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January 12, 2011

Fed's Beige Book: Economy 'improved' in Md., nearby

The Fed is out with the latest Beige Book, which reports every six weeks on regional economic activity. Here is the summary for the Fifth District, which runs from Maryland down to South Carolina.

Overview. Economic activity improved in the District over the last four to six weeks. The manufacturing sector posted solid gains in December, with many firms citing strength in both orders and shipments. Retailers in the District reported a spike in December sales, along with a marked increase in foot traffic. Modest revenue growth continued at most services firms. Tourism in the District benefited from an early start to the skiing season. The banking sector reported moderate improvements in business loan demand, particularly for industrial equipment. Contacts at temporary employment agencies stated that demand was flat to up slightly. While residential real estate activity was mixed, several commercial Realtors cited a pickup in sales activity, but commercial construction continued to be weak.

The book includes this snippet, which seems kind of weird considering it's winter:

A market analyst reported that the Baltimore area was experiencing its best tourist activity in at least three years.

And this:

Residential real estate activity around the District was mixed over the last six weeks. A Maryland contact reported that sales were down compared to a year ago, but also noted an increase in permits (mostly multi-family). However, a contact in the Charlotte, North Carolina area stated that real estate was flat across the board.
Posted by Jay Hancock at 2:38 PM | | Comments (0)
        

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About Jay Hancock
Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Tuesdays and Sundays.
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