Federal Reserve: Home sales up in Louisville, economic activity decent in district
The most recent edition of the Federal Reserve Board’s Beige Book shows general, moderate economic health across the Eighth District, which encompasses Louisville, St. Louis, Little Rock and Memphis.The Beige Book is a monthly report issued by the Fed across its 12 districts, using interviews with businesspeople to get a sense of where things are headed economically.
The newest Eighth District Beige Book came out Sept. 2. The standout figure for Louisville is related to the city’s strong residential real estate sales. According to the Fed, year-over-year home sales were up 20 percent in Louisville as of June.
This was the strongest year-over-year growth in the district. Home sales in St. Louis were up 16 percent in that time, 13 percent in Memphis and 7 percent in Little Rock.
Louisville wasn’t quite as hot when it came to single-family building permits for that same time period, with a 12 percent increase. Little Rock led the pack at 34 percent, and St. Louis was up 7 percent. Meanwhile, the figure for Memphis was down 19 percent.
“Contacts noted that residential construction activity is expected to continue to increase through the fourth quarter,” the report said.The Fed also said that consumer spending reports were mixed across the district, although a Louisville travel agency interviews by the Fed said recent sales exceeded expectations because consumers have increased discretionary income to spend on leisure travel.
On a more general, district-wide basis, companies that provide health care, food and lodging services reported new hiring and expansion plans.Eighth District business owners reported moderate wage and employment growth in the quarter.
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Read More at http://www.bizjournals.com
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