The Federal Reserve Bank of Dallas has released it Texas Manufacturing Outlook Survey for November. The survey of more than 80 manufacturers of various sizes and across industries found the outlook at 58 on a scale of 100. That is the highest since last December when the index stood at 65 and well up from the index nadir of 26 hit this past July. The Manufacturing Employment Index stood at 42 for November up from a low of 16.4 in July and the highest point in over a year. The index is calculated on the outlook for six months in the future.

Survey responses are used to calculate an index for each question. Each index is calculated by subtracting the percentage reporting (or predicting) a decrease from the percentage reporting an increase. When all firms’ report that activity has (or will) increased, an index will register 100. An index will register –100 when all firms report a decrease. An index will be zero when the number of firms reporting an increase or decrease is equal. This means an Index of 65 indicates a very strong outlook. 

Texas produced $98 billion worth of manufactured goods in 2003, or nearly 7 percent of the US output. Texas is first as an exporter of manufactured products.  The state not surprisingly turns out a huge share of petroleum and coal products. Texas also has 10 percent of the nation’s output in computer and electronics products and products, such as brick, glass and cement.

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