More than 20 leading economic and housing experts predict GDP growth of 3.5% and an annual unemployment rate of 6.2% in 2021. Expect the post-pandemic economic rebound, improving job conditions and stable interest rates to continue in 2021, according to a survey of more than 20 top U.S. economic and housing experts.
The group of experts predicted:
- Gross Domestic Product growth of 3.5% in 2021 and 3.0% in 2022;
- An annual unemployment rate of 6.2% next year with a decline to 5.0% in 2022;
- Average annual 30-year fixed mortgage rates of 3.0% and 3.25% for 2021 and 2022, respectively;
- Annual median home prices to increase by 8.0% in 2021 and by 5.5% in 2022;
- Housing starts of 1.50 million next year and 1.59 million in 2022;
- The share of the U.S. workforce working from home to be 18% in 2021 – down from 21% in 2020 – and 12% in 2022; and
- Small declines in office and hotel vacancy rates in 2021, with a slight increase in retail vacancies next year.
