ATLANTA – July 28, 2011 – Florida emerged as something of a stand-out student in the Federal Reserve’s latest report on real estate in the Southeast.
Amid gloomy reports from brokers in the Fed’s Atlanta district, authors of the closely watched economic report card noted Florida was bucking the trend and reporting positive news.
This has been a running theme in the Fed’s monthly Beige Books, with sales of Florida homes outperforming the rest of the South. In tempered language for its July report, the Fed said the Atlanta district’s reports of modest growth in home sales over the prior year came thanks to the Sunshine State.
“Gains continued to be driven largely by reports from Florida brokers. Outside Florida, the majority of contacts reported sales declined,” the report stated. “The outlook among Florida brokers was somewhat positive, but elsewhere sales are expected to remain weak.”
Tourism fared the best in the Atlanta district’s write up, with Fed authors calling it “strong.” The report noted high-end retail seemed to be gaining traction, though the retail industry as a whole is less optimistic than a year ago.
In all, the Fed described the Southeast’s economy as basically flat compared to June. That’s a bit worse than the description for the national economy as a whole, which the Fed said continued to grow, but at a more modest pace.
The Miami Herald, Douglas Hanks. Distributed by McClatchy-Tribune Information Services.