Real Estate and Construction Residential construction and sales have been uneven. Chicago noted a pick up in construction and new home sales. An unexpected demand for housing also boosted residential homebuilding in Dallas. In the Richmond District, homebuilding starts have been flat to down recently. Construction is said to be down from last year's levels in Kansas City and St. Louis, while homebuilding is characterized as generally strong in Minneapolis and San Francisco.
Commercial construction continues to grow.
In Boston and Chicago, construction of most types is at higher levels recently. Office markets in Atlanta, Dallas, and San Francisco continue to tighten. Industrial space is difficult to find in areas of Atlanta, Minneapolis, and San Francisco. However, in Dallas, new supply is expected to exceed demand by year-end. In Minneapolis, many firms are planning expansions.