Posted in Industry News
Third Quarter GDP Growth Means Continued Momentum for Housing
The National Association of Home Builders recently released a report based on data from the Bureau of Economic Analysis (BEA) that shows GDP growth in Q3 2014. According to the numbers, economic output in the third quarter decreased slightly to an annual rate of 3.5 percent, down from 4.6 percent in Q2. However, the slowdown still reflects respectable momentum in the housing market considering the Q2’s fast-paced growth and Q1’s slow start.
A few key drivers of growth, business fixed investment and personal consumption expenditures (PCE) saw decreases, while more unstable areas, like net exports and national defense spending, made hefty contributions to market growth in Q3.
Experts expect PCE and business fixed investment to rebound in Q4, with overall GDP growth to see numbers around 3.0 percent. Additionally, as 2014 nears the end, a more balanced and sustained growth averaging about 3.5% percent is predicted in 2015 and on into 2016 as well.
Read the full article from NAHB here.
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