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Journal Article
Regional Firms Are Disagreeing About How to React to Current Economic Conditions
There is an increased level of disagreement among firms about their respective economic outlooks in the Tenth District region. As heightened levels of disagreement are historically associated with softening employment, this could have implications for economic conditions moving forward.
Discussion Paper
RIC Spotlight: Strengthening the Rural Workforce Through STEM Education
The Richmond Fed's Rural Investment Collaborative (RIC) seeks to improve economic investment in small towns and rural communities through collaborations with rural hubs and funding sources to help communities develop project proposals and make access to funding easier. Steven DK Brown is a member of the 2024 cohort of the Community Investment Training program, which allows participants to develop investment-ready proposals and connect them with potential capital providers.
Journal Article
District Digest: Time for a Career Change? Inter-Industry Job Mobility in the Fifth District
According to the Bureau of Labor Statistics (BLS), the average worker will have 12 jobs over the course of their lifetime. Whether workers transition to another job for career advancement, better skills alignment, or geographic location, job mobility is typically viewed as a key driver of labor productivity. There are two ways that workers can switch jobs: by moving to a new job within their current industry or by switching industries. Making a job transition to a different industry can be disruptive to an individual's career trajectory due to large gaps in skills and knowledge across ...
Journal Article
District Digest: Working on Wellness: The Rural Health and Employment Link
Adverse health events can be disruptive to employment. A health shock, such as suffering an injury or developing a chronic condition, can limit an individual's ability to perform the physical and mental demands of work, potentially leading to lower productivity, fewer hours, and even a labor force exit. But the relationship between health and employment doesn't end there — employment outcomes also influence health outcomes. Employment is a key social determinant of health, supporting well-being through financial stability and access to employer-provided health insurance. For some, workplace ...
Discussion Paper
Federal Government Transfers in the Rural Fifth District
In previous articles, we articulated the role that cuts in federal government workforce and spending might have on the Washington, D.C., region of the Fifth Federal Reserve District. But another key piece of federal government spending that impacts our Fifth District communities is transfer payments. For many households in the Fifth District, transfer payments from the government comprise a sizable share of personal income. Whether it be medical benefits, social security, or unemployment insurance, transfer payments serve as a tool for both poverty alleviation and household financial ...
Journal Article
A Regional Indicator of Commercial Real Estate Activity: The KC Fed CRE Index
Activity in the commercial real estate (CRE) sector is closely linked to broader economic conditions. However, tracking developments in the CRE sector can be challenging due to the sector’s wide span of activities. At their inception, commercial properties involve construction activity, land development, and local infrastructure investments; once constructed, commercial properties can be used for a variety of purposes. The CRE sector also often reflects the regional economic landscape more than it is shaped by national features. To understand changing conditions in their regions, community ...
Discussion Paper
The Devastation of Hurricane Helene: The Fifth District
The impact of Hurricane Helene is still reverberating across the Southeast with each day bringing new revelations of the catastrophic damage to communities in the Fifth District. After making landfall on Sept. 26 in Florida, the storm moved inland, bringing wind gusts and historic levels of rainfall that destroyed homes, businesses, landscapes, and critical infrastructure, and left some areas of our district unrecognizable. The loss of life — more than 230 people as of the writing of this post — makes Hurricane Helene the deadliest mainland hurricane in the United States since Hurricane ...
Discussion Paper
Hurricane Helene's Impact on Housing in Western North Carolina
Approximately six months ago, Hurricane Helene brought devastation to parts of the Fifth District, with communities in Western North Carolina1 (WNC) sustaining particularly severe damage. Today, communities are still recovering from Helene's impact — from profound loss of life to loss of property and critical infrastructure.Hurricanes can create unfavorable housing market conditions in affected areas, including damage to existing housing stock, reduction in housing supply, and deterioration of asset values. Prior to the storm, many WNC communities already exhibited signs of substantial ...
Discussion Paper
The Foreign-Born Workforce in the Fifth District
In recent years, foreign-born workers have played an important role in shaping regional labor market dynamics. After travel restrictions created a lull in international immigration during the height of the COVID-19 pandemic, a subsequent surge in international immigration grew the foreign-born labor force to a level that exceeded previous trend growth in the U.S. and the Fifth District (Chart 1). The increased number of foreign-born workers helped to ease labor market tightness and even shifted how we think about key labor market metrics. Across the Fifth District, the implications of changes ...
Journal Article
The Tight Labor Market in the Rocky Mountain Region is Showing Some Signs of Easing
Labor market conditions are showing some early signs of softening, as imbalances between labor demand and supply are improving. While labor markets remain strong in the Rocky Mountain Region, contacts suggest moderating labor market tightness in the coming year. This Rocky Mountain Economist provides an overview of recent regional labor market conditions, and prospects for the regional labor market in 2024 reported by businesses throughout the region.