---
source: Federal Reserve Bank of Richmond
url: https://www.richmondfed.org/region_communities/regional_data_analysis/business_surveys/manufacturing
document_type: pdf
date_retrieved: 2026-04-28
period: April 2026
parent_publication: Fifth District Survey of Manufacturing Activity
indicators_covered: ["Richmond Fed Manufacturing Index (composite)", "Richmond Fed Manufacturing Shipments Index"]
---

# Fifth District Survey of Manufacturing Activity — April 2026

**Release Date:** April 28, 2026  
**Source:** Federal Reserve Bank of Richmond

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## Summary

Fifth District manufacturing activity changed little in April, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index inched up to 3 in April from 0 in March.

Two of its three component indexes rose in April: new orders to 8 from 4 and employment to 0 from -2. Meanwhile, the shipments index was unchanged at -2 in April.

The local business conditions index increased to 10 in April from -5 in March. Meanwhile, the future local business conditions index decreased to 3 from 16. The future indexes for shipments and new orders also decreased slightly but remained solidly in positive territory. The expectations index for employment fell to 7 from 14.

The average growth rate of prices paid increased somewhat, while average growth in prices received decreased slightly in April. Firms expected growth in both price measures to moderate over the next 12 months.

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## Business Activity Indexes

### Current Conditions

| Manufacturing Indicator | Apr-26 | Mar-26 | Feb-26 |
|------------------------|--------|--------|--------|
| Fifth District Manufacturing Index | **3** | 0 | -10 |
| Shipments | **-2** | -2 | -13 |
| Volume of New Orders | **8** | 4 | -9 |
| Backlog of Orders | 0 | -10 | -14 |
| Capacity Utilization | 5 | -5 | -12 |
| Vendor Lead Time | 14 | 13 | -1 |
| Local Business Conditions | **10** | -5 | -15 |
| Capital Expenditures | -11 | -6 | -5 |
| Finished Goods Inventories | 11 | 5 | 7 |
| Raw Materials Inventories | 9 | 4 | 11 |
| Equipment & Software Spending | -6 | -8 | -8 |
| Services Expenditures | -7 | -14 | -20 |

### Employment

| Indicator | Apr-26 | Mar-26 | Feb-26 |
|-----------|--------|--------|--------|
| Number of Employees | 0 | -2 | -7 |
| Wages | 25 | 14 | 18 |
| Availability of Skills Needed | -6 | -12 | -15 |

### Expectations (Six Months Out)

| Manufacturing Indicator | Apr-26 | Mar-26 | Feb-26 |
|------------------------|--------|--------|--------|
| Shipments | 21 | 26 | 29 |
| Volume of New Orders | 26 | 30 | 35 |
| Backlog of Orders | 0 | 3 | 6 |
| Capacity Utilization | 10 | 19 | 15 |
| Vendor Lead Time | 14 | 10 | -1 |
| Local Business Conditions | 3 | 16 | 22 |
| Capital Expenditures | 2 | 3 | 1 |
| Finished Goods Inventories | 1 | 2 | 5 |
| Raw Materials Inventories | 3 | -3 | 2 |
| Equipment & Software Spending | -5 | -2 | 2 |
| Services Expenditures | -9 | -11 | -14 |

### Employment Expectations

| Indicator | Apr-26 | Mar-26 | Feb-26 |
|-----------|--------|--------|--------|
| Number of Employees | 7 | 14 | 6 |
| Wages | 45 | 40 | 44 |
| Availability of Skills Needed | -3 | -1 | -8 |

### Price Trends

| Measure | Current (Apr-26) | Previous (Mar-26) | Expected (Apr-26) | Previous Expected (Mar-26) |
|---------|------------------|-------------------|-------------------|----------------------------|
| Prices Paid (percent change, NSA) | 6.40 | 6.11 | 5.88 | 4.65 |
| Prices Received (percent change, NSA) | 4.73 | 4.85 | 4.20 | 3.55 |

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## Technical Notes

1. Each index equals the percentage of responding firms reporting increase minus the percentage reporting decrease. Results are based on responses from 148-157 firms. All firms surveyed are located within the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia. Data, excluding price trends, are seasonally adjusted. Seasonal adjustment factors are recalculated every July and the entire series is revised to better reflect current economic trends.
2. Expectations refer to the time period six months out from the survey period.
3. The manufacturing Index is a gauge of broad activity in the District's manufacturing sector. It is a composite index representing a weighted average of the shipments (33 percent), new orders (40 percent) and employment (27 percent) indexes.
4. Current price changes are percentage changes over the last 12 months. Expected price changes are expected changes over the next 12 months.

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**Contact:** Rich.RegionalSurveyTeam@rich.frb.org