The Federal Reserve issued its Beige Book report for July 2009 recently and the report indicated that the rate that economic activity declined in Louisville, other Eighth District cities and towns had moderated somewhat since the last report. When Business First of Louisville asked their contacts in Louisville commercial real estate and local home construction industries about current market conditions, they claimed disappointment in the slow progress of the government’s stimulus bill and the relatively small size of local projects it has funded. Louisville homes sales also continued their decline according to the report. Compared to the same period in 2008, Louisville homes sales for May 2009 were down 35 percent in Louisville, 22 percent in Memphis, 32 percent in Little Rock and down 13 percent in St. Louis. Housing permits for single-family homes built in Louisville were also down 44 percent, down 56 percent in Memphis, down 30 percent in Little Rock and down 37 percent in St. Louis. The number of outstanding loans from small- and medium-sized banks in the Eighth District was also down 1.3 percent from early April 2009 to the middle of June. The report also looked at other Louisville industries and indicated that the decline had slowed in area manufacturing and service sectors. Area auto dealers reported mixed results. Demand for Louisville residential and commercial real estate remained fairly weak. Announcements of layoffs include Louisville’s education, aerospace, information, medical services, business support, electrical equipment, frozen food and auto parts and auto manufacturing sectors. However, the dour economic news wasn’t all bad. Companies that make fabricated metal products, paper, rail technology, health and social services, furniture and plastic products expected to expand their facilities and hire workers to staff new positions in the near future. If you need Louisville Real Estate assistance, please contact Louisville Properties at 502.744.9504.