According to the latest reports, between April and June, the U.S. gross domestic product (GDP) grew at an annualized and seasonally adjusted rate of 6.6%—a slightly faster pace than expected.
Last month, GDP growth came in at 6.5%, a seemingly dismal picture compared to the 8.5% economists were predicting. Investments in inventories and real estate, as well as state and local government spending, were revised down.
However, quarter-over-quarter, this is the highest jump since last fall.
According to the report, this second-quarter growth is indicative of continued economic recovery, reopening establishments and government response related to the coronavirus pandemic.
“In the second quarter, government assistance payments in the form of loans to businesses and grants to state and local governments increased, while social benefits to households, such as the direct economic impact payments, declined,” reads the report.
The PCE price index—the inflation measure analyzed in this GDP report—was revised, increasing by 0.1 percentage points to 6.5%—the highest since fall 1982. Inflation ranked at 6.1%, the highest level since 1983 (excluding good and energy due to volatility factors).
According to Forbes, Since 2000, the annual GDP of the real estate industry increased by 63.7%, (about $1.23 trillion), reaching $3.16 trillion in 2020—up from $1.93 trillion in 2000.
Liz Dominguez is RISMedia’s senior online editor. Email her your real estate news ideas to ldominguez@rismedia.com.
