Published 03/13/2026

No Slowing Down – Metalworking Index Continues Climb

Broad-based growth builds on early-year momentum to push GBI: Metalworking further into expansion in February.

Economics

Mike Shirk

Senior Market Research Analyst, GROW Industrial Intelligence

The Gardner Business Index (GBI): Metalworking measures the current state of metalworking and machining activity through survey responses covering new orders, production, backlog, employment, exports and supplier deliveries. A reading above 50 indicates expansion, and below 50 indicates contraction.

The Metalworking Index had another excellent month in February, climbing to 56.3.
Source (all figures): Gardner Intelligence

The Metalworking Index climbed another 3.3 points in February, pushing further into expansion with a reading of 56.3. Five of six components are above 50, and production and new orders are the real standouts as both have surpassed 60, matching or exceeding highs from early 2022. The Future Business Index continues to climb, now at 69.3. While the second consecutive month of expansion is a welcome signal for an industry that has been waiting for sustained growth, it is with cautious optimism as the effects of recent geopolitical events remain to be seen.

The GBI Components Scorecard reports the monthly change rate of primary metalworking market factors contributing to the overall monthly index reading.

All components improved from month and year-ago results. Exports remains the only component below 50.

Reading the Scorecard:

Color indicates where a component value falls relative to 50 for the current month. Green indicates expansion, and red indicates contraction.
Shade indicates a value’s distance from 50. The darker the shade, the further from 50.
Direction indicates a value’s change versus the previous period. Pointing up is always better.

The GBI Future Business Index is an indicator of the future state of the metalworking market from industry respondents regarding their opinion of future business conditions for the next 12 months. Over 50 is expansion, and under 50 is contraction.