Building Trends in a Slow-Growth Economy
Surprising stats: Low U.S. scores on the American Dream.
Here are two of the major statistics and trends now affecting the building trades, from economist Elliot F. Eisenberg, Ph.D.
Domicile Dominion: Among western industrialized nations, according to Eisenberg, Singapore’s homeownership rate is tops at 90.8%. Norway follows at 82.8%; then Iceland at 77.8%; Italy at 72.9%; Finland at 72.7%; Luxembourg at 72.5%; Belgium at 71.3%; Sweden at 70.6%; Ireland at 68.6%; Netherlands at 67.8%; Canada at 67.6%; Israel at 67.3%; Australia at 67%; France at 65%; New Zealand at 64.8%, and the United States in the 16th spot at 64.5%. Including all nations, the U.S. rates 41st.
Economic Expansions: While the current economic expansion is the weakest ever, averaging just 2.1% GDP growth/year, the second weakest was the previous recovery which ended with the Great Recession. The third weakest, the recovery before that, which was the longest recovery ever; 10 years. This suggests the slow economic growth we are experiencing is structural in nature and that the 1H17 GDP growth of 1.9% is roughly as good as it gets, says Eisenberg.