Surveys

Texas Manufacturing Outlook Survey

January 31, 2022

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	16.6	26.0	–9.4	10.9	20(+)	34.0	48.7	17.4
Capacity Utilization	12.0	25.4	–13.4	8.7	20(+)	26.5	59.0	14.5
New Orders	20.0	19.8	+0.2	6.9	20(+)	34.2	51.6	14.2
Growth Rate of Orders	12.6	13.4	–0.8	0.7	19(+)	25.3	62.0	12.7
Unfilled Orders	13.8	10.5	+3.3	–1.6	19(+)	26.6	60.6	12.8
Shipments	8.6	20.5	–11.9	9.6	20(+)	27.7	53.2	19.1
Delivery Time	17.9	25.9	–8.0	1.0	19(+)	32.5	53.0	14.6
Finished Goods Inventories	–7.5	–3.3	–4.2	–3.4	2(–)	18.3	55.9	25.8
Prices Paid for Raw Materials	62.1	67.4	–5.3	27.1	21(+)	66.9	28.3	4.8
Prices Received for Finished Goods	37.1	42.2	–5.1	7.9	18(+)	39.5	58.1	2.4
Wages and Benefits	49.6	46.5	+3.1	19.7	21(+)	49.6	50.4	0.0
Employment	27.7	31.1	–3.4	7.4	19(+)	33.7	60.3	6.0
Hours Worked	21.3	19.6	+1.7	3.5	19(+)	27.1	67.2	5.8
Capital Expenditures	11.3	19.3	–8.0	6.7	18(+)	20.0	71.2	8.7

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	2.2	7.8	–5.6	6.9	4(+)	18.9	64.4	16.7
General Business Activity	2.0	7.8	–5.8	3.1	18(+)	20.8	60.3	18.8

Indicator	Jan Index	Dec Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty†	30.8	19.2	+11.6	14.3	9(+)	35.1	60.6	4.3

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	38.0	41.0	–3.0	38.7	21(+)	49.4	39.3	11.4
Capacity Utilization	37.8	38.0	–0.2	35.4	21(+)	48.1	41.6	10.3
New Orders	31.5	38.5	–7.0	36.3	21(+)	42.0	47.5	10.5
Growth Rate of Orders	18.3	32.4	–14.1	27.0	21(+)	31.1	56.1	12.8
Unfilled Orders	–2.5	–0.6	–1.9	3.8	6(–)	18.1	61.3	20.6
Shipments	34.7	29.7	+5.0	37.1	21(+)	44.9	44.8	10.2
Delivery Time	5.8	8.9	–3.1	–1.2	5(+)	23.8	58.2	18.0
Finished Goods Inventories	2.3	11.6	–9.3	0.4	15(+)	19.3	63.6	17.0
Prices Paid for Raw Materials	59.6	45.5	+14.1	34.5	22(+)	66.3	27.0	6.7
Prices Received for Finished Goods	50.6	44.9	+5.7	20.6	21(+)	57.5	35.6	6.9
Wages and Benefits	54.4	62.2	–7.8	38.6	21(+)	55.4	43.6	1.0
Employment	52.2	44.2	+8.0	23.1	20(+)	59.9	32.4	7.7
Hours Worked	12.5	6.5	+6.0	9.4	21(+)	23.5	65.5	11.0
Capital Expenditures	19.4	20.9	–1.5	20.0	20(+)	29.0	61.4	9.6

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	19.4	10.1	+9.3	20.7	20(+)	30.7	58.0	11.3
General Business Activity	16.5	14.6	+1.9	14.8	20(+)	27.7	61.2	11.2

*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.