Section 3 • Economics & Demographics The steady gains in consumption, which accounts for


about 70 percent of the economy, reflect a general state of improved hiring and finances, coupled with low inflation.


While increases in spending may continue driving the eco-


nomic expansion, declining consumer confidence may signal caution ahead. The Conference Board Consumer Confidence Index declined slightly in September, following a marginal improvement in August. However, Hurricanes Harvey and Irma may have contributed to that dip. The Conference Board noted that confidence in Texas and Florida decreased consid- erably following the hurricanes.


Despite the downtick in confidence, consumers’ assess-


ment of current conditions remained favorable, and their expectations for the short term suggest the economy will continue expanding at its current pace, the Conference Board said.


The Housing Drag While consumers will continue to drive the economy, housing will likely remain a drag. Existing home sales stumbled in Au- gust for the fourth time in five months as an acute shortage of properties available for sale continued to subdue overall activity, according to the National Association of Realtors.


Total existing home sales, which are completed trans-


actions that include single-family homes, townhomes, condominiums, and co-ops, retreated 1.7 percent to a sea- sonally adjusted annual rate of 5.35 million in August from 5.44 million in July.


Some of the South’s decline in closings can be attributed


to the devastation Hurricane Harvey caused to the greater Houston area. Sales will be impacted the rest of the year in Houston, as well as in the most severely affected areas in


Housing weighed on the economy in the second quarter


and economists expected the sector to be a drag on gross domestic product in the July-to-September period.


Florida from Hurricane Irma. However, the NAR said nearly all the lost activity will likely show up in 2018.


First-time buyers represented 31 percent of sales in Au-


gust, which is down from 33 percent in July, and is the lowest share since August 2016. Millennials in particular have been hampered by the burden of student debt combined with ris- ing housing prices.


Life Storage officials saw an immediate influx of new tenants since the


Houston storm, and expect sustained occupancy growth while people rebuild in Florida.


Meanwhile, U.S. new home sales fell to an eight-month


low in August. The Commerce Department reported new home sales decreased 3.4 percent to a seasonally adjusted annual rate of 560,000 units, which was the lowest level since December 2016.


Sales were down 1.2 percent on a year-on-year basis in


August. The Commerce Department suggested Hurricanes Harvey and Irma could have impacted new home sales, hold- ing back the completion of houses under construction.


46 Self-Storage Almanac 2018


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