Spring 2012 continues to ring a note of optimism, with expert economy watchers predicting a rebound in some of the nation?s most important metrics for growth. The latest in the mix? A report from the National Association for Business Economics, stating that employment, home construction, and business spending are all likely to improve this year.
Economists are predicting that 2012 will bring growth in the jobs and home construction sectors.
While the improvement, according to the report, is likely to be measured, it harkens the return of stability in some of the economy?s most fundamental aspects, principle among them the construction of new homes. The National Association for Business Economics (NABE) report anticipates a surge of nearly 20 percent in housing starts this year, rising to 700,000 units from 2011?s meager 610,000. Anticipation for 2013 includes even greater optimism, with economists expecting housing starts to reach 850,000 units. Economists believe a healthy housing market requires the construction of about 1.2 million units per year.
The boost in housing this year will likely come in hand with improvements in the employment outlook, although hiring is expected to show only moderate gains this year. The NABE report suggests that the national unemployment rate will likely hold steady this year at an average of 8.3 percent?it?s current reading as of January 2012?then fall to 7.8 percent as hiring picks up steam next year.
On other fronts, the report was more reserved. Case in point? Home prices. Despite the uptick in housing construction and employment, the economists remain lukewarm on the progress of home prices in 2012, with most expecting sideways movement for the next calendar year. Even into 2013, according to the report, most economists expect soft price growth of about 2 percent?still a major accomplishment for a national housing market that has been plagued by negative appreciation since the end of 2006.
See also:
New Home Construction Starts 2012 Right
New Home Construction Eases in December
Green Homes Market to Swell by 2016
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