Economic activity in the Tri-State and the surrounding region grew modestly in the last few weeks, according to a report released Wednesday by the Federal Reserve.
According to the Fed's latest Beige Book report, which provides a snapshot of the economy in each of the bank's 12 districts, the St. Louis District, which includes the Evansville area, experienced growth in the service sector, increased home sales and expanding commercial and industrial development.
But that anecdotal information was tempered by mixed reports from the region's manufacturing sector. According to the Fed, the number of plants reporting plans to expand was offset by a number of operations intending to close.
Pending plant closings or layoffs included the wood product, apparel, engine and packaging industries. Troubles in the motor vehicle industry also plagued the region's manufacturing sector, the Fed said.
Many retail firms, however, reported holiday sales were "a little bit better than last year," according to the report.
Home sales in the region continued to grow, with many locations reporting residential sales growth of nearly 10 percent above a year ago.
Commercial and industrial development also continued to grow at the end of 2005, according to the report. The Fed's contacts in Southern Indiana reported that government construction in the area remained "steady."
In the region's banking and finance sector, commercial and industrial loans increased along with real estate loans. Total deposits at the region's banks increased 1.4 percent compared to last year.
The Fed also reported that despite drought-like conditions throughout much of the region, winter wheat "is generally in fair or good condition."