The Federal Reserve released its November 28, 2012 “Beige Book” commentary on current economic conditions. The following highlights are noted, including our observations at Point Bridge { }:
Construction and commercial real estate activity remained stable or improved modestly since the October report. {We would have expected greater activity levels if it were not for the paralysis created by the election season and “fiscal cliff” chaos}.
Some businesses were holding back on expansions due to uncertainty (i.e. uncertain future tax rates, European debt crisis, etc.). {Point Bridge agrees that many businesses are maintaining a cautious posture toward real estate commitments, particularly small and mid-sized companies}.