U.S. Economy on a Pace to Create 2.3 Million Jobs in 2011, Says Nadji at RECon
May 24, 2011 1:52 PM, By Matt Valley, NREI Editor-in-Chief
LAS VEGAS — The U.S. economy finds itself caught in a tug of war
between economic headwinds and real recovery, says Hessam Nadji,
managing director of research and advisory services for Marcus &
Millichap.
The biggest headwinds are the ailing housing
market, record consumer debt, and a large amount of public debt. The
signs of recovery include the creation of 1.8 million private sector
jobs over the past 12 months and a continual rise in retail sales.
“Housing is headed for a double-dip
recession,” Nadji told a packed room of 700 shopping center industry
professionals at RECon 2011 on Monday as part of Marcus &
Millichap’s annual retail outlook.
“The U.S. housing market is now contributing
only 3% to our economic output versus 6% in 2005.” Nadji estimates that
30% of the turnover in the housing market today stems from distressed
sales, either foreclosures or short sales.
“There really is no end in sight in terms of when we can see the inventory of foreclosures and distressed sales out of the picture, so that we can get to the bottom and start a new cycle.”
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