Dive Brief:

• Commercial and residential construction picked up or remained steady in most U.S. markets in February and March, according to the Federal Reserve’s Current Economic Conditions report, known as the Beige Book, which was released Wednesday.

• Boston, New York, Philadelphia, Chicago, Minneapolis, Dallas and San Francisco reported strong gains in industrial and office building construction. In Boston, demand for commercial properties by foreign institutional investors is fueling progress in that sector. Likewise, the Boston economy, similar to the economies of Richmond, Atlanta, Minneapolis and Dallas, is benefiting from strong multifamily construction.

• On the homebuilding side, Cleveland, Richmond, Chicago, Minneapolis, Kansas City, Dallas and San Francisco saw activity improve. New York reported “softening” conditionings for residential construction. And Philadelphia, Cleveland, Atlanta and Dallas reported a slowdown in home construction during the harsh winter, which led to lower-than-normal levels of inventory, especially of lower-priced homes, the report noted.

Dive Insight:

Steady construction activity contributed to an overall economic expansion across industries and across districts, according to the Beige Book. Most of the 12 Federal Reserve Districts that contributed to the report noted that their local economies grew at a moderate pace, although Boston reported expanding business activity, while New York, Philadelphia and St. Louis held “steady” and Cleveland cited “a slight pace of growth.”