Market Insights | Winter 2024 | National

January 23, 2024

U.S. economy was resilient in 2023 and defied most market expert predictions of a mild recession to commence by midyear. Consumer expenditures sustained a healthy pace as households continued to spend down excess savings created during the pandemic, and the economy grew by 4.9% in the third quarter.

Multifamily demand was robust in the fourth quarter of 2023 with the third-strongest absorption total for that quarter on record, indicating that demand has stabilized and the U.S. multifamily market is well-poised to absorb the high supply levels coming online in 2024.