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Wednesday, April 16, 2014

Fed's Beige Book: "Economic activity increased in most regions"

by Calculated Risk on 4/16/2014 02:07:00 PM

Fed's Beige Book "Prepared at the Federal Reserve Bank of Richmond and based on information collected before April 7, 2014."

Reports from the twelve Federal Reserve Districts suggest economic activity increased in most regions of the country since the previous report. The expansion was characterized as modest or moderate by the Boston, Philadelphia, Richmond, Atlanta, Minneapolis, Kansas City, Dallas, and San Francisco Districts. Chicago reported that economic growth had picked up, and New York and Philadelphia indicated that business activity had rebounded from weather-related slowdowns earlier in the year. The Cleveland and St. Louis Districts both reported a decline in economic activity.
And on real estate:
Reports on residential housing markets varied. However, across most Districts, home prices rose modestly and inventory levels remained low. Residential construction increased in several Districts; only Cleveland, St. Louis, and Minneapolis reported a decrease. ...

Commercial construction activity strengthened since the previous survey period for the Kansas City and Dallas Districts. The Richmond, Atlanta, Chicago, St. Louis, Minneapolis, and San Francisco Districts reported modest to moderate expansion in commercial construction. Philadelphia noted mild growth, while Cleveland reported a slight decline in commercial construction.
emphasis added
Some positive comments on commercial real estate.  This is similar to the previous beige book, but it appears there is some weather related rebound in some areas.