The negative US election cycle, the United Kingdom’s vote to leave the European Union, rising tensions between the US and Russia and the escalating conflicts in Syria and Iraq have all contributed to some additional caution regarding the future prospects of the global economy. Despite the macroeconomic headwinds, many US economists continue to tout evidence of US economic expansion, with the latest statistics showing job creation at a 15-year high, job openings at an all-time high, and consumer confidence levels elevated. The past year’s domestic employment growth of 2.0% was a promising improvement from the average yearly growth of 1.47% that spanned from 2012 to 2015. Interestingly, Raleigh-Durham employment growth is down to 2.4% from the yearly average of 2.9% over the same time period, still outperforming the national statistics despite the decline. GDP, which increased at an annualized 1.4% in Q2 2016, is now tracking toward growth of 2.9% in Q3 per forecasting firm Macroeconomic Advisers. Throughout slowed job growth and the lingering effects of the controversial HB2 legislation, most experts remain confident in their outlook for the Triangle. Additionally, Raleigh’s recent ranking as the third-fastest growing metropolitan area in the country has created cautious optimism in the real estate market going forward.
Source : Cushman & Wakefield