November index slumps with multi-point losses

Major index drop in November suggest broader industry challenges. Source (All Images) | Gardner Intelligence

The Gardner Business Index (GBI) is an indicator of the current state of composites fabricating considering survey responses regarding new orders, production, backlog, employment, exports and supplier deliveries. Over 50 is expansion. Under 50 is contraction.

A decrease in manufacturing activity late in the year is not unexpected, but November’s losses, totaling 3.6 index points, signal broader issues. All components lost ground, with production suffering the largest decline at nearly 7 points. New orders, backlogs and employment each recorded multi-point losses as well.

The Future Business Index also began to waver. While still very high, the 3-month average declined for the first time since May 2025.

Three-month averages for all components fell, while all but exports exceeded readings from November 2024.

The Gardner Business Index (GBI) Components Scorecard reports the monthly change rate of primary composites market factors contributing to the overall monthly index reading.

Reading the scorecard

Color indicates where a component value falls relative to 50 for the current month. Green indicates expansion; 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 time period. Pointing up is always better.

The Future Business Index remains high but stepped down to 64.9 in November.

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

Find the latest composites fabrication market research and reporting at GardnerIntelligence.com