About 300 jobs will be lost at the two plants. Real Estate and Construction Monthly residential construction permits in May picked up in six of the District's 12 metropolitan areas, mostly in the southern and eastern parts of the District. Permit levels in almost all District metro areas remain below year-ago levels, which were record highs. Fort Smith and Evansville are the only District metro areas where residential construction is ahead of last year's pace. In most other cities, though, the gap has been narrowing as the year progresses.
Contacts report that apartment construction is booming in Little Rock and Memphis.
Other nonresidential construction also remains strong in many parts of the District. Consumer loans outstanding declined 2.1 percent. As a result, reports from several areas indicate a deterioration in the condition of pasture and row crops. For the time being, however, crops are generally in good condition, with most farmers continuing to expect above-average production this fall. Still, the cotton crop, owing to its slow start this spring, remains modestly behind schedule and in somewhat less favorable condition in many areas.