As 1998 opens, the Ninth District economy is like a marathoner maintaining a strong, steady stride, but not sprinting. Business people are optimistic about prospects for the new year. Construction, manufacturing and energy development are all robust. Retail sales were strong at the end of 1997, and merchandisers are generally optimistic about 1998. Banks enjoyed a very good year and anticipate another.
Agriculture varies somewhat by crop and location, but farm finances are generally strong.
Due to lack of snow, tourism is weak in some areas. Difficulty in securing employees is the most widespread economic complaint. Despite reports of rising wages for many specific skills, output prices are quiescent. This sentiment was echoed by business leaders responding to a year-end Ninth District poll. Nearly 60 percent expect business investment to be up in their communities versus 8 percent predicting a drop.