Economy Watch: Washington State Has Healthiest Economy
A recent WalletHub report ranked the 50 states based on economic health, which affects commercial property growth. Washington state took the top spot, followed by California, Utah and Massachusetts.
Economy Watch: Americans Generally Optimistic About Economy
A new Pew Research Center report reveals that nearly six in 10 Americans believe the current economic situation is good, given that the U.S. economy has experienced 80 months of consistent job growth. However, the same participants weren’t as optimistic about future prospects.
Economy Watch: Rents Volatile in Many Markets in May
While nationwide apartment rents are still on the rise, several markets have recently faced spikes in rent, according to a recent ABODO report. Rent decreases going into June, on the other hand, were on the smaller side.
Three Strikes: Multifamily Growth Slows for Third Consecutive Month
May 2017 marked the third consecutive month of rent growth deceleration and the 13th year-over-year slowdown, although development remains controlled.
Economy Watch: Fitch Report Optimistic About CRE
In its first annual U.S. Equity REITs Handbook, Fitch expects continued positive property-level fundamentals across most asset classes in 2017. Multifamily should again lead the REIT sector, although same-store net operating income growth will be less than 2016 levels, according to the report.
Economy Watch: Construction Spending Takes a Dip in April
Both private and public construction spending declined for the month, according to the Census Bureau, including in the residential category.
Economy Watch: Job Growth Tepid in May
The U.S. economy saw below-average job growth for the month, adding only 138,000 jobs, the Bureau of Labor Statistics reported. However, segments of the economy that affect commercial space absorption still had reasonably good job creation.
Charlotte’s Boom
The metro’s multifamily market is one of the best-performing in the country, with healthy demand, job increases and strong growth potential.
Portland’s Charm
The city’s multifamily demand remains elevated, fueled by a healthy job market and an influx of young people for professional and lifestyle purposes.
Economy Watch: Americans Earn More, Spend More in April
The month’s increase in personal income was mainly because of a boost in private wages and salaries, the BEA reported. This bodes well for the wider economy, since wages have lagged productivity for so long.