Texas Manufacturing Outlook Survey

January 26, 2026

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	11.2	–3.0	+14.2	9.6	1(+)	29.7	51.8	18.5
Capacity Utilization	7.1	–4.6	+11.7	7.4	1(+)	25.5	56.0	18.4
New Orders	11.8	–6.6	+18.4	4.6	1(+)	31.1	49.6	19.3
Growth Rate of Orders	–6.7	–16.9	+10.2	–1.2	5(–)	18.0	57.3	24.7
Unfilled Orders	–6.1	–13.4	+7.3	–2.7	17(–)	8.9	76.1	15.0
Shipments	12.0	–10.5	+22.5	7.8	1(+)	28.4	55.2	16.4
Delivery Time	–2.7	4.0	–6.7	0.5	1(–)	7.8	81.7	10.5
Finished Goods Inventories	–12.2	–13.5	+1.3	–3.3	5(–)	12.2	63.4	24.4
Prices Paid for Raw Materials	37.1	35.2	+1.9	27.6	69(+)	41.7	53.7	4.6
Prices Received for Finished Goods	18.5	8.8	+9.7	8.8	13(+)	23.9	70.7	5.4
Wages and Benefits	17.4	21.7	–4.3	20.9	69(+)	18.5	80.3	1.1
Employment	8.2	–1.4	+9.6	7.1	1(+)	21.5	65.2	13.3
Hours Worked	0.7	–7.8	+8.5	3.0	1(+)	18.0	64.6	17.3
Capital Expenditures	8.2	8.4	–0.2	6.7	9(+)	17.3	73.5	9.1

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	2.9	–12.3	+15.2	4.1	1(+)	17.8	67.3	14.9
General Business Activity	–1.2	–11.3	+10.1	0.2	6(–)	21.1	56.6	22.3

Indicator	Jan Index	Dec Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty	4.8	0.0	+4.8	16.9	1(+)	20.7	63.4	15.9

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	29.2	32.9	–3.7	36.0	69(+)	39.0	51.2	9.8
Capacity Utilization	25.1	28.0	–2.9	32.8	69(+)	36.5	52.1	11.4
New Orders	32.0	29.6	+2.4	33.5	39(+)	42.2	47.6	10.2
Growth Rate of Orders	24.9	24.1	+0.8	24.7	29(+)	35.8	53.3	10.9
Unfilled Orders	0.6	1.7	–1.1	2.7	2(+)	9.0	82.6	8.4
Shipments	28.4	33.2	–4.8	34.3	69(+)	40.3	47.8	11.9
Delivery Time	3.2	5.2	–2.0	–1.3	2(+)	9.7	83.7	6.5
Finished Goods Inventories	11.7	4.2	+7.5	–0.2	2(+)	20.8	70.1	9.1
Prices Paid for Raw Materials	35.9	36.1	–0.2	33.9	70(+)	41.2	53.5	5.3
Prices Received for Finished Goods	37.7	31.9	+5.8	21.5	69(+)	41.6	54.5	3.9
Wages and Benefits	32.0	41.3	–9.3	39.0	260(+)	34.5	63.0	2.5
Employment	18.1	21.1	–3.0	22.7	68(+)	30.8	56.5	12.7
Hours Worked	–1.3	3.0	–4.3	8.6	1(–)	8.2	82.3	9.5
Capital Expenditures	22.0	17.8	+4.2	19.4	68(+)	35.1	51.7	13.1

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	23.2	16.9	+6.3	18.2	9(+)	32.6	58.0	9.4
General Business Activity	16.6	11.1	+5.5	12.3	9(+)	28.2	60.2	11.6

*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.