The 3 Parts of the Economy Seeing 'Record' Growth
The latest Beige Book survey shows the economy is still growing at a moderate pace, but at least three areas of the economy are seeing record growth. Literally.
Eastern seaboard tourism (though some parts hit by Sandy remain slow), via the Philadelphia Fed:
Farming, via the Kansas City Fed:
After a slow start to the summer, traffic counts, bookings, and boardwalk sales at shore destinations in Delaware and southern New Jersey picked up to a modest pace. A Delaware hotel group reported that its properties matched or exceeded last year's record; another hotel reported that July was its best month ever. However, those parts of central New Jersey hardest hit by Hurricane Sandy continued to struggle, with low numbers of returning summer residents and tourists.
And finally, health care and engineering, via the Dallas Fed:
Demand for farm operating loans strengthened with high input costs and reduced farm income. Despite weaker farm income prospects, farmland values continued to set records, with demand for farmland driven in part by high levels of wealth in the farm sector.
If you're looking for growth opportunities, here they are.
Staffing firms' reports were mixed, with one contact reporting near-record levels of direct hiring, especially in engineering and health care, and other contacts reporting declines in hiring in manufacturing and logistics. Outlooks were also mixed.