US economic growth is expected to continue for the next 12 months, according to the “July 2018 NABE Business Conditions Survey” released today. Eighty-seven percent of the panelists expect real GDP growth of more than 2% in the coming four quarters, with the majority, 68%, anticipating growth in the range of 2.1% to 3.0%.

“All panelists expect continued economic growth over the next 12 months, with most panelists anticipating inflation-adjusted gross domestic product — real GDP growth — to exceed 2%,” said NABE Business Conditions Survey Chair Sara Rutledge, an independent real estate economist. “Labor market conditions are tight, with skilled labor shortages driving firms to raise pay, increase training, and consider additional automation.”

Job growth was widespread at respondents’ firms over the second quarter of 2018, with additional increases likely over the next three months, according to the report. The net rising index for employment rose to an all-time high of 41 in July from 26 in April. The net rising index is the percentage of panelists reporting increases minus the percentage reporting decreases.

Most panelists, 65%, indicated that the 2017 Tax Cuts and Jobs Act has not caused their firms to change hiring or investment plans, consistent with results in the April survey. And 65% of panelists surveyed also indicated that trade concerns have not caused their firm to alter investment, hiring, or pricing plans.

The survey included 98 members of the National Association for Business Economics, an organization of business economists and others who use economics in the workplace.