The Census Bureau released preliminary results of the 2020 census last week, which counted 331 million people in the U.S., an increase of 7.4% since 2010. This was the slowest growth since the 7.3% reported in 1940, when the economy was recovering from the Great Depression and birthrates were rising.
For once, retail in the U.S. has a positive story to tell. Among U.S. chain retailers, announced store openings for this year account for more square footage than announced store closures, according to Coresight Research’s monthly U.S. Store Tracker Extra report.
Eager to build market share, well-financed dollar stores, fitness club operators, personal care services and restaurants fueled first-quarter leasing at open-air center REITs, executives said. At Kimco Realty, the rental rate on new leases increased by 8.2 percent and the rate on renewal leases rose by 6.4 percent.
REIT share prices rose last week, extending the weekly winning streak to six weeks. The FTSE Nareit All Equity REITs Index posted a total return of 1.3% Broader markets, in contrast, were flat-to-down, with negative 0.1% returns on the Russell 1000 for the second week in a row.
Retail sales continue to benefit from stimulus payments, coupled with warmer weather and broader reopening across the country. Total U.S. retail sales posted another month of double-digit growth in April.
US apartment rent growth is back in a big way, now that the country’s reopening local economies are fueling household creation and stimulating robust demand for all types of housing. Effective asking rents for US apartments climbed 1.3% in April rising at the fastest pace seen during a single month for the past decade.
Imports at retail container ports hit a new record this spring and volume during the first half of 2021 even amid ongoing disruption. Import volume is expected to be a third higher than last year as the economy continues to recover from the pandemic.
