Morning Minute: Economy continues to grow at modest to moderate pace

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.

 

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About Stephanie Sievers

Stephanie Sievers is Associate Editor for the Illinois Association of REALTORS®. She serves as Associate Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.