Thursday, October 30, 2014
FORT LAUDERDALE ROARS
The bottom line ... U.S. consumers and businesses are back. It has been a long time coming. US fiscal stimulus is over, and the economy is rolling and interest rates should remain low for another year or more buoying up the markets. The driver is the U.S., but the rest of the world is expectant that they too will reap the benefits over the next few years. The US advanced at a seasonally adjusted annual rate of 3.5% GDP in the third quarter of 2014. Economists had forecast growth at a 3.1% pace for the quarter. U.S. unemployment rate is now at a six-year low of 5.9 % and the US economy added 248,000 jobs in September, continuing a recent record of strong gains.
Fort Lauderdale is the yacht capital of the world and it just opened the Fort Lauderdale International Boat Show which is the biggest boat show in the world with three million sq.ft. of exhibit space over 7 locations. First day of the show and the buzz is already that people are coming out in droves and folks are spending $ big time. High end luxury yachts are already flying off the shelves and consumers are in a buying mood. Yacht manufacturers are salivating at the possibilities and already many have plans underway to gear up in production in a bold move from “build to order” quickly evolving to “build for inventory and spec”. The show is crawling with serious targeted buyers and for the first time in many years it’s not just about the used boat market, but rather new boats in all size ranges. There is a lot of pent up demand over nearly a decade and yacht lovers are finally feeling confident enough to take the plunge.