Dallas San Francisco Full report Economic activity in the Ninth District continues at a robust pace. Construction, manufacturing, energy, and iron and palladium mining industries keep on invigorating the economy. Consumer spending is still strong and agriculture continues to climb out of its deep slump. Due to light snowfall, winter tourism finished down, but the outlook for summer tourism is bright.
Labor markets are still tight as businesses report wage pressures.
Consumer inflation remains stable, although some price increases were noted, primarily in petroleum-related products. Construction and Real Estate Commercial construction activity is hardy. Contracts awarded for construction projects increased 17 percent in Minnesota and the Dakotas for the three-month period ending in February compared with a year earlier. In addition, loan demand for commercial real estate is strong in Montana, reports a bank director. Residential construction also is sturdy as building permits and home values continue to rise.