Empire State Index Shows Good Growth

Written by Sandy Williams

Business activity grew robustly in New York State, according to firms responding to the March Empire State Manufacturing Survey. The general business conditions index climbed more than nine points to 22.5 from 13.1 in February. A level above 0.0 indicates improving conditions, below indicates worsening conditions.

Orders and shipments in the region saw strong growth as the new orders index advanced to 16.8 and the shipments index to 27.0. Unfilled orders rose for the third month, jumping eight points in March. Delivery times also continued to lengthen. Inventories expanded slightly in March, according to a 0.7 increase in the inventory index. 

The prices paid index was at a multi-year high of 50.3, while the prices received index held steady at 22.4. Stable indexes for employment rates and average work week indicated another month of growth.

Firms responding to the survey were slightly less optimistic this month in their six-month outlook. The future business conditions index fell six points to 44.1. Unfilled orders and inventories are expected to increase. There was widespread agreement that input prices would increase in the coming months. Capital spending plans remained strong.

The Empire State Manufacturing Survey is published monthly by the Federal Reserve Bank of New York.

Below is a graph showing the history of the Empire State Manufacturing Index. You will need to view the graph on our website to use its interactive features; you can do so by clicking here. If you need assistance logging in to or navigating the website, please contact Brett at 706-216-2140 or

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