Surveys

Texas Manufacturing Outlook Survey

March 27, 2023

Results Table

Business Indicators Relating to Facilities and Products in Texas Current (versus previous month)
Indicator	Mar Index	Feb Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	2.5	–2.8	+5.3	10.6	1(+)	23.3	55.9	20.8
Capacity Utilization	2.3	–4.1	+6.4	8.6	1(+)	22.6	57.1	20.3
New Orders	–14.3	–13.2	–1.1	6.2	10(–)	18.9	48.0	33.2
Growth Rate of Orders	–15.2	–16.9	+1.7	0.2	11(–)	13.2	58.4	28.4
Unfilled Orders	–9.4	–13.3	+3.9	–1.5	8(–)	12.1	66.4	21.5
Shipments	–10.5	–5.0	–5.5	9.2	3(–)	19.1	51.3	29.6
Delivery Time	0.6	3.4	–2.8	1.4	2(+)	16.9	66.8	16.3
Finished Goods Inventories	6.6	–3.0	+9.6	–3.2	1(+)	24.2	58.2	17.6
Prices Paid for Raw Materials	20.3	25.1	–4.8	27.9	35(+)	28.6	63.1	8.3
Prices Received for Finished Goods	7.0	15.8	–8.8	9.0	32(+)	17.7	71.6	10.7
Wages and Benefits	30.5	32.7	–2.2	20.9	35(+)	30.5	69.5	0.0
Employment	10.4	–1.0	+11.4	7.9	1(+)	24.1	62.1	13.7
Hours Worked	2.6	4.9	–2.3	3.8	4(+)	17.2	68.2	14.6
Capital Expenditures	2.9	–1.3	+4.2	6.9	1(+)	15.8	71.3	12.9

General Business Conditions Current (versus previous month)
Indicator	Mar Index	Feb Index	Change	Series Average	Trend**	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	–13.3	–17.5	+4.2	5.8	13(–)	12.7	61.3	26.0
General Business Activity	–15.7	–13.5	–2.2	2.2	11(–)	12.6	59.1	28.3

Indicator	Mar Index	Feb Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty	22.0	25.0	–3.0	16.8	23(+)	30.8	60.4	8.8

Business Indicators Relating to Facilities and Products in Texas Future (six months ahead)
Indicator	Mar Index	Feb Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	13.5	21.3	–7.8	37.5	35(+)	27.0	59.5	13.5
Capacity Utilization	9.2	15.2	–6.0	34.4	35(+)	21.3	66.6	12.1
New Orders	6.0	10.2	–4.2	34.8	5(+)	19.7	66.6	13.7
Growth Rate of Orders	0.0	0.7	–0.7	25.8	1()	16.1	67.8	16.1
Unfilled Orders	–4.5	–4.7	+0.2	3.3	10(–)	10.4	74.7	14.9
Shipments	12.7	18.0	–5.3	35.8	35(+)	27.1	58.5	14.4
Delivery Time	0.7	–9.8	+10.5	–1.4	1(+)	12.6	75.5	11.9
Finished Goods Inventories	0.0	–1.0	+1.0	0.4	1()	14.0	72.1	14.0
Prices Paid for Raw Materials	24.9	25.1	–0.2	34.3	36(+)	31.8	61.3	6.9
Prices Received for Finished Goods	18.6	24.5	–5.9	21.1	35(+)	29.1	60.5	10.5
Wages and Benefits	41.2	38.2	+3.0	39.4	35(+)	42.0	57.2	0.8
Employment	16.1	23.6	–7.5	23.3	34(+)	29.0	58.1	12.9
Hours Worked	–1.0	4.7	–5.7	9.2	1(–)	12.6	73.8	13.6
Capital Expenditures	16.9	10.0	+6.9	19.8	34(+)	28.6	59.7	11.7

General Business Conditions Future (six months ahead)
Indicator	Mar Index	Feb Index	Change	Series Average	Trend**	% Reporting Increase	% Reporting No Change	% Reporting Worsened
Company Outlook	–7.7	–0.4	–7.3	19.2	2(–)	11.9	68.5	19.6
General Business Activity	–11.2	–2.9	–8.3	13.3	11(–)	13.5	61.8	24.7

*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.

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.