RealPage Economy Express Episode 19

Episode 19: What’s in store for 2024?

  • The Bureau of Labor Statistics reported the Producer Price Index – an average change in domestic selling prices – has fallen for three consecutive months, which is a big change from the increases seen in 2022 and much of 2023.
  • Residential building permits were up 1.9% in December and a notable 6.1% year-over-year, according to the U.S. Census Bureau. While starts are down, completions are up significantly.
  • Annual figures for 2023 showed existing home sales in December dropped to the lowest level since 1995, while the median price reached a record high.
  • A record number of multifamily units delivered in calendar 2023. Apartment absorption remains strong, but annual rent growth is essentially flat.
  • Real GDP increased by 3.3% in 4th quarter, driven by rising consumer spending, expanding exports and increased government expenditure.
  • Despite solid employment growth and a reduction in inflation, we hold a cautiously optimistic projection, anticipating growth of another 1.5%.
  • Look for inflation to stabilize around 2.5% by year's end.

For more information on the state of the U.S. Economy, including forecasts, watch all the episodes of the Economy Express series.