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Journal Article
Hybrid Work May Pose Challenge to Bars and Restaurants in Parts of the Tenth Federal Reserve District
As remote or hybrid work continues to be popular, office attendance has fallen. Less in-person work may increase office vacancy rates and reduce foot traffic to other businesses located in office-dense areas. Compared with the national average, most states in the Tenth Federal Reserve District have a lower share of office space in office-dense areas, but some of these areas have a higher share of bars and restaurants. The outlook for these businesses may depend on how foot traffic within office-dense areas evolves.
Journal Article
COVID-19 Stuns U.S. and Tenth District Economies, but Both Show Signs of Stabilization
COVID-19 and attempts to slow its spread have led to a decline in economic activity unprecedented in both severity and speed. Although every part of the United States experienced dramatic decreases in activity, states in the Tenth Federal Reserve District, with lower COVID-19 cases as a percentage of the population, have fared slightly better. More recently, national and regional measures of business and consumer activity have improved but remain well below pre-pandemic levels.
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 ...
Journal Article
Consumer Discretionary Sector Has Boosted Recent Regional Services Activity as Business and Professional Activity Slows
The Kansas City Fed’s monthly services survey tracks business activity for a wide variety of services firms in the Tenth District. We segment the results into consumer services (both discretionary and nondiscretionary) and business and professional services and find that the consumer sector has been stronger than the business and professional sector recently, driven by discretionary services. Accordingly, consumer services firms report greater pricing power, expected wage growth, and capital expenditures.