The economic recovery should continue over the next couple of years, according to NAI’s chief economist.
Earlier this week, Dr. Peter Linneman provided a global economic briefing for NAI brokers and their clients. The economist cited positive signs including growth in housing starts, rising consumer confidence and even the prospect of higher interest rates.
Linneman said consumer confidence has returned to average historical levels, but that he looks for it to rise well above those levels in the next two years.
In addition, he said that while single-family housing starts have doubled from 2012, they are also below historical levels.
Linneman said the strength of the overall economy depends on continued growth in housing, but he projected that rising interest rates could actually provide momentum by boosting the return on savings and allowing retirees to pass on money to their grandchildren.
The full report can be viewed here.