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Although the pace of US employment growth slowed in March, the economy continues to expand, and signs continue to suggest that higher growth is expected towards the end of the year. Helped by the strongest consumer spending figures in two years, the economy grew at an annual rate of 2.5% in the first quarter. The 3.2% rise in consumer spending in the first quarter is the fastest rate since the fourth quarter of 2010. Homebuilding also continues to lead the economic growth; housing is now in a full-fledged recovery and is entering into a major expansionary cycle. Additionally, two indicators, which closely correlate with overall demand for industrial space, have also shown improvements. The Industrial Production Index is running at a solid annualized growth rate of 4.2% so far in 2013 and the manufacturing sector is re-accelerating at the start of the year. For the first quarter, the ISM Manufacturing Index rose 2.3 points to 52.9 from its fourth quarter reading, the highest level in a year.
Source : Cushman & Wakefield
