Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, November 4, 1993 TAG: 9311040009
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE: LON WAGNER
DATELINE: LENGTH: Short
Significantly, manufacturers who responded to the survey indicated increased factory activity in late September and October. That was the first reported increase by the region's factories since January.
"What you see now is what we've been waiting for for a while," said Richard Sorensen, dean of Virginia Tech's business college.
"We have a lot more manufacturing in Southwest Virginia than in other areas, so that is going to have an impact here."
Manufacturers reported increases in shipments, workers' hours, spending for new equipment and new orders, the survey showed. They also said they were optimistic about prospects for production in the next six months.
The Federal Reserve survey, released every six weeks by the bank's regional headquarters in Richmond, covers economic activity in Virginia, West Virginia, the Carolinas and Maryland.
Retail sales were flat, but other news was positive:
Business at motels, hotels and resorts increased compared with August and the 1992 period. Good weather and conventions were cited.
Agricultural conditions improved. Rain and cooler weather in recent weeks improved the hay crop after a summer drought. Tobacco yields were better than average.
Home building increased. Sorensen said 25-year-low interest rates and steady home prices have spurred the housing market.
by CNB