National Economy Report

National Economy

  • Steady job creation will sustain economic growth in the coming year, but the tight labor market will create a highly competitive recruiting climate that restrains total job additions. To attract and retain top candidates, companies will continue to raise wages, but they will also revisit their benefits, work environment and job locations. Several major businesses are opening offices in new areas to tap local talent instead of trying to relocate sta members to existing facilities, migrating job creation to a variety of markets across the country.
  • The U.S. economy remains structurally positioned for growth in 2019, thanks to steady employment gains, wage growth and increased consumption. Opening the year with a government shutdown and a volatile stock market could weigh on momentum, however. Greater trade barriers and slowing economic growth internationally could contribute to a modest step back in the pace of expansion this year.
  • Home sales have trended lower as a variety factors weigh on demand, including the fact that the majority of millennials have yet to make a meaningful move into homeownership and continue to rent. The slowing housing market could weigh on growth but aids self-storage development.

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