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The Wait-and-See Beige Book

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  The April Beige Book , released this afternoon by the Federal Reserve, reported stable to modest growth across the Fed Districts. Boston and New York reported some softness, and St. Louis and San Francisco noted flat economic activity, but all of the other Districts cited modest growth. A consistent theme across all of the Districts was the uncertainty brought about by the conflict in the Middle East, with both businesses and consumers taking a “wait-and-see” approach to spending. Almost all Districts continued to reference K-shaped consumer spending, but most noted that almost all consumers are being generally cautious. Labor markets in almost all of the Districts were flat with recent hiring concentrated in temporary or part-time workers rather than permanent full-time staff. Ports and other transportation entities expressed concern over rising fuel prices, while agricultural respondents were worried about the cost and availability of fertilizer due to the Middle East conflict....
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Empire: Current Conditions Improve But Outlook Weakens

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  The April Empire State Manufacturing Survey from the Federal Reserve Bank of New York reflected a moderate improvement in manufacturing activity in New York State, with the headline general business conditions index moving into positive territory at 11.0 compared to the -0.2 reported for March. Similarly, the shipments index increased soundly from -6.9 to 20.2, and new orders increased 12.9 points to 19.3. Additionally, the two employment indexes, number of employees and average work week, increased modestly. Finally, the prices paid index increased from 36.6 to 51.0. However, the six-month forward looking indexes were generally weaker m/m, with the general business conditions expectations index falling from 31.0 to 19.6. Likewise, the new orders, shipments, employment and capex expectations indexes all moved modestly lower.
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South Carolina Nuclear Reboot Remains Live

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The saga of the unfinished VC Summer nuclear units in South Carolina remains endlessly fascinating. While a sister project in Georgia was completed and has been producing power for about two years, the state-owned utility Stanee Cooper and what was then South Carolina Electric and Gas, pulled the plug on the South Carolina project after significant delays and cost overruns. Now, with the nuclear power renaissance in the US beginning to materialize, it’s starting to look like the South Carolina units may actually be completed at some point, thanks to an MOU agreed to in December between Santee Cooper and Brookfield Asset Management. Really, an incredible turn of events.
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Florida Healthcare System Under Pressure

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 Bloomberg is out this morning with a grim article about the pressures on the Florida healthcare system resulting from changes to federal policy. The article cites declines in ACA coverage due to rising premiums and the refusal by the state to expand Medicaid as reasons for increasing levels of uncompensated care in the state's healthcare system.
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Report Highlights Corporate Exodus from Colorado

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  A new study by the Colorado Chamber Foundation catalogs corporate departures from the state since 2019. In its report, 2025 RELOCATION TRACKER:Colorado's Lost Corporate Opportunities & Competitiveness Assessment , the Foundation uses publicly available information to identify the companies that have left the state and some of the reasons why. It estimates that the state lost 13,607 jobs to corporate relocation from 2019 through 2025 and cites Texas as the top destination for these companies, followed by California, Arizona, and North Carolina. 
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Concerns Over Adequacy of Workforce for Nuclear Power Expansion

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Concerns are being expressed by political leaders and others in Utah and Idaho about the lack of skilled workers to meet the demands of a revived US nuclear power industry. The US Department of Energy has reportedly estimated that a proposed 400 gigawatt increase in nuclear power capacity by 2050 would require a tripling of the existing nuclear industry workforce. Both states are looking at ways to tailor workforce training to accommodate this expansion.
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UMAss Report Warns on Threats to State’s Research Economy

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  A new report from the University of Massachusetts, Amherst Donahue Institute’’s Economic and Public Policy Research Group takes a deep dive into the economic profile of the state’s research and development industry. The report, The Research and Development Ecosystem: Engine of the Massachusetts Economy , identifies a direct and indirect contribution of $218 billion to the state’s economy from R&D activities, equivalent to 28% of Massachusetts GDP. It warns that federal research cutbacks and restrictive visa policies threaten to impact the state’s economy for a decade. 
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