Another Year of Modest Growth for the Southeast
The Southeast economy in 2014 was similar to last year—growth was slow and steady. However, in addition to continued bright spots the region also enjoyed robust activity in new sectors of the economy.
Writing in the September–December edition of EconSouth, members of the Atlanta Fed's Regional Economic Information Network recap the economic year in the Southeast and look ahead to 2015.
As in previous years, auto sales and the tourism and residential real estate sectors were strong spots. But the article also pointed to other sectors—including commercial construction, manufacturing, and banking—that also picked up.
For instance, the Bank's commercial real estate contacts noted that rents and absorption rose across many property types in 2014. Looking ahead, "most construction contacts expect the pace of nonresidential and multifamily construction activity to continue to increase from current levels," the article noted.
The Southeast's manufacturing sector recovered from a modest start to the year that resulted from severe winter weather. The automotive industry was especially strong, according to manufacturers and part suppliers in the region.
To read more about how the southeastern economy fared in 2014 and the outlook for the upcoming year, read the full article in the latest edition of EconSouth.