Single-family home sales and construction were generally flat, but commercial construction markets are displaying continued strength. Despite difficulties in hiring and retaining qualified workers and some reports of higher input costs, wage and price pressures remain relatively subdued. Consumer Spending Most District merchants reported April sales above those of a year ago, with levels meeting expectations. Generally, they indicate inventory accumulations are currently on target, and the outlook for future sales of most product lines is upbeat. High consumer confidence has helped to keep sales strong, according to some contacts.
Retailers note especially strong current sales of spring apparel, shoes, and cosmetics.
Household goods sales, however, have apparently weakened recently. Product prices are expected to remain about unchanged over the next few months, according to most contacts. Inventories of unsold homes remain adequate for expected sales, while expectations for second quarter building are mixed. They are slightly more positive for the third quarter of this year. Contacts report that commercial real estate markets remain strong.