August 27, 2024
Dallas, TX (Highpoint Digest) – For the month of August 2024, a survey was conducted by the Federal Reserve Bank of Dallas where a number of Texas business executives were asked supplemental questions on expected demand, employment and impacts from recent storms. The results of these questions come from the Texas Manufacturing Outlook Survey, Texas Service Sector Outlook Survey and Texas Retail Outlook Survey have been released together. Read the special questions results below.
Texas Business Outlook Surveys
Data were collected August 13–21, and 341 Texas business executives responded to the surveys.
| Feb. ’23 (percent) |
Nov. ’23 (percent) |
Feb. ’24 (percent) |
Aug. ’24 (percent) |
|
| Increase substantially | 8.0 | 4.1 | 4.8 | 3.0 |
| Increase slightly | 34.7 | 34.0 | 47.1 | 44.2 |
| Remain the same | 30.4 | 33.4 | 27.7 | 30.1 |
| Decrease slightly | 20.4 | 22.4 | 17.1 | 20.0 |
| Decrease substantially | 6.5 | 6.1 | 3.4 | 2.7 |
NOTES: 335 responses. In February 2023, the question asked about 2023 versus 2022.
| Oct. ’22 (percent) |
Jan. ’23 (percent) |
Jun. ’23 (percent) |
Dec. ’23 (percent) |
Aug. ’24 (percent) |
|
| We are understaffed and looking to hire for new positions | 30.8 | 27.8 | 25.2 | 21.4 | 17.0 |
| We are understaffed and looking to hire for replacement only | 19.7 | 18.6 | 19.0 | 16.9 | 14.9 |
| We are understaffed but opting not to hire at this time | 12.3 | 14.0 | 11.8 | 13.1 | 14.0 |
| We are at our ideal staffing level | 21.2 | 23.0 | 28.6 | 29.7 | 36.3 |
| We are overstaffed but opting not to lay off workers at this time | 4.8 | 6.8 | 10.6 | 14.6 | 12.5 |
| We are overstaffed and laying off workers | 3.6 | 3.9 | 2.8 | 2.6 | 2.7 |
| Other | 7.7 | 5.8 | 2.0 | 1.7 | 2.7 |
NOTE: 336 responses.
| Aug. ’24 (percent) |
|
| No | 74.2 |
| Yes | 25.8 |
NOTE: 325 responses.
| Reduced production | 26.1 | 4.3 | 69.6 |
| Extended loss of power | 17.4 | 4.3 | 52.2 |
| Workforce disruption (absenteeism, etc.) | 13.0 | 4.3 | 47.8 |
| Damaged facility and/or equipment | 8.7 | 8.7 | 34.8 |
| Transportation and/or supply-chain disruptions | 13.0 | 4.3 | 34.8 |
| Reduced demand | 0.0 | 0.0 | 21.7 |
| Delayed hiring | 8.7 | 4.3 | 8.7 |
| Workforce reduction (furloughs or layoffs) | 0.0 | 0.0 | 0.0 |
| Other | 8.7 | 8.7 | 4.3 |
NOTES: 82 responses. This question was only posed to those who experienced a negative impact from the storms over the past few months.
Texas Manufacturing Outlook Survey
Data were collected August 13–21, and 82 Texas manufacturers responded to the survey.
| Feb. ’23 (percent) |
Nov. ’23 (percent) |
Feb. ’24 (percent) |
Aug. ’24 (percent) |
|
| Increase substantially | 11.0 | 5.7 | 5.5 | 1.3 |
| Increase slightly | 30.0 | 33.0 | 46.2 | 53.8 |
| Remain the same | 28.0 | 29.5 | 23.1 | 20.0 |
| Decrease slightly | 17.0 | 20.5 | 17.6 | 22.5 |
| Decrease substantially | 14.0 | 11.4 | 7.7 | 2.5 |
NOTES: 80 responses. In February 2023, the question asked about 2023 versus 2022.
| Oct. ’22 (percent) |
Jan. ’23 (percent) |
Jun. ’23 (percent) |
Dec. ’23 (percent) |
Aug. ’24 (percent) |
|
| We are understaffed and looking to hire for new positions | 29.8 | 29.0 | 23.2 | 18.9 | 17.3 |
| We are understaffed and looking to hire for replacement only | 21.3 | 19.0 | 23.2 | 16.7 | 19.8 |
| We are understaffed but opting not to hire at this time | 13.8 | 17.0 | 8.5 | 16.7 | 16.0 |
| We are at our ideal staffing level | 14.9 | 17.0 | 26.8 | 27.8 | 27.2 |
| We are overstaffed but opting not to lay off workers at this time | 8.5 | 9.0 | 13.4 | 18.9 | 13.6 |
| We are overstaffed and laying off workers | 4.3 | 3.0 | 2.4 | 1.1 | 2.5 |
| Other | 7.4 | 6.0 | 2.4 | 0.0 | 3.7 |
NOTE: 81 responses.
| Aug. ’24 (percent) |
|
| No | 68.8 |
| Yes | 31.2 |
NOTE: 77 responses.
| May ’24 (percent) |
Jun. ’24 (percent) |
Jul. ’24 (percent) |
|
| Reduced production | 26.1 | 4.3 | 69.6 |
| Extended loss of power | 17.4 | 4.3 | 52.2 |
| Workforce disruption (absenteeism, etc.) | 13.0 | 4.3 | 47.8 |
| Damaged facility and/or equipment | 8.7 | 8.7 | 34.8 |
| Transportation and/or supply-chain disruptions | 13.0 | 4.3 | 34.8 |
| Reduced demand | 0.0 | 0.0 | 21.7 |
| Delayed hiring | 8.7 | 4.3 | 8.7 |
| Workforce reduction (furloughs or layoffs) | 0.0 | 0.0 | 0.0 |
| Other | 8.7 | 8.7 | 4.3 |
NOTES: 23 responses. This question was only posed to those who experienced a negative impact from the storms over the past few months.
Texas Service Sector Outlook Survey
Data were collected August 13–21, and 259 Texas business executives responded to the survey.
| Feb. ’23 (percent) |
Nov. ’23 (percent) |
Feb. ’24 (percent) |
Aug. ’24 (percent) |
|
| Increase substantially | 7.0 | 3.6 | 4.5 | 3.5 |
| Increase slightly | 36.2 | 34.3 | 47.4 | 41.2 |
| Remain the same | 31.2 | 34.7 | 29.3 | 33.3 |
| Decrease slightly | 21.6 | 23.0 | 16.9 | 19.2 |
| Decrease substantially | 4.0 | 4.4 | 1.9 | 2.7 |
NOTES: 255 responses. In February 2023, the question asked about 2023 versus 2022.
| Oct. ’22 (percent) |
Jan. ’23 (percent) |
Jun. ’23 (percent) |
Dec. ’23 (percent) |
Aug. ’24 (percent) |
|
| We are understaffed and looking to hire for new positions | 31.1 | 27.5 | 25.8 | 22.3 | 16.9 |
| We are understaffed and looking to hire for replacement only | 19.3 | 18.5 | 17.8 | 16.9 | 13.3 |
| We are understaffed but opting not to hire at this time | 11.8 | 13.1 | 12.7 | 11.9 | 13.3 |
| We are at our ideal staffing level | 23.0 | 24.9 | 29.1 | 30.4 | 39.2 |
| We are overstaffed but opting not to lay off workers at this time | 3.7 | 6.1 | 9.8 | 13.1 | 12.2 |
| We are overstaffed and laying off workers | 3.4 | 4.2 | 2.9 | 3.1 | 2.7 |
| Other | 7.8 | 5.8 | 1.8 | 2.3 | 2.4 |
NOTE: 255 responses.
| Aug. ’24 (percent) |
|
| No | 75.8 |
| Yes | 24.2 |
NOTE: 248 responses.
| May ’24 (percent) |
Jun. ’24 (percent) |
Jul. ’24 (percent) |
|
| Reduced revenue | 18.6 | 18.6 | 50.8 |
| Workforce disruption (absenteeism, etc.) | 18.6 | 16.9 | 49.2 |
| Extended loss of power | 18.6 | 16.9 | 47.5 |
| Damaged facility and/or equipment | 13.6 | 11.9 | 27.1 |
| Reduced demand | 10.2 | 15.3 | 23.7 |
| Transportation and/or supply-chain disruptions | 8.5 | 10.2 | 16.9 |
| Delayed hiring | 5.1 | 3.4 | 6.8 |
| Workforce reduction (furloughs or layoffs) | 0.0 | 1.7 | 3.4 |
| Other | 0.0 | 0.0 | 1.7 |
NOTES: 59 responses. This question was only posed to those who experienced a negative impact from the storms over the past few months.
Texas Retail Outlook Survey
Data were collected August 13–21, and 49 Texas retailers responded to the survey.
| Feb. ’23 (percent) |
Nov. ’23 (percent) |
Feb. ’24 (percent) |
Aug. ’24 (percent) |
|
| Increase substantially | 4.4 | 3.5 | 1.8 | 2.1 |
| Increase slightly | 23.5 | 31.6 | 36.4 | 29.2 |
| Remain the same | 39.7 | 33.3 | 30.9 | 39.6 |
| Decrease slightly | 29.4 | 28.1 | 30.9 | 25.0 |
| Decrease substantially | 2.9 | 3.5 | 0.0 | 4.2 |
NOTES: 48 responses. In February 2023, the question asked about 2023 versus 2022.
| Oct. ’22 (percent) |
Jan. ’23 (percent) |
Jun. ’23 (percent) |
Dec. ’23 (percent) |
Aug. ’24 (percent) |
|
| We are understaffed and looking to hire for new positions | 31.8 | 24.3 | 26.7 | 20.0 | 6.3 |
| We are understaffed and looking to hire for replacement only | 19.7 | 24.3 | 18.3 | 20.0 | 18.8 |
| We are understaffed but opting not to hire at this time | 9.1 | 11.4 | 8.3 | 10.9 | 12.5 |
| We are at our ideal staffing level | 22.7 | 31.4 | 33.3 | 30.9 | 31.3 |
| We are overstaffed but opting not to lay off workers at this time | 7.6 | 8.6 | 13.3 | 12.7 | 18.8 |
| We are overstaffed and laying off workers | 3.0 | 0.0 | 0.0 | 1.8 | 8.3 |
| Other | 6.1 | 0.0 | 0.0 | 3.6 | 4.2 |
NOTE: 48 responses.
| Aug. ’24 (percent) |
|
| No | 70.8 |
| Yes | 29.2 |
NOTE: 48 responses.
| May ’24 (percent) |
Jun. ’24 (percent) |
Jul. ’24 (percent) |
|
| Reduced sales | 28.6 | 14.3 | 64.3 |
| Extended loss of power | 14.3 | 14.3 | 50.0 |
| Reduced demand | 14.3 | 7.1 | 35.7 |
| Workforce disruption (absenteeism, etc.) | 7.1 | 14.3 | 35.7 |
| Damaged facility and/or equipment | 21.4 | 7.1 | 21.4 |
| Transportation and/or supply-chain disruptions | 14.3 | 14.3 | 21.4 |
| Workforce reduction (furloughs or layoffs) | 0.0 | 0.0 | 0.0 |
| Delayed hiring | 0.0 | 0.0 | 0.0 |
| Other | 0.0 | 0.0 | 0.0 |
NOTES: 14 responses. This question was only posed to those who experienced a negative impact from the storms over the past few months.
Source: Federal Reserve Bank of Dallas
Image Credit: City of Dallas
