Surveys

Texas Manufacturing Outlook Survey

November 24, 2025

Results Table

Business Indicators Relating to Facilities and Products in Texas Current (versus previous month)
Indicator	Nov Index	Oct Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	20.5	5.2	+15.3	9.6	9(+)	38.4	43.6	17.9
Capacity Utilization	19.4	–1.1	+20.5	7.5	1(+)	35.5	48.4	16.1
New Orders	4.8	–1.7	+6.5	4.7	1(+)	28.4	48.1	23.6
Growth Rate of Orders	–1.3	–3.7	+2.4	–1.1	3(–)	23.2	52.3	24.5
Unfilled Orders	–6.6	–6.4	–0.2	–2.6	15(–)	12.1	69.2	18.7
Shipments	15.1	5.8	+9.3	7.9	5(+)	35.9	43.3	20.8
Delivery Time	–8.4	–7.2	–1.2	0.5	3(–)	6.4	78.8	14.8
Finished Goods Inventories	–14.3	–11.0	–3.3	–3.3	3(–)	11.4	62.9	25.7
Prices Paid for Raw Materials	35.3	33.4	+1.9	27.6	67(+)	40.6	54.1	5.3
Prices Received for Finished Goods	10.8	7.7	+3.1	8.7	11(+)	22.0	66.8	11.2
Wages and Benefits	15.4	14.2	+1.2	21.0	67(+)	18.1	79.2	2.7
Employment	1.2	2.0	–0.8	7.2	2(+)	17.1	67.0	15.9
Hours Worked	9.9	–5.5	+15.4	3.0	1(+)	21.0	67.9	11.1
Capital Expenditures	9.8	4.8	+5.0	6.6	7(+)	20.6	68.6	10.8

General Business Conditions Current (versus previous month)
Indicator	Nov Index	Oct Index	Change	Series Average	Trend**	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	–6.3	–0.3	–6.0	4.2	3(–)	19.5	54.7	25.8
General Business Activity	–10.4	–5.0	–5.4	0.3	4(–)	18.9	51.8	29.3

Indicator	Nov Index	Oct Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty	15.7	22.2	–6.5	17.2	55(+)	30.0	55.7	14.3

Business Indicators Relating to Facilities and Products in Texas Future (six months ahead)
Indicator	Nov Index	Oct Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	33.7	21.0	+12.7	36.1	67(+)	48.7	36.4	15.0
Capacity Utilization	34.0	17.5	+16.5	32.9	67(+)	46.5	41.0	12.5
New Orders	39.2	18.3	+20.9	33.5	37(+)	49.6	40.0	10.4
Growth Rate of Orders	27.8	8.2	+19.6	24.8	30(+)	37.5	52.8	9.7
Unfilled Orders	–0.5	–8.9	+8.4	2.7	3(–)	12.4	74.7	12.9
Shipments	27.0	18.5	+8.5	34.4	67(+)	42.2	42.5	15.2
Delivery Time	–4.1	–1.4	–2.7	–1.4	9(–)	13.2	69.5	17.3
Finished Goods Inventories	–1.5	3.1	–4.6	–0.3	1(–)	18.2	62.1	19.7
Prices Paid for Raw Materials	40.7	46.1	–5.4	33.8	68(+)	45.0	50.7	4.3
Prices Received for Finished Goods	38.8	37.3	+1.5	21.4	67(+)	46.3	46.3	7.5
Wages and Benefits	39.1	41.5	–2.4	39.0	67(+)	45.5	48.1	6.4
Employment	22.3	18.9	+3.4	22.7	66(+)	33.8	54.7	11.5
Hours Worked	5.7	7.2	–1.5	8.6	5(+)	14.8	76.1	9.1
Capital Expenditures	12.9	26.8	–13.9	19.4	66(+)	24.6	63.7	11.7

General Business Conditions Future (six months ahead)
Indicator	Nov Index	Oct Index	Change	Series Average	Trend**	% Reporting Increase	% Reporting No Change	% Reporting Worsened
Company Outlook	16.2	7.1	+9.1	18.2	7(+)	28.3	59.6	12.1
General Business Activity	11.0	7.0	+4.0	12.3	7(+)	26.7	57.6	15.7

*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.