The manufacturing sector expanded in February, and the service sector grew for the 38th consecutive month. The Performance Manufacturing Index (PMI) registered at 54.2%, up 1.1% from January’s reading of 53.1%. This strong performance was supported by the fast growth of new orders, production, inventories, prices, backlog of orders and exports. Meanwhile, supplier deliveries and inventories slowed down this month. Among the manufacturing industries, both the paper and wood products industries reported growth in February and ranked third and ninth, respectively. The wood products industry expanded in production, inventories and prices, whereas the paper products industry grew new orders, production, employment and backlog of orders.
The Non-Manufacturing Index (NMI) grew for its 38th consecutive month at 56% in February. That was 0.8% higher than the 55.2% reading in January, indicating a faster growth rate. Among the indices, new orders, inventories, prices, backlog of orders, exports, and imports grew at a faster rate. Of the 13 non-manufacturing industries, the Real Estate and Construction industries reported growth, while the Ag & Forestry industries slowed down in February. The construction market is showing positive signs, and business in construction is picking up with more projects available for bid.