More tourists have been visiting the Washington area this summer, but they’re cutting their stays short, according to the Federal Reserve’s monthly Beige Book report.
The report, based on economic observations from the Federal Reserve’s 12 regional banks, noted continued economic expansion, though it also observed “widespread signs of deceleration” in July and August. Five banks reported moderate economic growth, while two noted improvements and five other said conditions were mixed or decelerating.
In its report, the Richmond Federal Reserve branch noted tourism activity strengthened across its district. But it also says reports from Baltimore, Washington and Charleston, S.C., indicated that, while tourism picked up, stays were shorter and spending was lower than in the past.
The report also cited a Washington-area real estate agent who reported July housing sales were stronger than expected and homes below $250,000 generally moved quickly.