Local Realtors, bankers, commercial real estate lenders and industry insiders are cautiously optimistic about the overall economy and their respective markets in the coming year, according to a recent survey conducted by Banker & Tradesman and Bannon & Co.
More than 60 percent of readers said they expect moderate improvement in the overall economic outlook for next year. A further 22 percent said they expect the climate will be about the same as 2010, and only 15 percent fear it will decline.
The 2011 economic outlook survey asked readers how new regulations, such as the Dodd Frank bill, will affect their business. It also explored the affects of social media, and how foreclosure activity and employment will play out in 2011.
Other highlights include:
- 45 percent of respondents forecasting a modest increase in single-family home sales, while 38 percent expect 2011 to be about the same pace as 2010.
- Nearly 70 percent of financial professional predicted an expansion of business in their own companies
- About 47 percent of respondents said they expect multifamily unit construction to remain at 2010 levels, and 48 percent said they expected the same for office development construction.
- Almost 70 percent of bankers predicted an improved economy in 2011.
