Economy Watch: Chicago Fed National Activity Index Points to Economic Growth
U.S. manufacturing and other production-related indicators contributed to the CFNAI increase in April, according to the Chicago Fed, indicating that the economy is still in growth mode.
March 2017
Commentary and data were supplied by Michael Neal, a senior economist with the National Association of Home Builders (NAHB).
Rent Growth
Rents were up 2.0% nationwide in April, down 50 basis points from March and well below the 5.5% growth rate of a year ago. The 2.0% year-over-year increase is the lowest it’s been since April 2011, when rents were up only 1.5%.
Top 5 NYC Multifamily Sales
PropertyShark compiled the top 5 multifamily sales for April 2017 in New York City.
Jacksonville’s Rapid Growth
A healthy employment climate, an inexpensive cost of living and mild weather are attracting jobs and new residents to Jacksonville, creating demand for apartments and bolstering rent growth.
Economy Watch: State Unemployment Rates Reach New Lows
Jobless rates were lower in April than in March in 10 states, stable in 39 states and D.C., and higher in only one state, according to the Bureau of Labor Statistics. Colorado’s unemployment rate of 2.3 percent is the lowest rate since the BLS began reporting these numbers in 1976.
Economy Watch: Leading Economic Indicators Hint at Late-Year Growth
A 0.3 percent increase in the Conference Board’s Leading Economic Index seems to point to the continual recovery of the U.S. economy, despite weak first-quarter GDP growth.
Kansas City’s New Look
Kansas City is in the midst of a transformation, growing as a financial and research center, with increased investment in infrastructure, all of which support multifamily fundamentals.
US Rent Growth Falls Below Long-Term Average
Average U.S. monthly rents increased by $3 to $1,314, the smallest growth seen since April 2011, when rates increased 1.5 percent.
