Dallas San Francisco Full report Reports from contacts throughout the Southeast indicate that the District economy continues to expand at a moderate pace. Holiday sales were strong according to most contacts. Single-family construction is mixed by market, as are nonresidential and multifamily construction. The outlook for the tourism and hospitality sector remains upbeat.
Bankers report that the century rollover went smoothly, and loan demand is described as healthy.
Wages and prices continue to increase in a few sectors but overall remain stable. Consumer Spending Reports from retailers around the District were good, indicating that holiday sales were similar to national trends, exceeding year-ago levels by a healthy margin in most cases. Apparel sales were slow in some markets as some retailers noted that the weather was too warm despite the advent of cool temperatures during December. Inventories are generally balanced. E-commerce continued its substantial growth this holiday season.