) kicked off the construction of a $2 billion grassroot semiconductor plant in Siler City, North Carolina. The project is the first phase of a $4.8 billion investment and involves constructing an approximately 400,000-square-foot semiconductor-manufacturing facility, to increase capacity of silicon-carbide semiconductor wafers in the U.S. to support electric vehicle (EV) production and other applications. Click here for the project report.
Meanwhile, Industrial Info is tracking a battery-manufacturing project that also will support domestic EV production. Our Next Energy's (ONE) (Novi, Michigan) $1.6 billion renovation of its EV battery-manufacturing plant in Van Buren Township, Michigan, will allow the facility to manufacture up to 200,000 EV battery packs annually. Our Next Energy was founded in 2020. Click here for the project report.
Subscribers to the GMI project and plant databases can click here for a look at all of the projects discussed in this article and here for the plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
The April PMI registered 47.1%, an increase of 0.8 percentage points compared with March's reading of 46.3%. Any reading under 50% indicates contraction in the manufacturing economy. The Purchasing Manager's Index is part of the ISM's monthly Report on Business.
Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee, said in a press release, "the U.S. manufacturing sector contracted again; however, the Manufacturing PMI improved compared to the previous month, indicating slower contraction. The April composite index reading reflects companies continuing to manage outputs to better match demand for the first half of 2023 and prepare for growth in the late summer/early fall period."
He added demand eased again, with the New Orders index contracting, although at a slower rate; the Backlog of Orders index continued "in strong contraction"; the Employment index indicated expansion after two months of contraction; and the Production index still showed contraction, but at a "slightly slower rate."
"Panelists' comments continue to indicate near-equal levels of activity toward expanding and contracting head counts at their companies, amid mixed sentiment about when significant growth will return," Fiore said.
Despite any red flags, Industrial Info is tracking $25.7 billion worth of U.S. Industrial Manufacturing Industry projects that kicked off in April. The activity was largely buoyed by $17.6 billion in project starts in the semiconductors and computers sector. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can click here for a full list.
Companies in the U.S. are aiming to ease the semiconductor shortage and boost onshore production. Micron Technology Incorporated's (NASDAQ:MU) (Boise, Idaho) $15 billion expansion of its Boise Fab 4 Memory and Semiconductors Campus in Boise, Idaho, entails constructing a 600,000-square-foot cleanroom, 92,000-square-foot fabrication building to expand wafer production, and other buildings, plus new production lines and fabrication equipment, to produce semiconductor memory chips for the automotive and data center sectors, among others. Subscribers can click here for a detailed project report.
In addition, Wolfspeed Incorporated (NYSE:WOLF) (Durham, North Carolina) kicked off the construction of a $2 billion grassroot semiconductor plant in Siler City, North Carolina. The project is the first phase of a $4.8 billion investment and involves constructing an approximately 400,000-square-foot semiconductor-manufacturing facility, to increase capacity of silicon-carbide semiconductor wafers in the U.S. to support electric vehicle (EV) production and other applications. Click here for the project report.
Meanwhile, Industrial Info is tracking a battery-manufacturing project that also will support domestic EV production. Our Next Energy's (ONE) (Novi, Michigan) $1.6 billion renovation of its EV battery-manufacturing plant in Van Buren Township, Michigan, will allow the facility to manufacture up to 200,000 EV battery packs annually. Our Next Energy was founded in 2020. Click here for the project report.
Subscribers to the GMI project and plant databases can click here for a look at all of the projects discussed in this article and here for the plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
