Friday, August 21, 2009

Housing To Drive Economic Stability in 2010

The Chicago Federal Reserve surveyed consumers in the Midwest region and concluded that there will be economic growth in 2010, but joblessness will remain a problem.

The Fed forecast predicts that real gross domestic product will grow by 3.2 percent in 2010 after a decline of 1.8 percent this year.

The 2010 recovery is likely to be driven by spending on residential properties, as well as an increase in industrial production, says William Strauss, senior economist at the Chicago Fed.

Housing starts were projected to fall to 530,000 units in 2009 from 900,000 in 2008, and to rebound to 740,000 in 2010.

Source: Reuters News, Krasny (06/08/2009)

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