Rachel Lang

Homeownership supports stable housing and is one of the primary ways households build wealth, enabling greater participation in the economy. Yet affordability issues have increasingly put homeownership out of reach, especially for low- and moderate-income households or first-time buyers. Regions with more job opportunities tend to have both higher housing costs and fewer starter homes, which means that many families are not able to get on the first rung of the homeownership ladder. As part of our work to understand the economic experiences of the people we serve, this post highlights takeaways from recent research and a webinar we hosted on homeownership trends and opportunities in the Twelfth Federal Reserve District.

Anchorage Economic SummitAnchorage, Alaska

Information the San Francisco Fed collects from businesses and community sources for the Beige Book provides timely insights into economic activity at both the national and regional levels. Two new indexes based on Beige Book questionnaire responses track business sentiment across the western United States. The indexes track data on economic activity and inflation, serving as early indicators of official data releases and helping improve near-term forecasting accuracy. The latest index readings suggest weakening economic growth and intensifying inflationary pressures over the coming months.

In a recent webinar, small business development centers shared how they and the small businesses they serve have incorporated GenAI into their work and the lessons they’ve learned.

Economic activity in the Twelfth District edged down slightly during the July to mid-August reporting period. Employment levels were down slightly as employers laid off workers and did not fill vacated positions. Wages grew somewhat, and prices rose modestly overall. Conditions in retail trade and the consumer and business services sector weakened slightly. Manufacturing activity declined modestly, and conditions in agriculture and resource-related sectors were somewhat weaker. In both residential and commercial real estate, activity was slow but unchanged. Financial sector conditions were stable. Community support organizations struggled to balance the continued demand for services against declines in funding. Looking ahead, contacts’ economic outlook weakened some relative to the prior reporting period.

As a Regional Executive, Stephen DeLay traveled to various cities in Northern California to gather insights from business leaders on local economic conditions. These engagements provide valuable context to guide the Fed’s monetary policy efforts.