The latest Contract Manufacturing Index (CMI) shows that the subcontract market bounced back in the first quarter of 2025 – up almost 50% on Q1 2024. January was particularly strong, some 200% higher than what had been a quiet December, while the market at the end of March was higher than the average for the final quarter of last year.

The CMI for Q1 2025 was 64 compared with 42.5 for the previous quarter and 82 in Q1 2024. Within the overall figure, machining accounted for 42% of the market, while fabrication was 44%.  The largest single sector remains industrial machinery, which has led the pack for more than three and half years. Lead times dropped when the market was busy but increased when there was less activity.

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