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SIOR Raises Hopes for US Market

CANNES- The Society of Industrial and Office Realtors chief economist says the outlook for the United States is excellent. Dr Jim Smith predicts a revival in office rents backed by a 4.2-pc GDP growth in 2003

By Charlie Jacoby | Updated on March 05, 2003

CANNES- The Society of Industrial and Office Realtors (SIOR) chief economist predicts that the outlook for the United States is ‘excellent’.

Speaking at the MIPIM property show in Cannes, France, Dr Jim Smith said that employment in the USA should increase by more than 2 million jobs in 2003, which will generate demand for office space and enhance overall economic activity. He says that the conflict in Iraq is a short-term phenomenon and, by the end of 2003, the USA economy should be growing fast. Dr Smith said: ‘We plan on 4.2% real GDP growth in 2003, and 3.8% growth in 2004. President George Bush’s tax proposals and investment incentives, as set out in the January State of the Union address, sends a clear signal to the economy.’

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