North America continues to be the world’s economic leader and the bustling legal services market reflect that fact. Although there has been a temporary lull in North American business activity, directly and indirectly because of depressed oil prices and uncertainty in the direction of long-term interest rates, conditions will improve soon because consumer spending is steadily upward bound. The housing industry looks strong and automotive retail sales robust. Employment is rising at a healthy clip. Disposable personal income is rising. The US economy is 59.6% bigger than China’s economy which provides a safe investment environment for Asian clients and entities that have been doing substantial business in China. Long live the US consumer. We do not see any trends that will derail the US economy from powering the global economy into a better place as we move through 2016, particularly the second half of the year.
Canada has been slowed considerably by the drop in energy and commodity prices. That drop is buttressed by a very strong banking system and political leadership that desires to pump-up the local economy. There is money to lend for expansion and the close US-Canada ties provide for opportunities for foreign investment.
Mexico remains strong with both a growing middle class and a plentiful labor supply. The demographics of Mexico are favorable to an expanding economy and growth south of the U.S. border shows no signs of slowing. Mexico is primed for excellent economic growth.
Clients are looking for more opportunities in the following sectors:
• Energy distribution
• Water distribution and conservation
• Infrastructure construction and repair
• Printed electronics
• Natural Resource Conservation
In summary, business opportunities still abound in most of North America and are positioned to improve as commodity and energy prices stabilize. Consumers are in great shape and desire foreign goods. Employment is rising. Banks are lending. Retail sales are surging. Commercial construction remains solid. There is no fear of governmental austerity plans—deficit spending continues in all three countries.