December 6, 2011

Housing Starts Expected To Increase in 2012

Housing starts expected to increase in 2012 According to economists responding to the latest National Association of Business Economics survey, which managed to find some bright spots concerning next year's economic outlook, housing starts are expected to increase 10% in 2012.

Economists surveyed expect housing starts to reach 600,000 units in 2011, just slightly above the 2010 total.

The nation's gross domestic product is expected to grow at a modest 2.5% in the final quarter of this year and by 2.4% in 2012, according to the survey.

Respondents expect the odds of a recession to be low, but said consumer spending will remain muted at about 2.1% growth in 2012, well below the historic norm of 2.8%.

Unemployment is expected to decline only marginally, with accommodative monetary policy remaining. Monthly job gains are expected to rise steadily over the forecast horizon, from an average of 100,000 during the fourth quarter of 2011 to 130,000 by the end of next year. The jobless rate will decline from 9.1% to 8.7% in 2012.

Tags: gdp, housing starts, Philadelphia Economy, unemployment forecasts

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