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Fannie Predicts Pick-Up in Residential Construction in 2020
Wednesday, January 22, 2020
In
its first economic forecast of 2020, Fannie Mae's Economic and Strategic
Research (ESR) Group is doubling down on its late 2019 predictions. The
economists say that "[C]onstruction is poised to become a significant
contributor to overall economic growth again," and sets the year's theme as "A
Resilient Economy Overcomes Risks to Drive Housing." For the economy as a whole, the ESR says
it expects its earlier forecast that fixed business investment would turn
positive at the end of last year to finally come about in the current quarter.
It also ups its previous 2.3 percent growth in 2019 real gross domestic product
(GDP) to 2.4 percent. Its full year 2020 forecast is unchanged at 2.1 percent
although stronger growth is now expected at the start of the year.
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