Bank real estate lending moved up slightly, but business and consumer lending has been steady. Sales of both new and existing homes have been rising strongly. Commercial real estate vacancies have been falling and rents have been rising. Third District business contacts have positive outlooks. Manufacturers expect demand for their products to continue on an upward trend, and they plan to increase employment.
Retailers anticipate further growth in sales as the spring season gets under way.
Auto dealers expect sales to remain healthy. Home builders forecast construction at or above the current pace into the summer, and real estate agents expect sales of existing homes to remain strong. Commercial real estate contacts anticipate a balanced market and a steady pace of construction for the rest of the year. Manufacturing Third District manufacturing activity increased in February, according to industrial firms in the region. One-third of the companies contacted said shipments and orders during February exceeded January levels, although about half said business was steady.