Robust Recovery in 2010 Will Just Return U.S. to Middling Economy,
Says NAI Global Chief Economist Dr. Peter Linneman
Strong, steady economic growth over the next two years will just return the U.S. economy to a pre-2008 level, giving us back what we needlessly lost due to government-induced panic and poor lending practices, according to NAI Global’s new white paper from Chief Economist Dr. Peter Linneman. The white paper examines the overall outlook for the job market and provides a forecast for the next three years.
“The key for the real estate sector is job growth, as a recovery without jobs does not fill buildings,” Dr. Linneman noted. “We anticipate that the next three years will continue to see average job growth of 250,000 jobs per month, for a three-year job increase of at least 9 million jobs by early 2013.”
"That is robust job growth, but it is important to remember that our forecast would leave us with almost the same number of jobs in mid-2013 as existed at the beginning of September 2008,” said Dr. Linneman. “Even with a robust recovery adding 9 million jobs over the next three years, we will still have an anemic unemployment rate of 7%. Hence, we expect a robust rebound to mediocrity.” To get the full report, CLICK HERE.
Rex Benton is Savannah Commercial Real Estate agent with NAI Savannah, a division of Mopper-Stapen, Realtors and is a contributing columnist for BiS-Business In Savannah weekly business publication. www.mopper-stapen.com 912.238.0874 Office Retail Industrial Investment Real Estate. For more updates on Savannah Commercial Real Estate click the link.
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