Markets · September 28, 2026 · 1 min read

Dallas Fed: Texas manufacturing output rises, outlook eases in September

Published September 28, 2026 • Updated September 28, 2026

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The Dallas Fed's September 28 Texas Manufacturing Outlook Survey shows the production index rising to 29.5 from 16.1 in August, while the broader general business activity index eased to 9.8 from 11.6. These are survey diffusion indexes, not a measure of factory output or GDP growth.

Texas manufacturers reported faster growth in output in September, even as their view of broader business conditions moderated, according to the Federal Reserve Bank of Dallas's September 28 Texas Manufacturing Outlook Survey. The production index climbed to 29.5 from 16.1 in August, and the new-orders index rose to 30.7 from 22.0. The capacity-utilization index rose to 23.9 from 12.8, while shipments increased to 24.8 from 14.1. The general business activity index, which measures perceptions of broad conditions rather than output itself, edged down to 9.8 from 11.6. The company outlook index declined to 8.7 from 19.2. Both remained above zero. Employment rose to 15.1 from 8.0, while the finished-goods price index rose to 27.6 and the raw-materials price index to 52.2. The Dallas Fed collected responses September 15-23 from 63 of 113 manufacturers surveyed. Each index reflects the share of firms reporting an increase minus the share reporting a decrease. An index of 29.5 is not a 29.5 percent increase in production. This regional survey alone does not establish the pace of national GDP growth or a future Federal Reserve rate decision.

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