Dive Brief:

• Construction activity was “mixed” across the country in January and February, depending on the weather in a given market, the Federal Reserve System said Wednesday in its Beige Book of economic conditions.

• Homebuilding was flat, while commercial construction increased through much of the U.S. Multifamily construction was especially healthy in New York, Atlanta, St. Louis, San Francisco, and Richmond, the report said.

• The economy overall continued its “moderate” growth, despite historic snowfalls and cold temperatures in the Northeast this winter, according to the central bank’s survey of business conditions.

Dive Insight:

One thing to watch: Economists have long predicted that the Fed will raise interest rates by mid-year, but the Beige Book’s assessment of the extent of layoffs and hiring freezes among oil-drilling companies has led some to speculate that the action will be delayed. That could be good news for housing, as lower interest rates are thought to spur home sales.