Federal Reserve Board Beige Book Economic Survey

All 12 Federal Reserve Districts reported some level of improvement in economic activity during the most recent survey period (mid-November to Mid-January) as well as for 2011, including improved hiring plans. Read a summary of select highlights from the survey.

January 20, 2011

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In a word—improving.

All 12 Federal Reserve Districts reported some level of improvement in economic activity during the most recent survey period (mid-November to Mid-January) as well as for 2011, including improved hiring plans.

The following is a summary of select highlights from the survey:

While hiring is expected to be modest in most districts, the 2011 outlook for manufacturing was positive.
Retailing was at least “on target” and even better than anticipated in most districts.
Tourism has been steady and even improving in most districts.
Non-financial services (such as advertising, consulting, etc.) showed improvement in many districts.

Commercial real estate was “mixed,” with some districts reporting declining vacancy rates/increasing leasing activity. Little new construction was reported in the public sector and health care project types.

Cut to the chase: what does all this mean? It means that forecasts for 2011 are being recalibrated and dialed up as analysts see a slowly improving job outlook and economy.

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Stephen Blank

Stephen R. Blank joined ULI in December 1998 as Senior Fellow, Finance. His primary responsibilities include: expanding ULI’s real estate capital markets information and education programs; authoring real estate capital market commentary; participating as a principal researcher and adviser for the Emerging Trends in Real Estate series of publications; organizing and participating in real estate capital markets programs at ULI events worldwide; and participating in industry meetings, seminars, and conferences. Prior to joining ULI, Blank served from December 1993 to November 1998 as Managing Director, Real Estate Investment Banking of Oppenheimer & Co., Inc. His responsibilities included: structuring, underwriting, and executing corporate financings including initial public offerings of common and preferred shares, unsecured debentures, and convertible bonds; property acquisitions, dispositions, and financing; and financial advisory services including mergers and acquisitions, corporate restructurings, and recapitalizations.