For release: February 1, 2005 at 10 am
Contact: Kathy Dibling, 215-574-4119
The Philadelphia Federal Reserve today released its quarterly Regional Highlights. The fourth-quarter issue points to a strong demand for houses in Delaware, New Jersey, and Pennsylvania. The report also notes increasing price appreciation for existing homes.
Senior Economic Analyst Tim Schiller gives a summary:
"In the region, demand for homes remains strong and sales are steady. Evidence of strong demand can be seen in continuing increases in existing house prices. Residential building eased this quarter, however. With respect to broader economic conditions, employment increased in the fourth quarter in the region. The pace of growth eased somewhat from the third quarter.”
Regional Highlights, published quarterly, analyzes recent economic activity in the Third Federal Reserve District. Topics include employment, retail spending, manufacturing, and housing activity by state.
For an interview with Tim Schiller, call Katherine Dibling, assistant media advisor, at 215-574-4119.
The Federal Reserve Bank of Philadelphia serves depository institutions in eastern Pennsylvania, southern New Jersey, and Delaware by supplying cash to these banks and thrifts, supervising them, collecting and processing about 5 million checks daily, wiring money and securities nationwide, as well as participating in the broader objective of setting monetary policy.