Surveys

Texas Manufacturing Outlook Survey

January 27, 2025

Results Table

Business Indicators Relating to Facilities and Products in Texas Current (versus previous month)
Indicator	Jan Index	Dec Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	12.2	5.3	+6.9	9.7	4(+)	29.1	54.0	16.9
Capacity Utilization	5.0	–0.9	+5.9	7.6	1(+)	23.4	58.2	18.4
New Orders	7.7	1.5	+6.2	5.0	2(+)	31.1	45.6	23.4
Growth Rate of Orders	1.0	–3.1	+4.1	–0.8	1(+)	23.5	54.0	22.5
Unfilled Orders	–4.7	–6.5	+1.8	–2.4	5(–)	9.8	75.7	14.5
Shipments	8.7	0.7	+8.0	8.0	2(+)	26.9	55.0	18.2
Delivery Time	–4.0	–2.5	–1.5	0.7	22(–)	7.6	80.8	11.6
Finished Goods Inventories	–8.5	1.1	–9.6	–3.2	1(–)	12.2	67.1	20.7
Prices Paid for Raw Materials	17.5	12.1	+5.4	27.1	57(+)	22.0	73.5	4.5
Prices Received for Finished Goods	6.2	–2.6	+8.8	8.6	1(+)	11.5	83.3	5.3
Wages and Benefits	20.9	17.9	+3.0	21.2	57(+)	23.2	74.6	2.3
Employment	2.2	0.4	+1.8	7.4	3(+)	13.9	74.4	11.7
Hours Worked	1.9	–0.5	+2.4	3.2	1(+)	13.1	75.6	11.2
Capital Expenditures	13.0	10.9	+2.1	6.6	16(+)	21.1	70.7	8.1

General Business Conditions Current (versus previous month)
Indicator	Jan Index	Dec Index	Change	Series Average	Trend**	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	18.7	12.3	+6.4	4.6	4(+)	25.8	67.2	7.1
General Business Activity	14.1	4.5	+9.6	0.7	2(+)	24.0	66.2	9.9

Indicator	Jan Index	Dec Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty	1.3	1.2	+0.1	16.6	45(+)	22.0	57.3	20.7

Business Indicators Relating to Facilities and Products in Texas Future (six months ahead)
Indicator	Jan Index	Dec Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	44.8	34.1	+10.7	36.4	57(+)	51.6	41.7	6.8
Capacity Utilization	41.9	34.0	+7.9	33.2	57(+)	49.0	43.9	7.1
New Orders	46.3	37.6	+8.7	33.8	27(+)	50.7	44.9	4.4
Growth Rate of Orders	43.0	29.0	+14.0	25.0	20(+)	48.1	46.8	5.1
Unfilled Orders	12.9	1.7	+11.2	2.9	6(+)	19.7	73.5	6.8
Shipments	47.8	35.9	+11.9	34.8	57(+)	52.7	42.4	4.9
Delivery Time	3.7	2.1	+1.6	–1.3	2(+)	10.1	83.6	6.4
Finished Goods Inventories	–4.0	–1.3	–2.7	–0.1	5(–)	10.7	74.7	14.7
Prices Paid for Raw Materials	39.9	25.1	+14.8	33.3	58(+)	42.3	55.2	2.4
Prices Received for Finished Goods	35.6	25.9	+9.7	20.9	57(+)	39.5	56.6	3.9
Wages and Benefits	36.7	39.6	–2.9	39.3	57(+)	36.7	63.3	0.0
Employment	27.7	29.3	–1.6	22.9	56(+)	32.5	62.7	4.8
Hours Worked	9.2	12.1	–2.9	8.8	10(+)	14.7	79.8	5.5
Capital Expenditures	27.3	23.3	+4.0	19.4	56(+)	32.6	62.1	5.3

General Business Conditions Future (six months ahead)
Indicator	Jan Index	Dec Index	Change	Series Average	Trend**	% Reporting Increase	% Reporting No Change	% Reporting Worsened
Company Outlook	36.1	18.8	+17.3	18.5	14(+)	44.0	48.1	7.9
General Business Activity	35.5	20.6	+14.9	12.5	8(+)	44.1	47.3	8.6

*Shown is the number of consecutive months of expansion or contraction in the underlying indicator. Expansion is indicated by a positive index reading and denoted by a (+) in the table. Contraction is indicated by a negative index reading and denoted by a (–) in the table.

**Shown is the number of consecutive months of improvement or worsening in the underlying indicator. Improvement is indicated by a positive index reading and denoted by a (+) in the table. Worsening is indicated by a negative index reading and denoted by a (–) in the table.

Data have been seasonally adjusted as necessary.

Questions regarding the Texas Manufacturing Outlook Survey can be addressed to Emily Kerr at emily.kerr@dal.frb.org.