The latest iteration of the Beige Book was released this week, which reported moderate overall growth in April and early May, with manufacturing leading the way, both for the national and Minneapolis Fed reports. Ninth District manufacturing contacts from a diverse group of industries said orders have been strong so far this year.
Other areas typically associated with “goods” production, like construction and mining, have also seen solid growth of late. Oil and gas drilling is increasing in North Dakota, and natural gas production there recently hit a new record. Iron ore mines in the district were also operating near capacity. Commercial construction was solid, particularly in a few metros like Sioux Falls and Mankato, although single-family homebuilding overall has been sluggish of late.
For more detail on the national Beige Book report, as well as reports from the Minneapolis Fed and the other 11 Reserve Banks, see the nearby Beige Book summary feature on the Regional Economy home page.