By Mike Sunnucks | Rose Law Group Reporter
U.S. GDP growth came in at 3.2 percent for the first quarter, according to new numbers released by the U.S. Department of Commerce this morning.
The Q1 growth beat economists’ expectations of 2.3 percent. They also improve on the fourth quarter of 2018 when GDP growth was 2.2 percent.
GDP gains in Q1 2018 were 2 percent.
Consumer spending helped the Q1 2019 numbers hit President Donald Trump’s promises of 3 percent economic growth.
In Arizona and metro Phoenix, the economy and real estate markets continue to perform.
Metro Phoenix’s commercial real estate market posted 1.1 million square feet of office absorption in the first quarter sending office vacancy rates down to 16.9 percent from 17.57 percent, according to Andrew Cheney, a principal with Lee & Associates. (can ditch or swap for Belfiore if necessary).
The latest state job numbers from March showed Phoenix’s unemployment rate at 4.1 percent and the statewide seasonally adjust jobless rate is 5 percent.
Both are higher than the U.S unemployment rate of 3.8 percent.
Trump tweet:
