Business Services Industry
Growth Set to Accelerate Next Year.
Kiplinger Business Forecasts, July, 2007 by Idaszak, Jerome
Byline: Jerome Idaszak
An early call on the economy in 2008: Growth is likely to speed up a bit to 2.75% or so from 2% this year and mark the seventh year of the current expansion. But for many businesses and consumers, the acceleration won't be very noticeable. Rather, housing is simply going to be less of a drag on gross domestic product (GDP) by spring 2008, when the declines in home building and sales are likely to finally level off. That'll mean housing no longer takes big bites out of year-over-year growth measurements.
This isn't a risk-free forecast. Housing still could become a spoiler. Why so? The wrenching financial dramas featuring once-popular subprime and adjustable rate mortgages are far from over and may well yield more ugly surprises....
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