Most builders anticipate no change in the level of construction through the end of the year, while Realtors expectations are more mixed. Contacts from across the District generally report that commercial real estate markets continue to improve. Declining vacancy rates and higher rental rates continue to propel new industrial, office, and retail development. Financial Most contacts in the banking industry report a moderate level of loan demand. Consumer lending remains subdued with some strength in automobile financing reported.
Commercial lending remains mixed throughout the District.
Mortgage lending is said to be flat. There are also continuing reports of some softness in loan quality. Wages and Prices Reports of increasing wages are infrequent in the region at this time. However, reports of labor shortages in parts of the District remain common. Workers from overseas are being recruited and imported into some parts of the region to fill job vacancies.