San Francisco Full report Economic growth in the Ninth District remains steady. The energy and commercial real estate sectors continue to expand at a solid pace, although the growth of tourism and manufacturing as well as consumer spending remains slow. The financial condition of most district farmers is improving. Meanwhile, housing construction levels and iron mining production are decreasing.
Labor markets are still tight, while wages are increasing at a moderate pace.
Overall price increases are moderate, but significant increases are noted for energy, transportation and hotel room rates. Lumber prices are down significantly. The pace of commercial construction activity has picked up since the last report. Building contracts awarded in the Dakotas and Minnesota increased 4 percent for the three-month period ending in October compared with the same period last year. Commercial construction is strong in the La Crosse, Wis., area, according to a bank director.