In the U.S., there are 12 Federal Reserve Districts with 12 Federal Reserve Banks for each district. Each Federal Reserve Bank collects information regarding current economic conditions in its district. The bank directors interview business contacts, economists, market experts, and other sources to gather the pertinent information. The information is then summarized and published in the Beige Book, a report that contains this information by district and sector and is published eight times each year.
Florida is part of the Atlanta district, and it is the largest economy within that district. According to the most recent Beige Book, the Atlanta district showed signs of healthy economic growth.
Specifically, the Atlanta district had increased sales growth over the holidays, a slight improvement in manufacturing, and there was a surge in tourism. Although not mentioned directly, much of this increase likely occurred in Florida given the size and scope of the market.
Interestingly, home builders in the southeast region gave positive reports for construction activity and new home sales, which may mean more good news for the Miami real estate market in the near future. In fact, the summary states that “outlook among brokers has improved since [the] last report with more contacts anticipating that sales will be slightly up on a year-over-year basis over the next several months.” In light of this optimism and the improvements in construction activity, it’s a great time to take a look at the Miami condos for sale.