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Monthly Update: Purchasing Managers Index

May '24, Latest Data
Published on 6/11/24

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Estimated Read Time: 1 minute

Houston’s economy expanded at a slightly faster pace in May than April, according to the most recent Houston Purchasing Managers Index (PMI) prepared by the Institute for Supply Management-Houston. Manufacturing contracted somewhat faster, but non-manufacturing growth accelerated offsetting the decline. 

The overall PMI rose 0.8 points from 50.3 in April to 51.1 in May. Readings above 50 indicate overall expansion in Houston’s economy, below 50, contraction. The manufacturing PMI slipped from 49.2 to 46.6. The non-manufacturing PMI rose from 50.5 to 52.0.

The three indicators with the strongest positive correlation with economic expansion registered above 50 in May. However, they were marginally above 50 suggesting weaker growth ahead.

  • Sales/New Orders slipped from 54.1 to 50.1. 
  • Lead Times rose from 48.4 to 50.3.
  • Employment jumped from 48.1 to 52.4. 

On an industry specific basis, construction and professional and business services reported modest to strong expansion. Oil and gas along with durable goods manufacturing continue to report significant weakness. All other sectors came in near neutral.

The PMI is published monthly by the Institute for Supply Management – Houston and is based on a survey of supply chain executives in the region. For additional information, click here.

Prepared by Greater Houston Partnership Research

Patrick Jankowski, CERP
Chief Economist
Senior Vice President, Research
pjankowski@houston.org

Leta Wauson
Research Director
Greater Houston Partnership
lwauson@houston.org

 

Key Economic Indicators Economy
51.1

Houston's PMI registered 51.1 in May '24

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