CHICAGO—The US economy has been in a slow but steady recovery for several years now, but yesterday about 600 real estate decision makers from overseas and across the nation gathered at the annual NAI Global Market Outlook in Chicago to mull over what obstacles or bumps in the road may be up ahead.
Jay Olshonsky, president of NAI Global, began the morning by introducing Dr. Peter Linneman, chief economist of NAI Global, and Sam Zell, chairman of Equity Group Investments, and asked them to tackle the question.
So far, the current recovery “is a little longer than the average post World War Two recovery,” Linneman said. However, even though that could suggest we were near the end of the upturn, other factors make it difficult to make such a quick judgment. Consumer confidence, for example, rose to an above average level only about three months ago and historically this phase lasts about three years.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
