Federal Reserve Bank of Dallas

10/28/2024 | Press release | Distributed by Public on 10/28/2024 10:39

Dallas Fed: Manufacturing production growth resumes; Texas businesses largely able to obtain the credit they need

News Releases

October 28, 2024

DALLAS-Texas factory activity rose notably in October, according to business executives responding to the Texas Manufacturing Outlook Survey.

"The Texas manufacturing sector saw a strong rise in production in October, but other survey measures of factory activity and employment were more mixed," said Emily Kerr, senior business economist at the Dallas Fed. "Expectations for future production and business conditions moved markedly higher."

Key takeaways from this month's Texas Manufacturing Outlook Survey: 

  • The production index shot up 18 points to 14.6, its highest reading in more than two years.
  • The new orders index remained negative at -3.7, indicating slight declines in demand.
  • Labor market measures suggested employment declines and shorter workweeks this month.
  • Moderate upward pressure on prices and wages continued in October.
  • The general business activity index moved up six points to -3.0, and the company outlook index edged up three points to -3.3.

Texas businesses not having much difficulty obtaining credit

The share of Texas businesses reporting difficulty accessing credit has fallen from one year ago, according to executives responding to a survey from the Federal Reserve Bank of Dallas.

From Oct. 15-23, the Dallas Fed asked a series of special questions on credit conditions in the Texas Business Outlook Surveys and heard back from 338 business executives.

Key takeaways:  

  • Fourteen percent of responding firms reported at least some difficulty obtaining financing for short-term uses, down from 18 percent when the same question was asked one year ago and from 15 percent in May. There was a similar decline in the share of firms reporting difficulty getting financing for long-term uses.
  • Firms not seeking credit said it was because they either had enough funds within their business to meet their needs or that they don't have expenses that require funding.

For more information visit DallasFed.org.  

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Media contact:
Jon Prior
Federal Reserve Bank of Dallas
Phone: 214-922-6857
Email: [email protected]