Regional banks report expanded growth
July 27, 2005
The twelve regional bank districts of the United States Federal Reserve issued their reports on economic conditions in their areas on Wednesday. The twelve districts are centered in Boston; New York City; Philadelphia; Cleveland, Ohio; Richmond, Virginia; Atlanta; Chicago; St. Louis, Missouri; Minneapolis; Kansas City; Dallas; and San Francisco.
All twelve areas reported expanded economic growth. Retails sales were up at least some in most areas, although New York reported some softening in July, Boston reported that retailers had not been able to pass along all their higher energy costs to customers, while St. Louis reported mixed results by both retailers and auto dealers.
In most other areas, car sales were good. Tourism was up generally. Housing activity was generally described as robust although some regions reported a slight cooling of activity. Parts of Southern California saw houses staying on the market longer and prices not going up as fast as they had been.
The Richmond district reported that in the Washington, DC, area the housing market was described as “not as frenzied” as earlier and that some Virginia properties were taking longer to sell. The New York region reported some slippage in real estate prices, while the Boston region reported that home prices in Massachusetts were going from “hot” to “normal”.