Despite a series of Fed interest rate hikes and recessionary concerns creating chaos in the market, the industrial sector remained resilient. The total industrial production grew 3.3% year-over-year in October, while manufacturing output edged up 0.1%.
One year into implementing the Bipartisan Infrastructure Law, the Biden administration announced more than $185 billion in funding and more than 6,900 specific projects across all 50 states. The industrial equipment industry is set to benefit from projects for industrial and infrastructural developments across the country.
