CLEVELAND, OH—April 21, 2026—Metalforming manufacturers’ economic outlook for the next three months remained relatively steady, according to the April 2026 Precision Metalforming Association (PMA) Business Conditions Report. Prepared monthly, PMA’s report provides an economic indicator for the next three months of manufacturing, sampling 82 metalforming companies in the United States and Canada.
PMA’s April report shows that 59% of manufacturers surveyed expect no change in general economic activity in the next three months (compared to 64% in March), 30% predict an increase in activity (up from 28% last month) and 11% forecast a decrease in activity (compared to 8% in March).
Shipping levels edged down in April after rising for three months, with 15% of metalformers surveyed reporting a decrease in current average shipping levels (compared to only 6% in March). Fifty-one percent reported an increase in levels (compared to 46% in March) and 34% reported no change (down from 48% in March).
Metalformers also anticipate a decline in incoming orders for the next three months, with 46% of survey respondents predicting an increase in orders (compared to 51% in March), 39% expecting no change (compared to 45% last month) and 15% forecasting a decrease in orders (up from 4% in March).
In addition, the survey showed that 2% of respondents had workers on short time or layoff in April, decreasing from 6% in March, while 44% are currently expanding their workforce (up from 39% last month). Lead times rose in April, with 20% of respondents reporting an increase in lead times, compared to only 12% in March.
PMA issued the following statement about the April Business Conditions Report:
“PMA members’ near-term outlook remains relatively steady, but signs of softening in shipping levels and incoming orders suggest growing caution across the metalforming industry. Members are concerned about ongoing tariff policy, trade uncertainty, and the availability and cost of critical raw materials including steel, aluminum and copper, as well as machinery and other equipment. These and other issues will be front and center as PMA members meet with Members of Congress and congressional staff this week during the annual One Voice for Manufacturing Legislative Fly-in to Washington, D.C.”
Full report results are available at https://surveys.pma.org/public/business_reports/pdf/BCREP.pdf.
PMA is the full-service trade association representing the $137-billion metalforming industry of North America—the industry that creates precision metal products using stamping, fabricating, spinning, slide forming and roll forming technologies, and other value-added processes. Its more than 900 member companies also include suppliers of equipment, materials and services to the industry. PMA leads companies toward superior competitiveness and profitability through advocacy, networking, statistics, the PMA Educational Foundation, FABTECH tradeshows and MetalForming magazine.