Commercial Demand Gets Boost from Economic Momentum in Q3
Amid worries of a global economic slackening, U.S. gross domestic product (GDP) increased at an annual rate of 3.6 percent during the third quarter 2014. The pace of growth exceeded economists’ expectations, and it provided forward momentum to commercial real estate markets.
Gains in international trade along with positive government spending were the main engines of growth for third quarter GDP. After a double-digit annual rate of growth in the second quarter, U.S. exports rose at a 7.8 percent rate in the third quarter. Export sector growth was boosted by U.S. goods leaving for foreign shores at a pace which was 11.0 percent higher. Meanwhile, imports of goods and services declined at a 1.7 percent rate over the period, due mainly to a drop in imported goods.
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