Wed, October 20, 2010
New England’s Economy Improving, Federal Reserve Says
The Federal Reserve Bank of Boston reported that economic activity in the First District is generally on the upswing versus last year.
Eight times a year, the Federal Reserve combines reports on regional economic trends from the twelve Federal Reserve Districts into a survey called the Beige Book. The most recent Beige Book, released today, provided positive anecdotal data from almost every sector of the New England economy. Retail, manufacturing, and business services all reported improvements.
In the real estate world , the commercial market is fairly glum and residential sales are flat. Year-to-date home sales are slightly above 2009, but these have been inflated by the now-expired federal tax credit and all expectations are that by the end of the year the level of residential sales will be about the same as last year.
I’ll be interested to hear the reports of the New England Economic Partnership on the region’s economy; its fall conference next month bears the cheery title, “Deficits as far as the Eye Can See.”
