U.S. Economic Update – Ready for Growth

The U.S. economy continues to improve steadily. Although gross domestic product (GDP) growth has lagged, employment is increasing at a faster pace than a year ago and consumer demand is holding up surprisingly well. The key to stronger growth will be higher levels of confidence in the business sector. Once businesses are more confident, investment spending will accelerate, as will hiring, and the economy will accelerate from today’s 1.5% to 2.0% GDP growth rate to around 3.0% to 3.5%.

The key to improving that confidence is likely to be the resolution of the second part of the “fiscal cliff” in the October/November time frame. If Congress and the Administration can put the U.S. on a more sustainable deficit trajectory, or at the very least provide some clarity about tax and spending policy, it will go a long way toward improving confidence and spending by businesses.

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About Cushman & Wakefield/NorthMarq

​Cushman & Wakefield/NorthMarq is a joint venture formed in September 2011 by NorthMarq Real Estate Services and the Minnesota operations of global real estate services firm Cushman & Wakefield. By combining the talent of both organizations at the regional level with the global platform of Cushman & Wakefield, we offer clients the best combination of regional strength and global capabilities. The result: the leading commercial real estate firm by all measures in the Upper Midwest.
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