Commercial Real Estate & Business News – August 30, 2017

The U.S. economy grew faster than initially thought in the second quarter, notching its quickest pace in more than two years, and there are signs that the momentum was sustained at the start of the third quarter. Gross domestic product increased at a 3.0 percent annual rate in the April-June period, the Commerce Department said in its second estimate on Wednesday. The upward revision from the 2.6 percent pace reported last month reflected robust consumer spending as well as strong business investment…»

Employment is set to boom in August, surpassing last month’s increase, according to the ADP and Moody’s Analytics National Employment Report. The report predicts an increase of 237,000 jobs in August, up significantly from last month’s prediction of 178,000 and even up from the U.S. Bureau of Labor Statistics’ report which showed an increase of 209,000…»

U.S. consumers are still optimistic about the state of the economy, which is good news for retailers that depend on confident consumers. The Conference Board reported on Tuesday that its Consumer Confidence Index, which had increased in July, improved further in August…»

“The 5.8% annual gain in house prices reported by Case-Shiller in June was the highest in three-years, as a shortage of inventory boosted prices even as active housing demand has edged back,” Capital Economics Property Economist Matthew Pointon said. “Tight market conditions will drive house prices higher over the remainder of the year, although cautious appraisals and tougher mortgage lending regulations will act to prevent a dangerous house price boom.”…»

As of the second quarter of 2017, the Phoenix market was 10% above its prerecession peak of office-using employment, with strong growth in sectors such as business services, financial activities, and tech helping drive office space demand in the metro…»