There still are areas of the economy, however, that will struggle “until we get a vaccine that’s in wide use and closely trusted,” Jerome Powell, chairman of the Federal Reserve, said in September. “Changes in policy resulting from the election could, of course, affect the economy,” McWilliams acknowledges. Researchers say the job losses forecast this year drive the rate up to an average of 9.1 percent, compared with the U.S. rate of 9.2 percent. At the very least find out what, with maybe their eye, they would say you need to tweak. Don't give up, stay out there and when you do find something that meets your needs, be ready to act and act quickly," she said. In September, the Federal Reserve Board voted to keep its benchmark interest rate unchanged, at a range of 0 to 0.25 percentage points — a level it expects to maintain until at least 2023 in order to help the economy add jobs for as long as possible. Anderson is of the opinion that Michigan’s deep COVID-19 wounds are mostly “self-inflicted” due to government policies that lumped counties less affected by the virus together with those with higher infection rates. “The ‘slower recovery’ industries consist of leisure and hospitality, retail trade. Thus, it might be better to wait until 2021 when the market is expected to cool down further.” “Our anchor industry, the auto industry, was able to get a reasonable set of regulations applied to them early in the pandemic and has been able to manufacture vehicles and parts,” Anderson notes. As of November 20, 2020, the U.S. housing market is incredibly strong. Accelerating the speed of the recovery and economic prospects for 2021, according to economists, depends on progress in the fight against COVID-19, including improvements in therapeutics and, of course, the approval and wide distribution of a safe and effective vaccine. They're comfortable; they've done the home improvements and they're good. In August, KPMG released the results of a survey that showed many U.S. CEOs remain confident in the growth prospects of the domestic economy and their companies, and are accelerating investments in digital transformation. “My expectation is that next year (car sales) will come back, (and there will be) a gradual increase by the second quarter. There were three states that had only an approximate $4,000 increase in average equity: New York, Michigan and Alaska. “With states opening and kids going back to school — and, if schools stay open — I would expect GDP in the fourth quarter (of 2020) to be higher. ”When we look at the mortgage market in particular, we have a lot of concerns that we’re going to see a spike in delinquencies and foreclosure rates as we get into 2021.” Corelogic’s forecast predicts home prices nationally will have fallen 6.6 percent year-over-year by May 2021. While the pandemic has posed challenges to all businesses, the majority of CEOs responding to the KPMG survey say they’ve accelerated their digital transformation as a result of the crisis. At this point, our baseline projection assumes continuation of a divided government, which will likely result in modest tweaks to economic policy. UNDERGRADUATE HOUSING 2020-2021. Americans have been through World War I, World War II, the Vietnam War, 9/11, and other crises. The housing market was beginning to heat up at the end of 2019 and into early 2020. employment in high- and middle-wage service industries will grow by about 5.5 percent between this year and 2022, and blue-collar industries and lower-wage service sectors will see growth of about 11 percent. These sectors include restaurants, bars, gyms, and theaters, which were hit hard in the recession, and for which a full recovery will depend on the course of the pandemic, the availability of a vaccine and, ultimately, when consumers feel ready to re-engage with the more in-person sectors of the economy. Americans have been through World War I, World War II, the Vietnam War, 9/11, and other crises. Wage and salary employment growth is forecast to decline by 4.6 percent in 2020 before growing 3.9 percent in 2021 and 3.2 percent the following year. There’s still a possibility of another round of direct payments, but that remains to be seen.”, Kevin Voigt, who leads the Detroit office of KMPG, a global audit, tax, and advisory firm, says the economic support provided to date (via the CARES Act) has been unprecedented. “Our hope is that Congress, whether before or after the election, is able to come to an agreement on further assistance. The state unemployment rate is forecast to jump to 13.3 percent in 2020, before dropping to 8 percent in next year. On the housing front, the longer the pandemic continues, the more precarious the market will become. Still, while automakers can produce cars, the economy has to be healthy enough for people to be able to buy those vehicles. ULI and PwC's 2021 Emerging Trends in Real Estate offers deep dives and insights into all sectors of the U.S. and Canadian real estate … It's time to start worrying about the housing market again because it is completely overheated, with YoY median U.S. home price growth around 12% in 2020. The housing industry has been incredibly strong this year, but will the trend continue for those planning to buy and sell this fall? Late last year, Michigan State University’s Center for Economic Analysis projected economic growth, measured as state-level gross domestic product (gross state product), would trail the nation at 2.3 percent in 2020. But we have another whole group of demographics that are saying, 'Hey, if working from home is something that is now an option permanently, even when we get past COVID in the way that we know it now, but I can work from home three days a week moving forward, it now opens up homes in different areas where you don't have to worry about the commute," Schneider said. One sector of the Michigan economy that will have a difficult time bouncing back is hospitality and tourism, which took a tremendous hit from the pandemic and likely will be the last segment of the economy to recover. “We expect a full economic recovery in Oakland County to take multiple years because of the depth of the initial recession,” says Gabriel Ehrlich, director of RSQE. The 2021 economy will be influenced by the coronavirus pandemic, the approval (or not) of a vaccine, more federal stimulus, and who wins the presidential and congressional elections. For FY 2020, the Ann Arbor, MI MSA (Washtenaw County) rent for a studio or efficiency is $900 per month and $1,767 per month to … Source: (Tim Mossholder / Unsplash) Housing market predictions for 2021: Factors to consider Factor #1: The real estate market. “U.S. and other services. Many Tenants are Still Paying Rent But It May Not Last. It began arriving on U.S. shores in late January and, within two months, the jobs economy transformed into frontline, virtual, or nonessential positions. “We’re forecasting a ‘two-track’ recovery, where certain sectors will be able to recover faster than others,” McWilliams says. It’s a low-population-growth state, so knowing who’s moving in and moving out has implications for political representation and government programs. Business leaders, meanwhile, are somewhat bullish on a national economic recovery. Many need more space to turn into that extra home office or even a classroom or work area for the kids. 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