Looking further ahead, the report expects that the size of Birmingham’s economy will grow by 16.9 per cent over the next decade and that headcount will increase by 12.5 per cent. ", "...central location has made it a... market for transportation and logistics... speculative deliveries are expected to push up average asking rates… over the short-term…", "…strong demographic growth… robust tourism growth… prompting solid market fundamentals… tied to national economy. According to the study, the manufacturing industry will face more disruption as a result of Brexit than any other sector. Although a slowdown is expected… market continues to be a juggernaut…", "Gone… are the days of very low supply growth in the Orlando market… the high occupancy levels are expected to diminish starting... while new demand growth is expected to slow…", "...popular retirement and second home area... steady inflow… created a boost… expected to continue attracting new talent and companies to the area. Rents have increased... vacancy rate has decreased... to gain strength…", "...driven by very positive demographic and economic fundamentals... development has been muted over the past several years… room for new retail product development…", "...strong local economic fundamentals along with favorable demographics have supported the market... biggest... issue will be affordable housing", "Despite... expected supply increase, RevPAR is forecast to continue growing at the second highest rate in the country... strong economic performance will continue to support...", “...one of the fastest growing markets in the Southeast U.S….employment growth remains strong… labor...tight as employers seek out better ways to attract and recruit… employment”, "...tight office market… rapid population growth, have helped office assets attract a greater amount of interest… compressing cap rates… and attracting capital to the region", "Large amounts of speculative development are set to be completed... vacancy may increase… will remain low as industrial users… absorb available space on the market", "Economic growth... is phenomenal and should minimize downside risk of the market.

Figure 1: Local Area Trend, Last Twelve Months as of June 30, 2019, Figure 2: Local versus National Trend (Relative Year-to-Year Change), as of March 31, 2019, We help our clients make the right financial decisions for their businesses, institutions and families. Contractions... should be minimal with some sectors… experiencing growth during this period", "Increases in office using employment is expected… but net absorption should lag supply during this period. ", "...near record levels, occupancy rates are forecast to flatten in the next year... Due to increasing supply, greater than demand growth, RevPAR will be diminished in the coming years. ", "Tempered employment growth is expected… Personal income growth and population are expected to continue on an upward trajectory... supporting demand for retail product. ", "...shortage of office product supply due to lack of new developments has driven rents... to historic highs and vacancy rates to historic lows…", "Port Everglades... emerging as a major Broward industrial product driver. This report explores a few key statistics that paint a picture of the Birmingham area economy. In summary, the Birmingham economy continues to improve, as evidenced by continued growth in four of the five categories above; however, the Birmingham area still lags regional peers. Become a Chamber member today and access a range of benefits to connect, support and grow your business. ", "...expectations... should be held in check, largely due to the market’s relatively small market size... easy to envision… benefits from… growing manufacturing and increasing logistics…", "...anticipated downturn... should have a dampening effect over all the property sectors.

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