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Discussion Paper
The Impact of Hurricane Helene on Fifth District Businesses
Hurricane Helene caused significant disruptions across the Fifth District, especially in western North Carolina, upstate and western South Carolina, and Southwest Virginia. More than 200 people died from the storm, utilities and drinking water became unavailable, and people were displaced from their homes. In the storm's aftermath, the Richmond Fed has been actively monitoring and reporting about its impacts, including on the devastation of Hurricane Helene and what we have been learning as business conditions evolve. In our November business surveys, fielded between Oct. 24 and Nov. 20 ...
Discussion Paper
The Price of Tariffs on Fifth District Businesses
December data from our monthly business surveys and fourth quarter data from The CFO Survey suggested that firms were optimistic about their own businesses and the overall economy going into 2025. This rise in optimism, however, was accompanied by several concerns. One concern was the potential for additional tariffs on imports.One way to gauge the potential impact of tariffs on firms — especially in December before there were more specifics about future tariff policy — was to gauge their international exposure. Most December survey respondents reported that they do not sell goods or ...
Discussion Paper
Tariff Cost Pass-through Among Fifth District Firms
With tariffs top of mind for many firms in the Fifth District, the Richmond Fed's August business surveys sought to understand how firms have reacted to changing trade policy. As we saw in our March surveys and May surveys, firms continued to report heightened uncertainty around tariff policy. For some, this uncertainty has led to concerns about earnings and the effects on customers. One commercial laundry machine manufacturer stated, "We cannot predict cost for products, which means we have no idea as we sign contracts if we will be able to build the equipment and cover costs or make ...
Discussion Paper
Perspectives From Small-Town Mission-Driven Lenders
Smaller towns and more rural communities often face lower per capita private investment than more densely populated places. But there are opportunities to unlock investment and expand credit access in smaller communities through community development financial institutions (CDFIs). CDFIs are mission-driven lenders who serve low- and moderate-income communities with limited access to financial products and services.From April 10 through June 13, 2025, the Federal Reserve Banks collected data from nearly 450 CDFIs as part of a recurring survey led by the Richmond Fed. The survey asked ...