Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, March 11, 1993 TAG: 9303110103
SECTION: BUSINESS PAGE: A11 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
REGION STRONGER EXCEPT FOR A FEW TROUBLE SPOTS
Coal production hampered by a miners' strike, declining port activity and farm harvests delayed by wet weather were the only blemishes on a generally strengthening regional economy, according to the Federal Reserve Bank of Richmond.The assessment of the central bank's 5th District was included Wednesday in the Federal Reserve Bank's beige book report on the nation's economy.
The district's "economic activity strengthened somewhat during the past six to eight weeks. Retail sales continued to improve and manufacturing activity picked up after several months of little change, although employment was flat in both sections.
"Tourist activity increased, the demand for loans rose slightly and both residential and commercial real estate activity improved modestly," the report said.
Key components of the regional report show:
Retailers reported increased sales, including big-ticket items, and in turn strengthened their own capital spending. But merchants kept inventory levels unchanged.
Manufacturers reported factory activity improved in the past month after remaining flat since November. The bank's survey of Virginia manufacturers showed 82 percent think the nation's business activity will increase over the next six months and 77 percent predict growth for their own companies.
The tourism industry reported more activity - "especially those at mountain resorts where skiing weather was good." More than half said they expected their business to improve further over the next six months.
Financial institutions reported credit conditions improved in the past six weeks. Residential mortgage demand is up, they said.
Coal production in West Virginia fell 10 percent in the week ending Feb 13 from the 1992 period because of a miners' strike.