He pointed out that the National Association of Home Builders/Wells Fargo Housing Market Index, which has soared 77% since December, is now above the neutral level of 50 for the first time since July 2022, indicating that a shortage of existing homes is boosting demand for new ones.
Other areas of the economy hinge on the strength of the consumer, and while many expect consumers to spend down their excess savings by the end of the year"We don't agree. We expect goods demand to start growing again later this year once it returns to its pre-pandemic uptrend. We also expect that consumers will have enough purchasing power to keep the economy growing," he said.
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