Fed Beige Book survey: NM region’s economy sees moderate improvement

New Mexico Business WeeklyThe economy in northern New Mexico and neighboring states “improved moderately” in late April and May, according to the Federal Reserve’s Beige Book report, which gauges economic conditions. The Fed’s Kansas City district, which includes northern New Mexico, saw retailers and restaurants reporting stronger sales. Tourism activity also increased, at least partly because of good weather for the spring, the report said. Hotel occupancy in the region was steady, while average room rates inched up. Residential real estate activity rose, and commercial activity was described as “solid.” Housing starts declined from the previous survey, but builders surveyed expected new home construction to improve over the next few months. Bankers in the region reported a slight increase in loan demand. Most bankers surveyed said loan quality was getting better. And the Fed said every banker it surveyed in the region thought the outlook for loan quality in the next six months would stay steady or improve. Read More News New Mexico



Post a Comment