Economists See US Growth Pickup This Year!
A survey released by the National Association for Business Economics in late March 2014 showed a consensus of the 48 economists surveyed that bad weather cut first-quarter growth to a weak annual rate of 1.9 percent, but that growth could exceed 3 percent by year’s end. And, the pace of U.S. economic growth is seen speeding up later this year and next.
The average U.S. economic growth of 2.8 percent forecasted this year is better than the 2.5 percent rate they predicted in NABE’s December survey. Those surveyed expect consumer spending to increase 2.6 percent in 2014 versus 2.4 percent, as hourly wage growth is forecasted to rise faster than inflation. GDP is expected to grow an average 3.1 percent in 2015.
“Conditions in a variety of areas — including labor, consumer and housing markets — are expected to improve over the next two years, while inflation remains tame,” NABE President Jack Kleinhenz, chief economist of the National Retail Federation, said in a statement.
With the firm economy, the housing market is expected to continue to boom. If you have any real estate needs, please contact us and we’ll be very happy to be at your service!