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Houston’s economy expanded at a faster pace in August than July, according to the most recent Houston Purchasing Managers Index (PMI) prepared by the Institute for Supply Management-Houston. Manufacturing expanded significantly faster than non-manufacturing.
The overall PMI rose 1.1 points from 50.4 in July to 51.5 in August. Readings above 50 indicate overall expansion in Houston’s economy, below 50, contraction. The manufacturing PMI rose from 45.2 to 54.2. The non-manufacturing PMI slipped from 51.4 to 50.9.
The three indicators with the strongest positive correlation with economic expansion registered mixed results in August. Sales/new orders fell from expansion to slight contraction. Employment and lead time continued expanding.
On an industry-specific basis, manufacturing, professional services, transportation, and real estate reported expansion. Oil and gas extraction and health care reported significant contraction.
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@mokmingsky.com
Leta Wauson
Research Director
Greater Houston Partnership
lwauson@mokmingsky.com
Houston's PMI registered 51.4 in August '24
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