As 2023 unfolds, the overall housing market is languishing at near lows. Home sales will be even lower this year than in 2022, with no improvement in sight. 

In the current age where some companies are only surviving, it’s gratifying to know that still-great companies such as Weldbend retain the memory of the PVF sector.

As I reflect on the past year and enjoy the promise of a new year, I am particularly proud of the impact our pipe, valves and fittings sector has had on America’s industry.

It wasn’t too long ago that the negative outcry against all types of fossil-fuel energy (oil, coal and gasoline) was shunned by the world’s major nations.

The inability to input and produce parts generated fewer overall products for 2022. This was reflected in about 13.9 million new cars and trucks as the year ended.

A cut of 2 million oil barrels per day resulted from Russian-led allies, a move that caused already high prices to rise further. This results from Russian pressure on fellow members of the 23-member group known as OPEC.

While the Russo/Ukraine war has put Europe into an energy hassle never before seen, Russia is putting a squeeze on Europe’s NATO group due to its siding with the Ukrainians.

The PVF industry, unlike many manufacturing sectors, demands industry experience of its leaders. Much of the sector’s success is attributed to that experience. Also, rising inflation brings recession to the mind of the Federal Reserve and its chairman.

As inflation causes food, housing and other costs to rise, the fear of recession rears its head.