Surveys

Texas Manufacturing Outlook Survey

February 22, 2021

Results Table

Business Indicators Relating to Facilities and Products in Texas Current (versus previous month)
Indicator	Feb Index	Jan Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	19.9	4.6	+15.3	10.0	9(+)	36.3	47.2	16.4
Capacity Utilization	16.5	9.2	+7.3	7.7	9(+)	30.8	54.9	14.3
New Orders	13.0	6.3	+6.7	5.9	9(+)	31.5	50.0	18.5
Growth Rate of Orders	11.6	5.9	+5.7	–0.2	8(+)	28.2	55.2	16.6
Unfilled Orders	12.4	5.7	+6.7	–2.7	8(+)	20.8	70.8	8.4
Shipments	16.1	13.5	+2.6	8.8	9(+)	32.7	50.7	16.6
Delivery Time	9.5	9.2	+0.3	–0.3	8(+)	18.9	71.7	9.4
Finished Goods Inventories	–12.8	–9.3	–3.5	–3.4	23(–)	7.4	72.3	20.2
Prices Paid for Raw Materials	57.4	55.0	+2.4	24.5	10(+)	59.3	38.8	1.9
Prices Received for Finished Goods	23.0	13.9	+9.1	6.1	7(+)	25.5	72.0	2.5
Wages and Benefits	16.1	17.6	–1.5	18.3	10(+)	17.0	82.1	0.9
Employment	12.7	16.6	–3.9	6.3	8(+)	20.6	71.5	7.9
Hours Worked	11.3	12.6	–1.3	2.5	8(+)	21.8	67.7	10.5
Capital Expenditures	13.7	12.1	+1.6	6.2	7(+)	21.7	70.3	8.0

General Business Conditions Current (versus previous month)
Indicator	Feb Index	Jan Index	Change	Series Average	Trend**	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	10.7	10.3	+0.4	6.5	9(+)	24.4	61.9	13.7
General Business Activity	17.2	7.0	+10.2	2.2	7(+)	29.0	59.2	11.8

Indicator	Feb Index	Jan Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty†	8.5	19.3	–10.8	13.0	33(+)	24.5	59.6	16.0

Business Indicators Relating to Facilities and Products in Texas Future (six months ahead)
Indicator	Feb Index	Jan Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	40.2	43.7	–3.5	38.3	10(+)	51.8	36.6	11.6
Capacity Utilization	37.1	44.2	–7.1	35.1	10(+)	46.5	44.0	9.4
New Orders	32.3	40.1	–7.8	36.0	10(+)	44.6	43.1	12.3
Growth Rate of Orders	25.8	29.8	–4.0	26.7	10(+)	37.3	51.2	11.5
Unfilled Orders	4.5	4.0	+0.5	3.9	9(+)	15.5	73.5	11.0
Shipments	36.0	40.9	–4.9	36.8	10(+)	47.4	41.2	11.4
Delivery Time	5.9	–0.3	+6.2	–1.5	1(+)	15.6	74.7	9.7
Finished Goods Inventories	11.5	4.0	+7.5	–0.3	4(+)	18.4	74.7	6.9
Prices Paid for Raw Materials	52.9	53.9	–1.0	33.4	11(+)	59.8	33.3	6.9
Prices Received for Finished Goods	44.9	41.2	+3.7	19.3	10(+)	48.3	48.3	3.4
Wages and Benefits	52.1	48.3	+3.8	37.7	10(+)	53.2	45.7	1.1
Employment	30.8	31.9	–1.1	21.9	9(+)	39.0	52.8	8.2
Hours Worked	11.0	17.2	–6.2	9.3	10(+)	21.5	68.0	10.5
Capital Expenditures	22.8	26.2	–3.4	19.6	9(+)	30.2	62.4	7.4

General Business Conditions Future (six months ahead)
Indicator	Feb Index	Jan Index	Change	Series Average	Trend**	% Reporting Increase	% Reporting No Change	% Reporting Worsened
Company Outlook	32.3	27.7	+4.6	20.5	9(+)	42.3	47.8	10.0
General Business Activity	33.9	29.6	+4.3	14.2	9(+)	45.9	42.1	12.0

*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.

†Added to survey in January 2018.

Data have been seasonally adjusted as necessary, with the exception of the outlook uncertainty index, which does not yet have a sufficiently long time series to test for seasonality.

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