Texas Manufacturing Outlook Survey

February 23, 2026

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	12.5	11.2	+1.3	9.6	2(+)	31.6	49.3	19.1
Capacity Utilization	11.8	7.1	+4.7	7.4	2(+)	29.3	53.2	17.5
New Orders	11.1	11.8	–0.7	4.7	2(+)	33.9	43.3	22.8
Growth Rate of Orders	8.6	–6.7	+15.3	–1.2	1(+)	31.7	45.3	23.1
Unfilled Orders	2.9	–6.1	+9.0	–2.7	1(+)	17.9	67.1	15.0
Shipments	9.9	12.0	–2.1	7.8	2(+)	32.3	45.3	22.4
Delivery Time	11.6	–2.7	+14.3	0.6	1(+)	15.0	81.6	3.4
Finished Goods Inventories	8.9	–12.2	+21.1	–3.3	1(+)	22.8	63.3	13.9
Prices Paid for Raw Materials	31.7	37.1	–5.4	27.6	70(+)	40.1	51.5	8.4
Prices Received for Finished Goods	17.9	18.5	–0.6	8.8	14(+)	22.4	73.1	4.5
Wages and Benefits	31.9	17.4	+14.5	21.0	70(+)	32.6	66.7	0.7
Employment	7.5	8.2	–0.7	7.1	2(+)	18.0	71.5	10.5
Hours Worked	6.1	0.7	+5.4	3.0	2(+)	17.4	71.3	11.3
Capital Expenditures	–0.4	8.2	–8.6	6.6	1(–)	15.2	69.2	15.6

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	3.1	2.9	+0.2	4.1	2(+)	24.2	54.7	21.1
General Business Activity	0.2	–1.2	+1.4	0.2	1(+)	24.5	51.2	24.3

Indicator	Feb Index	Jan Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty	6.5	4.8	+1.7	16.8	2(+)	22.1	62.3	15.6

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	34.3	29.2	+5.1	36.0	70(+)	48.0	38.4	13.7
Capacity Utilization	27.3	25.1	+2.2	32.8	70(+)	41.4	44.5	14.1
New Orders	25.0	32.0	–7.0	33.4	40(+)	41.2	42.6	16.2
Growth Rate of Orders	14.5	24.9	–10.4	24.7	30(+)	32.0	50.5	17.5
Unfilled Orders	5.8	0.6	+5.2	2.7	3(+)	18.0	69.8	12.2
Shipments	31.6	28.4	+3.2	34.3	70(+)	46.8	38.1	15.2
Delivery Time	1.1	3.2	–2.1	–1.3	3(+)	11.2	78.7	10.1
Finished Goods Inventories	2.7	11.7	–9.0	–0.2	3(+)	17.8	67.1	15.1
Prices Paid for Raw Materials	42.7	35.9	+6.8	33.9	71(+)	48.1	46.5	5.4
Prices Received for Finished Goods	39.5	37.7	+1.8	21.6	70(+)	42.3	54.9	2.8
Wages and Benefits	41.7	32.0	+9.7	39.0	261(+)	44.3	53.1	2.6
Employment	16.8	18.1	–1.3	22.7	69(+)	32.6	51.6	15.8
Hours Worked	–0.4	–1.3	+0.9	8.5	2(–)	10.7	78.2	11.1
Capital Expenditures	10.7	22.0	–11.3	19.3	69(+)	24.0	62.7	13.3

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	25.7	23.2	+2.5	18.3	10(+)	38.2	49.4	12.5
General Business Activity	12.7	16.6	–3.9	12.3	10(+)	28.0	56.7	15.3

*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.