The Institute for Supply Management’s PMI Index for March 2021 registered 64.7, its highest level since December of 1983, indicating significant growth in manufacturing nationwide (a reading above 50.0 indicates expansion). Of the 18 sectors tracked by the survey, 17 reported growth and none contracted. This expansion is occurring despite some significant headwinds. According to ISM “companies and suppliers continue to struggle to meet increasing rates of demand due to coronavirus (COVID-19) impacts limiting availability of parts and materials” and “extended lead times, wide-scale shortages of critical basic materials, rising commodities prices and difficulties in transporting products are affecting all segments of the manufacturing economy.” This suggests the potential for future expansion as Covid eases in the future.
