There was encouraging news in the Federal Reserve’s latest Beige Book report released today. Overall economic activity grew at a moderate pace this spring in many areas of the country and improvements were seen in most residential and commercial real estate markets.
In the Chicago District, manufacturing production and business spending was up while growth in consumer spending slowed slightly. The real estate picture was more upbeat with construction and real estate activity increasing. Real estate highlights from the report:
- Demand continued for multi-family and single-family home construction.
- The residential rental market grew stronger as signaled by rising rents and a shortage of single-family rentals in some areas.
- REALTORS® reported more multiple offers on properties.
- The commercial market saw improvements with increased demand for urban office space, hotels and education facilities. Suburban demand remained weaker.