ULI Forecast Sees Increased Improvement in Outlook for U.S. Economy

Originally published on May 17, 2021, by  William Maher for UrbanLand Magazine.

Real estate economists predict markedly improved U.S. economic and property market conditions over the next three years, 2021 to 2023, compared with the forecast of six months ago, according to the spring ULI Real Estate Economic Forecast.

This is not surprising given what has transpired since October 2020—the successful development and rollout of multiple COVID-19 vaccines, a partial reopening of the economy, generally strong gross domestic product and job growth reports, and trillions of dollars of stimulus and relief spending. Forecasters predict that the current recovery, which was kicked off by GDP rising by a record 33 percent (annualized) in the third quarter of 2020, will remain robust over the next three years. U.S. real estate market conditions and values are also forecast to perform much better than predicted six months ago, although wide differences by property types are expected to persist.

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