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United States

Report | Economic insight for August 22, 2017

Summary

  • What's hotter than expected and even gaining steam? Retail sales
  • This year promises to be the high watermark for multifamily development
  • The Fed has little faith in inflation accelerating, meaning no rate increase this year
  • Renters will stay put a little longer as rising construction costs price out potential homebuyers
  • We predict virtually no impact to the economy this year from changes to the tax code 


Retail sales in July exceeded expectations and back-to-school shopping is expected to be stronger than it has been in the past five years. This bodes well for the retail sector as well as the overall economy as inflation fears are waning and the need for a third rate hike this year now seems to be lessening. Renters will settle in awhile longer as rising construction costs will price out potential homebuyers. And the time for revisions to the tax code is quickly disappearing, meaning little to no changes in 2017.

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