The US composites industry’s rally continues in February
The February Composites Fabricating Index was at 59.6
Registering 59.6 for February, the Gardner Business Index (GBI): Composites Fabricating extended its healthy business expansion rally for a third month. The February reading set a new all-time high for the Index, which was first recorded in 2011. The previous high was hit in October 2017.
Compared to the same month one year earlier, the February 2018 Index had increased approximately 7.3 points. A review of the underlying data for the month by the Gardner Intelligence team indicates that the Production and New Orders subindices lifted the Index higher while Supplier Deliveries, Backlogs, Employment, and Exports tended to hold the Index reading down. That said, for a second consecutive month, no Index components in February indicated contraction (registered <50.0) during the month.
The readings for Production and New Orders grew in February at a rate that has rarely been seen in the history of the Index. The only other times when these measures have expanded as quickly were in the first quarter of 2012 and in the second quarter of 2014. While the data indicate that Production is keeping pace with the strong growth of New Orders, Backlogs nevertheless continue to grow, according to survey respondents. Exports readings, since the fourth quarter of 2017, have recorded their best overall performance in the history of the Index.