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Regional Business Survey Insights

September 25, 2025

Explore in-depth analysis of business conditions across states within the Fifth District. This section breaks down findings from our Regional Business Surveys, offering a state-by-state view of economic trends, challenges and outlooks in Maryland, North and South Carolina, and soon Virginia.

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Maryland Analysis

Business activity in Maryland softened slightly in September, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index ticked down to 0 in September from 3 in August. Meanwhile, the forward-looking index rose to 0. The current sales index fell to −16 in September, while the forward-looking index dropped to −12.

The employment index rose to 0 from −6, and the corresponding forward-looking index increased to 6 in September. Meanwhile, the current and forward-looking wages indexes remained in positive territory. The current and forward-looking indexes for the availability of workers with the necessary skills increased in September, with the latter entering positive territory.

On average, year-over-year growth in prices paid and prices received increased somewhat. Firms expected growth in prices to moderate over the next year.

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North Carolina & South Carolina Analysis

Business activity in the Carolinas slowed in September, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index decreased to −9 from 8 in September, and the corresponding expectations index fell from 6 to −3. The sales index was nearly unchanged while its corresponding expectations index dropped from 32 to 19.

The employment index decreased to −9 in September while the wages index fell to 12. Firms expected to increase wages over the near term, as the forward-looking wages index remained firmly in positive territory. Firms reported improvement in their ability to find workers with the desired skills and anticipated further improvement over the next six months.

Average year-over-year growth in prices paid increased in September, while growth in prices received was nearly unchanged. Firms expected growth in prices paid to moderate somewhat over the next 12 months.

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Regional Surveys of Business Activity

Each month we ask Fifth District region’s business owners leaders about recent changes in economic conditions and their expectations for the next six months.

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Regional Matters

Regional Matters examines local, regional and national data that matter to the Fifth District economy and our communities.

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