The economy will continue to grow in 2022 and 2023, according to Richard Barkham, global chief economist, head of global research and head of Americas research for CBRE. In a recent CBRE webinar, Barkham offered an optimistic outlook for strong economic fundamentals next year and beyond, predicting that the economy would grow above trend at about 4.7% in 2022. “That is quite strong. We are looking at very good demand conditions,” he said.

Three factors are supporting the economic recovery out of the pandemic, and driving the outsized GDP growth. Fiscal and monetary stimulus is at the top of that list. “The monetary expansion last year created positive business and consumer confidence, which prevented the economy from going into a tailspin of negative sentiment and laid the foundation or growth,” said Barkham. “It also supported consumer incomes, which was crucial to the multifamily sector.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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