Economy

New York state manufacturing activity ramps up to multi-year high

Written by Brett Linton

November 15, 2024

New York state’s manufacturing sector saw substantial recovery in November, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York. This marks the second growth month for manufacturing activity seen this year, and the highest measurement for the Empire State Manufacturing seen in almost three years.

The General Business Conditions Index jumped to 31.2 in November, a 43-point recovery from the month prior. Firms remain optimistic that business conditions will continue to improve, with half of respondents expecting improvements over the next six months.

“Manufacturing activity grew strongly in New York State in November, with firms reporting sharp increases in new orders and shipments,” commented New York Fed economic research advisor Richard Deitz.

The majority of the survey’s current indicators improved from October to November, including new orders, shipments, delivery times, and inventories. The release noted that delivery times slightly extended, while inventories and employment levels remained stable. The full release is available here.

The Empire State Manufacturing Index has only indicated business condition improvements for eight months out of the last two years. This time last year the Index registered 9.1.

On a three-month moving average basis (3MMA) the Index rose 10 points from October to November to 10.3. This is the highest 3MMA recorded since February 2022, and only the second positive reading of 2025 (Figure 1). Recall that back in March the 3MMA Index had fallen to -22.3, the fourth-lowest figure within our 15-year data history (only greater than the months of April, May, and June 2020).

An interactive history of the Empire State Manufacturing Index is available here on our website.

Brett Linton

Brett Linton is a senior analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.

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