Surveys

Texas Manufacturing Outlook Survey

February 28, 2022

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	14.5	16.6	–2.1	10.9	21(+)	30.4	53.7	15.9
Capacity Utilization	11.5	12.0	–0.5	8.7	21(+)	27.8	55.9	16.3
New Orders	23.1	20.0	+3.1	6.9	21(+)	34.5	54.1	11.4
Growth Rate of Orders	12.6	12.6	0.0	0.8	20(+)	25.7	61.2	13.1
Unfilled Orders	7.7	13.8	–6.1	–1.6	20(+)	20.7	66.3	13.0
Shipments	23.5	8.6	+14.9	9.7	21(+)	36.0	51.5	12.5
Delivery Time	21.4	17.9	+3.5	1.1	20(+)	34.5	52.4	13.1
Finished Goods Inventories	–5.2	–7.5	+2.3	–3.4	3(–)	17.7	59.4	22.9
Prices Paid for Raw Materials	73.4	62.1	+11.3	27.3	22(+)	77.3	18.8	3.9
Prices Received for Finished Goods	44.6	37.1	+7.5	8.1	19(+)	50.2	44.2	5.6
Wages and Benefits	44.0	49.6	–5.6	19.8	22(+)	44.0	56.0	0.0
Employment	18.4	27.7	–9.3	7.4	20(+)	27.0	64.4	8.6
Hours Worked	19.0	21.3	–2.3	3.6	20(+)	26.2	66.6	7.2
Capital Expenditures	16.1	11.3	+4.8	6.8	19(+)	23.9	68.3	7.8

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	6.4	2.2	+4.2	6.9	5(+)	22.8	60.8	16.4
General Business Activity	14.0	2.0	+12.0	3.1	19(+)	22.3	69.3	8.3

Indicator	Feb Index	Jan Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty†	17.0	30.8	–13.8	14.3	10(+)	28.7	59.6	11.7

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	42.1	38.0	+4.1	38.7	22(+)	49.2	43.7	7.1
Capacity Utilization	41.8	37.8	+4.0	35.5	22(+)	50.2	41.4	8.4
New Orders	39.1	31.5	+7.6	36.3	22(+)	46.1	46.9	7.0
Growth Rate of Orders	27.1	18.3	+8.8	27.0	22(+)	35.3	56.5	8.2
Unfilled Orders	–0.1	–2.5	+2.4	3.8	7(–)	14.5	70.9	14.6
Shipments	39.2	34.7	+4.5	37.1	22(+)	46.2	46.8	7.0
Delivery Time	3.6	5.8	–2.2	–1.2	6(+)	20.3	63.0	16.7
Finished Goods Inventories	12.7	2.3	+10.4	0.5	16(+)	25.3	62.1	12.6
Prices Paid for Raw Materials	51.1	59.6	–8.5	34.6	23(+)	61.6	27.9	10.5
Prices Received for Finished Goods	45.4	50.6	–5.2	20.7	22(+)	54.7	36.0	9.3
Wages and Benefits	74.3	54.4	+19.9	38.8	22(+)	74.4	25.5	0.1
Employment	45.2	52.2	–7.0	23.2	21(+)	47.5	50.2	2.3
Hours Worked	10.4	12.5	–2.1	9.4	22(+)	18.5	73.4	8.1
Capital Expenditures	29.9	19.4	+10.5	20.0	21(+)	39.0	51.9	9.1

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	18.1	19.4	–1.3	20.7	21(+)	28.2	61.7	10.1
General Business Activity	20.6	16.5	+4.1	14.8	21(+)	30.3	60.0	9.7

*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.