PROVIDENCE – Economic activity in New England was said to be mostly positive from October through mid-November, according to the Federal Reserve’s Beige Book, a survey of businesses in regions around the country, released Wednesday.
The report said that labor markets remained tight in the area and that staffing firms noted some substantial pay increases. Retailers and manufacturers in the region reported modest to moderate revenue increases year over year.
Investing Wisely: Enhancing Efficiency & Value Through Sustainable Operations
Amgen is using its innovative capabilities to combat climate change and preserve natural resources through…
Learn More
Nationally, respondents reported modest growth in economic activity in the surveyed time period.
Retailers in the region reported no problem hiring staff or only having problems hiring for specific positions.
Manufacturers in the New England region said that hiring was difficult and that labor costs had risen. Most respondents in the sector were positive about the near-term future and half said they made positive revisions to their forecasts recently.
Prices in the region were said to have remained relatively stable.
The commercial real estate market in the Providence area was said to have seen moderate activity. Office rents in the area remained flat, wile demand remained moderate. A contact in the area expressed concern over growing political uncertainty.
Single-family home sales and prices increased across New England. Condo sales in Rhode Island were said to have declined year over year.
Contacts in the region said the market was expected to slow seasonally for the remainder of the year.
