Surveys
Special Questions
October 28, 2024
Special Questions
For this month’s survey, Texas business executives were asked supplemental questions on credit conditions. Results below include responses from participants of all three surveys: Texas Manufacturing Outlook Survey, Texas Service Sector Outlook Survey and Texas Retail Outlook Survey.
Texas Business Outlook Surveys
Data were collected October 15–23, and 338 Texas business executives responded to the surveys.
1. To what extent is your business having difficulty obtaining financing for desired short-term uses such as paying workers and acquiring inventories of material or supplies?
| Oct. '19 (percent) |
Oct. '20 (percent) |
Oct. '21 (percent) |
Sept. '22 (percent) |
Oct. '23 (percent) |
May '24 (percent) |
Oct. '24 (percent) |
|
| No difficulty | 39.1 | 41.8 | 42.6 | 38.1 | 32.9 | 29.2 | 33.4 |
| Some difficulty | 7.8 | 8.2 | 11.1 | 10.2 | 11.7 | 9.7 | 9.3 |
| Substantial difficulty | 2.1 | 2.6 | 2.7 | 3.7 | 3.0 | 2.9 | 1.8 |
| Extreme difficulty | 0.8 | 2.1 | 1.9 | 1.6 | 3.5 | 2.6 | 3.0 |
| Not applicable–haven’t sought credit | 50.3 | 45.4 | 41.8 | 46.5 | 48.9 | 55.6 | 52.4 |
NOTE: 332 responses.
1a. Why has your business not sought credit for short-term use?
| May '24 (percent) |
Oct. '24 (percent) |
|
| We have enough funds within our business to meet our short-term needs | 60.1 | 51.8 |
| We do not have short-term expenses that require funding | 17.6 | 18.2 |
| We utilize other sources such as private funding or investment | 6.2 | 11.8 |
| We have an existing loan or line of credit that is sufficient to meet our short-term needs | 7.8 | 11.2 |
| We are waiting for the cost of credit to come down | 3.1 | 1.2 |
| Other | 5.2 | 5.9 |
NOTES: 170 responses. This question was only posed to those answering "Not applicable—haven’t sought credit" to question 1.
2. To what extent is your business having difficulty obtaining financing for desired long-term uses such as capital expenditures?
| Oct. '19 (percent) |
Oct. '20 (percent) |
Oct. '21 (percent) |
Sept. '22 (percent) |
Oct. '23 (percent) |
May '24 (percent) |
Oct. '24 (percent) |
|
| No difficulty | 39.6 | 38.1 | 47.0 | 39.1 | 29.5 | 28.2 | 35.3 |
| Some difficulty | 9.1 | 13.9 | 8.4 | 10.0 | 12.3 | 13.8 | 10.3 |
| Substantial difficulty | 2.3 | 3.6 | 1.6 | 3.7 | 5.5 | 3.4 | 4.3 |
| Extreme difficulty | 0.8 | 1.0 | 1.6 | 2.9 | 3.6 | 3.7 | 3.0 |
| Not applicable–haven’t sought credit | 48.2 | 43.3 | 41.4 | 44.3 | 49.2 | 50.9 | 47.1 |
NOTE: 329 responses.
2a. Why has your business not sought credit for long-term use?
| May '24 (percent) |
Oct. '24 (percent) |
|
| We have enough funds within our business to meet our long-term needs | 38.1 | 32.9 |
| We do not have long-term expenses that require funding | 31.3 | 31.6 |
| We utilize other sources such as private funding or investment | 11.9 | 13.2 |
| We have an existing loan or line of credit that is sufficient to meet our long-term needs | 5.7 | 7.9 |
| We are waiting for the cost of credit to come down | 7.4 | 3.9 |
| Other | 5.7 | 10.5 |
NOTES: 152 responses. This question was only posed to those answering "Not applicable—haven’t sought credit" to question 2.
Texas Manufacturing Outlook Survey
Data were collected October 15–23, and 83 Texas manufacturers responded to the survey.
1. To what extent is your business having difficulty obtaining financing for desired short-term uses such as paying workers and acquiring inventories of material or supplies?
| Oct. '19 (percent) |
Oct. '20 (percent) |
Oct. '21 (percent) |
Sept. '22 (percent) |
Oct. '23 (percent) |
May '24 (percent) |
Oct. '24 (percent) |
|
| No difficulty | 52.9 | 51.1 | 48.0 | 47.1 | 42.9 | 39.5 | 37.8 |
| Some difficulty | 4.8 | 8.9 | 7.0 | 9.2 | 4.4 | 8.6 | 9.8 |
| Substantial difficulty | 1.9 | 6.7 | 6.0 | 4.6 | 1.1 | 3.7 | 3.7 |
| Extreme difficulty | 1.0 | 0.0 | 4.0 | 1.1 | 5.5 | 3.7 | 2.4 |
| Not applicable–haven’t sought credit | 39.4 | 33.3 | 35.0 | 37.9 | 46.2 | 44.4 | 46.3 |
NOTE: 82 responses.
1a. Why has your business not sought credit for short-term use?
| May '24 (percent) |
Oct. '24 (percent) |
|
| We have enough funds within our business to meet our short-term needs | 55.6 | 51.4 |
| We have an existing loan or line of credit that is sufficient to meet our short-term needs | 5.6 | 18.9 |
| We utilize other sources such as private funding or investment | 8.3 | 16.2 |
| We do not have short-term expenses that require funding | 27.8 | 8.1 |
| We are waiting for the cost of credit to come down | 0.0 | 0.0 |
| Other | 2.8 | 5.4 |
NOTES: 37 responses. This question was only posed to those answering "Not applicable—haven’t sought credit" to question 1.
2. To what extent is your business having difficulty obtaining financing for desired long-term uses such as capital expenditures?
| Oct. '19 (percent) |
Oct. '20 (percent) |
Oct. '21 (percent) |
Sept. '22 (percent) |
Oct. '23 (percent) |
May '24 (percent) |
Oct. '24 (percent) |
|
| No difficulty | 49.5 | 51.1 | 60.0 | 51.7 | 36.3 | 38.8 | 44.4 |
| Some difficulty | 10.7 | 13.3 | 4.0 | 8.0 | 14.3 | 13.8 | 4.9 |
| Substantial difficulty | 1.9 | 6.7 | 3.0 | 1.1 | 3.3 | 2.5 | 6.2 |
| Extreme difficulty | 1.0 | 0.0 | 4.0 | 4.6 | 3.3 | 2.5 | 4.9 |
| Not applicable–haven’t sought credit | 36.9 | 28.9 | 29.0 | 34.5 | 42.9 | 42.5 | 39.5 |
NOTE: 81 responses.
2a. Why has your business not sought credit for long-term use?
| May '24 (percent) |
Oct. '24 (percent) |
|
| We have enough funds within our business to meet our long-term needs | 32.4 | 38.7 |
| We do not have long-term expenses that require funding | 29.4 | 16.1 |
| We utilize other sources such as private funding or investment | 14.7 | 16.1 |
| We have an existing loan or line of credit that is sufficient to meet our long-term needs | 11.8 | 9.7 |
| We are waiting for the cost of credit to come down | 5.9 | 0.0 |
| Other | 5.9 | 19.4 |
NOTES: 152 responses. This question was only posed to those answering "Not applicable—haven’t sought credit" to question 2.
Texas Service Sector Outlook Survey
Data were collected October 15–23, and 255 Texas business executives responded to the survey.
1. To what extent is your business having difficulty obtaining financing for desired short-term uses such as paying workers and acquiring inventories of material or supplies?
| Oct. '19 (percent) |
Oct. '20 (percent) |
Oct. '21 (percent) |
Sept. '22 (percent) |
Oct. '23 (percent) |
May '24 (percent) |
Oct. '24 (percent) |
|
| No difficulty | 33.9 | 38.9 | 40.6 | 35.4 | 29.6 | 26.1 | 32.0 |
| Some difficulty | 8.9 | 8.1 | 12.5 | 10.5 | 14.1 | 10.1 | 9.2 |
| Substantial difficulty | 2.1 | 1.3 | 1.5 | 3.4 | 3.6 | 2.6 | 1.2 |
| Extreme difficulty | 0.7 | 2.7 | 1.1 | 1.7 | 2.9 | 2.2 | 3.2 |
| Not applicable–haven’t sought credit | 54.3 | 49.0 | 44.3 | 49.0 | 49.8 | 59.0 | 54.4 |
NOTE: 250 responses.
1a. Why has your business not sought credit for short-term use?
| May '24 (percent) |
Oct. '24 (percent) |
|
| We have enough funds within our business to meet our short-term needs | 61.1 | 51.9 |
| We do not have short-term expenses that require funding | 15.3 | 21.1 |
| We utilize other sources such as private funding or investment | 5.7 | 10.5 |
| We have an existing loan or line of credit that is sufficient to meet our short-term needs | 8.3 | 9.0 |
| We are waiting for the cost of credit to come down | 3.8 | 1.5 |
| Other | 5.7 | 6.0 |
NOTES: 133 responses. This question was only posed to those answering "Not applicable—haven’t sought credit" to question 1.
2. To what extent is your business having difficulty obtaining financing for desired long-term uses such as capital expenditures?
| Oct. '19 (percent) |
Oct. '20 (percent) |
Oct. '21 (percent) |
Sept. '22 (percent) |
Oct. '23 (percent) |
May '24 (percent) |
Oct. '24 (percent) |
|
| No difficulty | 36.0 | 34.2 | 42.2 | 35.3 | 27.3 | 25.0 | 32.3 |
| Some difficulty | 8.5 | 14.1 | 10.0 | 10.6 | 11.6 | 13.8 | 12.1 |
| Substantial difficulty | 2.5 | 2.7 | 1.1 | 4.5 | 6.2 | 3.7 | 3.6 |
| Extreme difficulty | 0.7 | 1.3 | 0.7 | 2.4 | 3.6 | 4.1 | 2.4 |
| Not applicable–haven’t sought credit | 52.3 | 47.7 | 45.9 | 47.3 | 51.3 | 53.4 | 49.6 |
NOTE: 248 responses.
2a. Why has your business not sought credit for long-term use?
| May '24 (percent) |
Oct. '24 (percent) |
|
| We do not have long-term expenses that require funding | 31.7 | 35.5 |
| We have enough funds within our business to meet our long-term needs | 39.4 | 31.4 |
| We utilize other sources such as private funding or investment | 11.3 | 12.4 |
| We have an existing loan or line of credit that is sufficient to meet our long-term needs | 4.2 | 7.4 |
| We are waiting for the cost of credit to come down | 7.7 | 5.0 |
| Other | 5.6 | 8.3 |
NOTES: 121 responses. This question was only posed to those answering "Not applicable—haven’t sought credit" to question 2.
Texas Retail Outlook Survey
Data were collected October 15–23, and 46 Texas retailers responded to the survey.
1. To what extent is your business having difficulty obtaining financing for desired short-term uses such as paying workers and acquiring inventories of material or supplies?
| Oct. '19 (percent) |
Oct. '20 (percent) |
Oct. '21 (percent) |
Sept. '22 (percent) |
Oct. '23 (percent) |
May '24 (percent) |
Oct. '24 (percent) |
|
| No difficulty | 32.7 | 54.2 | 36.2 | 44.8 | 28.8 | 35.8 | 37.8 |
| Some difficulty | 9.1 | 0.0 | 8.5 | 5.2 | 15.4 | 5.7 | 11.1 |
| Substantial difficulty | 1.8 | 0.0 | 0.0 | 6.9 | 1.9 | 0.0 | 0.0 |
| Extreme difficulty | 1.8 | 0.0 | 2.1 | 1.7 | 0.0 | 0.0 | 0.0 |
| Not applicable–haven’t sought credit | 54.5 | 45.8 | 53.2 | 41.4 | 53.8 | 58.5 | 51.1 |
NOTE: 45 responses.
1a. Why has your business not sought credit for short-term use?
| May '24 (percent) |
Oct. '24 (percent) |
|
| We have enough funds within our business to meet our short-term needs | 71.0 | 65.2 |
| We do not have short-term expenses that require funding | 12.9 | 13.0 |
| We utilize other sources such as private funding or investment | 6.5 | 13.0 |
| We have an existing loan or line of credit that is sufficient to meet our short-term needs | 0.0 | 8.7 |
| We are waiting for the cost of credit to come down | 6.5 | 0.0 |
| Other | 3.2 | 0.0 |
NOTES: 23 responses. This question was only posed to those answering "Not applicable—haven’t sought credit" to question 1.
2. To what extent is your business having difficulty obtaining financing for desired long-term uses such as capital expenditures?
| Oct. '19 (percent) |
Oct. '20 (percent) |
Oct. '21 (percent) |
Sept. '22 (percent) |
Oct. '23 (percent) |
May '24 (percent) |
Oct. '24 (percent) |
|
| No difficulty | 41.1 | 45.8 | 34.0 | 47.4 | 30.8 | 32.1 | 34.1 |
| Some difficulty | 8.9 | 12.5 | 8.5 | 8.8 | 9.6 | 9.4 | 9.1 |
| Substantial difficulty | 0.0 | 0.0 | 2.1 | 3.5 | 5.8 | 0.0 | 4.5 |
| Extreme difficulty | 0.0 | 0.0 | 2.1 | 3.5 | 0.0 | 0.0 | 0.0 |
| Not applicable–haven’t sought credit | 50.0 | 41.7 | 53.2 | 36.8 | 53.8 | 58.5 | 52.3 |
NOTE: 44 responses.
2a. Why has your business not sought credit for long-term use?
| May '24 (percent) |
Oct. '24 (percent) |
|
| We do not have long-term expenses that require funding | 19.4 | 43.5 |
| We have enough funds within our business to meet our long-term needs | 48.4 | 30.4 |
| We have an existing loan or line of credit that is sufficient to meet our long-term needs | 6.5 | 13.0 |
| We are waiting for the cost of credit to come down | 16.1 | 8.7 |
| We utilize other sources such as private funding or investment | 6.5 | 4.3 |
| Other | 3.2 | 0.0 |
NOTES: 23 responses. This question was only posed to those answering "Not applicable—haven’t sought credit" to question 2.
Questions regarding the Texas Business Outlook Surveys can be addressed to Emily Kerr at emily.kerr@dal.frb.org.
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