Higher consumer and business spending, an improving construction and real estate sector and increased manufacturing production were all factors that contributed to recent moderate economic growth in the Federal Reserve’s district that includes Chicago, according to its latest Beige Book report.
Read the full report for the Seventh District-Chicago, but here are a few highlights related to region’s construction and real estate picture in June:
- Demand for residential construction grew steadily, as multifamily construction remained strong and single-family construction continued to improve.
- Activity in the residential real estate market continued to increase as well, with home sales, prices, and rents rising.
- Nonresidential construction grew at a modest pace, driven in large part by the ongoing expansion of the auto industry.
- Commercial real estate conditions continued to improve as rents rose slowly and vacancies fell.