About the Surveys

Purpose

The overall goal of the business surveys is to better understand changes in business conditions across the Fifth District. The surveys assess how businesses are faring through four mechanisms. First, we ask respondents a series of questions about changes in the last month to several economic variables (e.g., revenues, new orders, employment, prices, etc.). Second, we ask them how they anticipate the same economic variables to change in the next six months. Third, we ask them an open-ended question about the most pressing concerns facing their businesses. Fourth, we ask them a series of “special” questions that contribute to our understanding of firms’ attitudes toward economic realities their businesses may be facing, such as COVID-19, labor shortages, tariff implementation, or hurricanes.

We categorize businesses by their North American Industry Classification System (NAICS) industry code, and questions might differ based on the industry of the respondent. For example, we ask Manufacturing Survey participants about shipments, while we ask retail firms additional questions about shopper traffic and sales of big-ticket items. We define manufacturing firms as having a NAICS code in the 300s. However, we treat all other firms with a NAICS code not in the 300s as service sector businesses.

Manufacturing Survey History

History
The Manufacturing Survey began in June 1986 and took its current monthly form in November 1993. The current and historical data is available to download.

Corrections to Historical Data
Corrections to historical data are described in an Errata document available on this website. Please note that such corrections are not reflected in the PDF versions of the monthly reports.

Non-Manufacturing Survey History

History
The Non-Manufacturing survey began in November 1993. It was known as the service sector survey until October 2025. The current and historical data is available to download.

Corrections to Historical Data
Corrections to historical data are described in an Errata document available on this website. Please note that such corrections are not reflected in the PDF versions of the monthly reports.

Data Collection and Methodology

Data Collection
Each month, the Richmond Fed surveys businesses across its region to provide perspectives on current business activity and expected changes in economic conditions. This timely, "on the ground" information helps ensure the Richmond Fed leaders and economists have real-time data to inform the nation's monetary policy to promote our economic goals of maximum employment, stable prices and moderate long-term interest rates. 

We collect data through structured surveys distributed to businesses across the Federal Reserve Bank of Richmond's district, which includes Maryland, North Carolina, South Carolina, Virginia, West Virginia, and Washington D.C. The businesses represented in these surveys represent various industries and are collected using monthly online questionnaires to ensure a diverse and representative sample.

Data Dictionary
Our data dictionaries define all variables used in the survey to ensure clarity and consistency in data interpretation.
Data Dictionary

Methodology
Our methodology outlines the survey design, sampling strategy, data collection procedures, and analysis techniques used to ensure the reliability, validity, and accuracy of our business insights.
Methodology

Release Schedules

FAQs