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US multifamily MarketBeat 1Q11
Download Report
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Consumers continue to exude a cautious optimism in regards to their household balance sheets, with strong pent-up demand from the elongated downturn contributing to a willingness to spend again. Consumer spending added a robust 1.9 percentage points to first quarter GDP growth, with sales of durable goods growing at a nearly 11% annual rate. However, retail sales moderated in March, increasing only 0.4%, with the effect of rising gas prices dragging down consumer spending. Concerns over rising fuel and commodities costs and a still beleaguered housing market will continue to weigh on overall confidence.
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