PROVIDENCE – Economic activity in New England continued to expand at a modest to moderate rate in the last six weeks of 2019, according to the Federal Reserve’s Beige Book report released on Wednesday.
Respondents in the region said that they continued to see a tight labor market, however, they also did not report rising wages beyond minimum wage hikes in some states.
Business contacts in the region said that prices had risen moderately or not at all as the year approached closing.
Manufacturing contacts in New England reported generally positive results in the Beige Book, all four contacts in the region citing higher sales year over year and held positive outlooks going forward.
The report said that the Providence area commercial leasing market was “moderate” with construction already underway being completed but few new projects. Rents increased in both office and manufacturing leasing, however.
Closed residential sales in the Rhode Island market declined year over year, while median prices were said to have increased moderately. The report noted an ongoing housing shortage in Rhode Island, as well.
