Reprographics 101

Federal Reserve Beige Book, published Wednesday, January
14, 2015
Summary of Commentary on Current Economic Conditions

Real Estate and Construction
Single-family residential real estate sales and
construction were largely flat on balance across the Districts. Sales declined
somewhat on a year-over-year basis in the Boston, Cleveland, Atlanta, Chicago,
Minneapolis, Kansas City, and Dallas Districts. In the Philadelphia District,
year-over-year existing home sales finished lower in November, but pending
December sales in some areas were up notably over December 2013. However,
builders of new homes in the Philadelphia District reported weak traffic for prospective
buyers and fewer contract signings. San Francisco reported that overall home
sales picked up in December. Richmond reported a modest increase in housing
market activity. Home prices increased modestly, on balance, in the Boston,
Philadelphia, Cleveland, Atlanta, Chicago, and Dallas Districts. The Cleveland,
Atlanta, Chicago, Minneapolis, and Kansas City Districts all reported slightly
slower single- family residential construction activity. However, the pace of
single-family home construction increased in some areas of the San Francisco
District.


Commercial real estate activity expanded in most Districts.
The Philadelphia District reported a modest pace of growth for commercial real
estate leasing activity, and Boston reported improving conditions in commercial
real estate markets overall. Commercial real estate activity in the Chicago and
Kansas City Districts expanded at a moderate pace. The Dallas District noted
that office leasing activity remained strong, but one contact noted a slight
pullback in demand from oil and gas firms. Demand for apartments in the Dallas
District also remained strong. New York City’s co-op and condo market showed
continued strength in the final quarter of 2014; apartment sales volume was
down from the exceptionally high levels of the prior year but still fairly
brisk, while selling prices were up moderately. Commercial construction
activity increased in most Districts. Activity grew modestly in the
Philadelphia District and a bit faster in the Atlanta and Chicago Districts.
Atlanta cited the multifamily residential segment as a source of growth, while
Chicago credited demand for industrial and office buildings. Commercial
builders in the Cleveland District reported a moderate to robust increase for
projects in the pipeline. Dallas reported that overall commercial construction
was strong. San Francisco reported that multifamily residential construction
was strong in many areas of that District and that retail, office, industrial,
or infrastructure projects were widespread across that District.


Note; here’s a link to the complete Beige
Book Report.  If you are interested in
the comments – about real estate and construction activity – in each of the 12
Fed Reserve “districts”, you’ll find that commentary at this link:

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