The U.S. economy is expected to grow 5.3% in 2021, a substantial improvement from the currently projected 2.7% contraction in 2020, according to Fannie Mae’s Economic and Strategic Research Group. A strong pick-up in growth is projected to commence over the spring months.
The latest forecast of full-year 2021 real GDP growth is an upgrade of 0.8 percentage points from the previous month’s forecast. This reflects the ESR Group’s view that the expansion of COVID-19 vaccination efforts and the approach of warmer weather will likely reverse the economic weakness experienced at the end of 2020.
The ESR Group also noted that the continued recovery will likely be considerably faster than the recovery following the Great Recession, and upgraded its 2022 growth forecast by 0.4 percentage points to 3.6%. Immediate risks to the forecast center around the path of the pandemic and progress on vaccination distribution.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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