The U.S. economy is expected to stage a comeback in the third quarter, bolstering a strong residential market, according to new research by Fannie Mae’s Economic & Strategic Research (ESR) Group—but job losses and budget cuts on the state and local level could weigh on multifamily development.
The group now forecasts that domestic GDP will grow by an annualized rate of 27.2 percent during the quarter as the economy continues to reopen. Factoring in the historic decline of the second quarter, GDP is projected to grow by 3.1 percent in 2020.
Read more...Cloudy Prospects for Multifamily Amid Economic Comeback via Multi-Housing News Online
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