The United States’ economic outlook for 2024 looks favorable, according to Mark Zandi, chief economist, Moody’s Analytics, and other panelists featured in last week’s Cutting Through Uncertainty: 2024 Economic & CRE Outlook webinar, hosted by Marcus & Millichap.
Commercial real estate’s auspices for the year, meanwhile, are varied by sector, as is often the case, with open-air retail and hotel sectors both offering strong fundamentals, while opportunities in office and self-storage will likely be more difficult to find (but potentially more lucrative).
The economy
Job growth will slow in 2024 but will remain solid across most industries, with unemployment continuing to hover below 4 percent and inflation continuing to drop toward 2 percent, said Zandi.
If the economy were to be adding 100,000 jobs a month a year from now, that would sound right to Zandi, he said.
The flow of immigrants into the US in recent