February U.S. cutting tool consumption totaled $190.12 million according to the U.S. Cutting Tool Institute (USCTI) and the Association for Manufacturing Technology. This total, as reported by companies participating in the Cutting Tool Market Report collaboration, was up 3.5% from January’s $183.61 million and up 8.7% when compared with the $174.98 million reported for February 2017.

With a year-to-date total of $373.73 million, 2018 is up 7.4% when compared with 2017.

“February cutting tool sales show that business continues to grow, gaining 3.5% over January, a very solid start to 2018,” said Philip Kurtz, president of USCTI. “Year-over-year sales posted a 7.4% gain and it certainly looks like the trend will continue. News of tariffs and pressure on raw material prices could have an effect, but with strong market momentum it is certainly not a given that much will change. March may or may not bring winds of change, but it will for sure bring spring.”

“Orders for cutting tools have benefitted in recent months from a faster rate of business investment spending, due to recent tax cuts and renewed strength in key markets such as metals, mining and machinery,” said Mark Killion, director of U.S. Industry at Oxford Economics.