After recording the quickest recovery in the nation's history in the wake of the COVID-19 pandemic, the U.S. economy is expected to kick into higher gear in 2021. That is according to analysis from the National Association of Realtors® delivered today during the 2021 REALTORS® Legislative Meetings & Trade Expo (link is external) at the Residential Economic Issues and Trends Forum.
With the number of vaccinated Americans increasing and new coronavirus cases on the decline, NAR Chief Economist Lawrence Yun anticipates the economy will grow 4.5% in 2021.
"Consumers will begin to spend massive savings, and do more shopping, restaurant dining, traveling and in-person house hunting," he said.
While home sales continue to be an economic bright spot, unemployment remains an issue. Eight million jobs that were lost during the pandemic have not yet been recaptured. Yun maintains that job recovery is taking longer due to some friction