CLEVELAND-Nearly one half of metalforming companies plan to increase their capital spending in 2003 compared to 2002. According to the "Capital Spending Report" from the Precision Metalforming Association, major factors that motivate manufacturers' decisions to purchase capital equipment are market conditions, equipment quality and price.

The expected average company expenditure for capital items in 2003 is $780,996 compared to $658,343 in 2002. This is a 16 percent increase. However, 20 percent foresee no significant change in their spending compared to last year.

For the first and second quarters, capital expenditures are expected to total $33,814,352. The rest of the year is expected to be $24,864,374.