2014 Kern County. Economic Forecast. California

Size: px
Start display at page:

Download "2014 Kern County. Economic Forecast. California"

Transcription

1 214 Kern County Economic Forecast California Economic Forecast March 26, 214 Bakersfield, California

2 The 214 Kern County Economic Forecast Volume 1 March 214 Prepared for: Kern Economic Development Corporation 27 M Street, Suite 2 Bakersfield, CA 9331 (661) Prepared by: The California Economic Forecast Mark Schniepp, Director 5385 Hollister Avenue, Box 27 Santa Barbara, California (85) Copyright 214 by the California Economic Forecast Use of this document and any information contained within, without the expressed written authorization of the California Economic Forecast or The Kern County EDC, is strictly prohibited. 2

3 Table of Contents Executive Summary 4 Demographics 7 Employment 9 Residential Real Estate 13 Commercial Real Estate 15 New Development 16 Energy and Agriculture 17 3

4 EXECUTIVE SUMMARY Over the last 2 years, the economy of Kern County has recorded a level of growth consistent with an expansionary phase of the business cycle. There has been a surge of new jobs, a recovery in residential real estate, and rising utilization of commercial and industrial real estate. The energy market continues to diversify and add value to the region, and the value of agricultural products is at an all-time high. Employment During 213, non-farm employment increased by 2. in Kern County, adding 4,8 jobs to the local economy. This follows an extraordinary 212 when non-farm employment rose by 3.9. Total employment has now surpassed its pre-recession peak, setting new records in each of the past two years. This strength will persist into 214 and 215. During this time, non-farm job growth averages 2.6 per year. Growth will slow in the farm sector, but will remain robust at 4.7 per year. The unemployment rate will continue to fall, dipping to 11.2 in 214 and 1. by 215. Residential Real Estate In 213, the housing recovery gained momentum. The median home price was up by 3, and distressed sales (short sales and foreclosure sales), represented just 18 of the market by year s end. Total sales fell moderately, partially the result of fewer distressed sales which were acquired quickly at rock-bottom prices, and low levels of available inventory. Over the next two years, a continued recovery in the residential real estate market is forecast. Prices are projected to rise by 15 in 214 and 7 in 215. Appreciation will then slow, settling in the 2-4 range by 218. Existing home sales will also rise, reversing the stagnation of the last few years. As prices increase, more homeowners will look to sell, and builders will ramp-up the production of new homes. The population will continue to expand, and new households will enter the homeownership market. 6 Non-farm Employment Growth / Kern County 5 Home Price Appreciation / Kern County

5 EXECUTIVE SUMMARY 214 Commercial Real Estate Like the residential market, Kern County s commercial real estate sector has made progress over the past year. Vacancy rates are improving, falling below other regions of the state. The industrial market is extremely tight, with high demand for warehousing and logistics properties. New Real Estate Development In Kern County, construction activity remains subdued, and is still hampered by the housing bust. However, moderate improvements were observed in 212 and 213, driven by higher home prices and demand for commercial space. Housing production is expected to accelerate. Builders will produce a projected level of 3, new homes in 214 and 3,7 in 215. Most of these will be single-family structures, although production of multifamily units will also increase. As commercial markets continue to tighten, ground-breaking will occur on more projects in 215 and beyond. Energy and Agriculture In California, Kern County is the largest producer of onshore oil and natural gas, and is a leader in alternative energy. Although oil and gas production has fallen from earlier periods, the value of these resources is near record levels. As energy prices climb, production becomes more profitable, enabling more costly extraction and extending the output of Kern s oil and gas properties. Kern County is now home to the nation s largest wind farm. By 215, it will house a portion of the world s biggest solar power facility. To date, more than 8,2 megawatts of alternative energy capacity have been approved in the county, and an additional 3, megawatts are under consideration. In 212, agricultural production increased by 9, climbing to a record-setting $6.3 billion. Over the last decade, output has grown by 84, turning Kern County into the state s second largest agricultural market. units permitted 1, 8, 6, 4, 2, New Residential Units / Kern County Demographics Population growth remains high in Kern County. Bolstered by a young population, growing job opportunities, and affordable home prices, Kern County will continue to attract new residents over the forecast horizon and the growth of population is forecast to modestly accelerate. 214 KERN COUNTY ECONOMIC FORECAST 5

6 EXECUTIVE SUMMARY Kern County Economic Forecast Summary History, Forecast New Homes Population Population Net Migration Households Permitted Retail Sales Year (people) (growth rate) (people) () (homes) (billions) , , ,22 $ , , ,884 $ , , ,27 $ , , ,15 $ , , ,73 $ , , ,839 $ , , ,975 $ , , ,111 $1.2 Personal Real per Median Home Inflation Rate Unemployment Income capita income Selling Price Home Sales (Percent change Rate Year (billions) (dollars) (dollars) (homes) in local CPI) () 211 $27.8 $33,838 $124, 11, $29.5 $34,842 $135, 11, $3.9 $35,584 $17,91 11, $33. $36,837 $196,37 12, $35.4 $37,834 $29,587 14, $37.6 $38,783 $212,963 15, $39.7 $39,453 $221,488 16, $41.7 $4,115 $226,567 17, employment ( of jobs) Non-farm Non-Farm Job Transportation, Wholesale & Year Wage & Salary Growth (% change) Construction Manufacturing Utilities Retail Trade employment ( of jobs) Financial Professional Health & Year Activities Services Information Education Leisure Government Source: California Economic Forecast, March CALIFORNIA ECNOMIC FORECAST

7 DEMOGRAPHICS Population Growth According to the California Department of Finance, Kern County had a population of 866,977 on July 1, 213. net migrants 15, 12, 9, Net Migration / Kern County From July 212 to July 213, Kern County gained a total of 1,695 residents, representing a growth rate of 1.2. This is faster than the growth rate for the broader state, which was.9. 6, 3, -3, In 213, it s estimated that the county gained 1,489 residents through net in-migration. However, the volume of net migration remains far below the levels that prevailed in the early and mid-2s. A rebound in migration to Kern County will result in significantly faster population growth. The natural increase in Kern County accounted for most of the population growth over the last 5 years. Last year, the natural increase added 9,2 residents to the population base. Household Income and Educational Attainment In 213, the median household income in Kern County was $46,65. By comparison, the statewide median was $58,54. Approximately 15 of the population aged 25 and older has obtained at least a fouryear college degree. This is slightly above the neighboring counties to the North, but is below other nearby regions. change Population Growth / Kern County Median Household Income of dollars ! Kern County 45 California

8 DEMOGRAPHICS of total 34 Percent of Population Age 25+ with a 4 Year Degree by County 213 of people 1, Total Population / Kern County Tulare Kings Kern San Fresno Riverside Bernardino Los Angeles San Luis Obispo Ventura Demographic Forecast By 218, the total population will reach 943,8 individuals. Over the period, the county will gain more than 76,8 new residents an annual average increase of 2.. Net in-migration is forecast to accelerate over the next 5 years, as more jobs are created in the farm, professional services, healthcare, retail, and construction sectors. In 214, it s estimated that the population will increase by 3, residents through net migration. From 214 to 218, the population gain from net in-migration is forecast at just under 3,. people 15, 12, 9, 6, 3, -3, Net Migration / Kern County Kern County has a relatively young population, but over the forecast period, the older cohorts will become more prevalent. In particular, the 65-and-over group will account for a larger share of the total population, while the 24-and-under segment will account for a smaller share. 8 CALIFORNIA ECONOMIC FORECAST

9 EMPLOYMENT Job Growth During 213, approximately 4,8 non-farm jobs were created in Kern County, a growth rate of 2.. This increase in jobs follows an extraordinary 212 in which non-farm employment jumped Non-Farm Job Growth / Kern County The farm sector created 5,2 jobs in 213, an increase of nearly 1 over the level recorded in 212. Total employment has surpassed its prerecession peak, setting new records in each of the last two years. The private sector has been responsible for all recent job creation, as government employment has declined for several consecutive years. Over the past year, job gains were strongest in leisure and hospitality, education and health, and retail The leisure sector gained 1,2 new jobs, most of which were observed in the restaurant subsector. Education and health also generated 1,2 new jobs, largely in healthcare facilities. However, growth started to wane in the latter months of the year. The retail industry created 1,1 new jobs. Many of these were the result of growth in general merchandise stores typically big-box stores with a large variety of product lines. of jobs Non-farm Employment / Kern County seasonally adjusted January 29 - January Agricultural Job Growth / Kern County Jan-9 Jan-1 Jan-11 Jan-12 Jan-13 Jan

10 EMPLOYMENT of jobs of jobs Employment in Leisure and Hospitality Kern County seasonally adjusted January 29 - January Jan-9 Jan-1 Jan-11 Jan-12 Jan-13 Jan-14 Employment in Education and Healthcare Kern County seasonally adjusted January 29 - January 214 Wage & Salary Employment By Sector Kern County Job Percent Sector Growth Change jobs Farm 54,375 59,55 5, Mining & Logging 13,292 12, Construction 16,683 17, Manufacturing 13,442 13, Wholesale Trade 8,392 9, Retail Trade 27,85 28,967 1, Transportation & Utilities 9,117 9, Information 2,675 2, Financial Activities 8,742 8, Professional & Business 26,517 26, Educational & Health 3,75 31,98 1, Leisure & Hospitality 21,633 22,833 1,2 5.5 Other Services 7,217 7, Federal Government 1,383 1, State Government 9,392 8, Local Government 39,8 39, Total Non-farm 245,92 249,883 4,9 2. Total All Sectors 299,467 39,433 5,2 3.3 Note: Totals may differ due to rounding Source: Labor Market Information Division, State of California and California Economic Forecast 28 Jan-9 Jan-1 Jan-11 Jan-12 Jan-13 Jan-14 of jobs 31 Employment in Retail Trade / Kern County seasonally adjusted January 29 - January 214 Unemployment In January 214, the unemployment rate was 11.1 on a seasonally adjusted basis Despite the fact that unemployment remains elevated, conditions have been improving steadily since early Jan-9 Jan-1 Jan-11 Jan-12 Jan-13 Jan-14 1 CALIFORNIA ECONOMIC FORECAST

11 EMPLOYMENT 214 Unemployment Rate / Kern County seasonally adjusted January 29 - January 214 of jobs 28 Non-farm Employment / Kern County Jan-9 Jan-1 Jan-11 Jan-12 Jan-13 Jan The Labor Market Outlook In Kern County, job growth will remain strong. In 214, non-farm employment will increase by 2.5, a gain of almost 6,2 jobs. The farm sector is expected to add another 3, to 4, jobs in 214, on the basis of continued growth in the U.S and California economies that are forecast to approach the peak in the economic cycle over the period. Aside from the farm sector, the largest increase will be observed in education and healthcare. This industry will create almost 1,9 jobs in 214. housing market will rebound in 214 and 215, driven by affordable prices, rapid population growth, and a strong regional economy that is generating more jobs and income. The labor market will be further broadened over the next 2 years with more office using jobs associated with office and medical building development. Hence our positive outlook for more professional business services and healthcare jobs in the forecast. The unemployment rate should continue to improve, falling to 11.2 in 214 and 1. by 215. After a weak showing in 213, the professional and business sector will rebound over the forecast period. In 214, the industry will gain almost 9 jobs. 6 4 Non-farm Employment Growth / Kern County Growth is expected to remain impressive in the construction sector. There is more non-residential building in Bakersfield, and the Solar Star project is expected to create up to 625 new jobs during its construction phase. Furthermore, the KERN COUNTY ECONOMIC FORECAST 11

12 EMPLOYMENT of jobs 7 Agricultural Employment / Kern County of jobs 2 Employment in Construction / Kern County of jobs 62 Employment in Government / Kern County of jobs 32 Employment in Professional and Business Services Kern County 16 Unemployment Rate / Kern County CALIFORNIA ECONOMIC FORECAST

13 RESIDENTIAL REAL ESTATE Home Prices and Sales In January 214, the median selling price for existing homes in Kern County was $21,2. This represents an increase of 19 from January 213. sales Existing Home Sales / Kern County seasonally adjusted January 29 - January 214 Over the past few years, sales of existing homes have declined. In January 214, 424 homes were sold, which is 12 below the level observed in January Jan-9 Jan-1 Jan-11 Jan-12 Jan-13 Jan-14 The inventory of unsold homes has fallen dramatically since 28. As of January 214, there were 3.5 months of supply, creating conditions for a relatively tight market. months of inventory Unsold Housing Index / Kern County January 28 - January 214 As the housing market returns to normal, distressed sales (short sales and foreclosure sales) have become much less prevalent. Such properties now represent only 18 of all transactions, compared to a high of 72 in Jan-8 Jan-9 Jan-1 Jan-11 Jan-12 Jan-13 Jan-14 of dollars 22 Median Price / Existing Homes Kern County seasonally adjusted January 29 - January Distressed Home Sales as Percent of Total Home Sales Kern County January 21 - January Jan-9 Jan-1 Jan-11 Jan-12 Jan-13 Jan-14 Jan 1 Jan 11 Jan 12 Jan 13 Jan 14 13

14 RESIDENTIAL REAL ESTATE Housing Market Forecast Home prices will continue to appreciate, as high levels of population and job growth spur demand for housing. In 214, prices will rise by 15. Sales will begin to rebound, reversing the trend of the last few years. In 214, almost 12,8 homes will be sold, and in 215 this total will surpass 14,3. Kern Business Journal, October/November, 213, page 26 In 212 and 213, mortgage rates were near record lows. As the economy strengthens and the Federal Reserve ends it program of Quantitative Easing, mortgage rates will rise. In 214, rates in Southern California will average Home Price Appreciation / Kern County Distressed sales will continue to decline, and over the forecast period, conventional sales will account for the vast majority of all transactions of dollars 3 Median Home Price / Kern County of homes 25 Home Sales / Kern County CALIFORNIA ECONOMIC FORECAST

15 COMMERCIAL REAL ESTATE During the Great Recession, commercial and industrial vacancy rates rose sharply. However, there has been significant improvement in utilization of space since 21, especially in the industrial markets of Southern California. The Kern County industrial market is extremely tight. Vacancy rates began to plummet in 211, and by 213, total vacancy averaged only 2.8. Kern Business Journal, October/November, 213, page 6 In part, demand for industrial space has been driven by the logistics industry. Retail and wholesale companies have moved their facilities to the region, largely as a result of favorable real estate prices and a substantial labor pool. Paramount Logistics Park is a prime example, as it recently added several national chains. Vacancy in the office market is currently at 8.8. The rate is still too high for this point in the economic cycle, but compared to other regions in the state, the Kern County office market appears healthy. The vacancy rate across Southern California, for example, was 16. in 213. Rates are high in the retail market, but continue to improve each year. As the labor marke continues to strengthen and incomes rise, retail vacancy should fall further. Kern Business Journal, October/November, 213, page 2 15

16 NEW DEVELOPMENT New residential construction fell sharply during the housing bust, but rebounded modestly in 212 and 213. There is a delay in the development of new housing due to changes in product, entitlement issues, financing, and the slowness in how the credit markets are thawing. Over the 5 year forecast period, a total of 18,7 new housing units is forecast. Of these, approximately 16,2 will be single family homes. More residential units will be needed to accommodate Kern County population growth. Consequently, the forecast is conservative and should be considered a lower limit of new housing that will produce further ancillary economic activity in Kern County. In 213, the total volume of non-residential investment reached $1.66 billion---the largest annual dollar expenditure on record. The majority of non-residential investment in 213 can be attributed to the Solar Star Projects. With total construction costs of $1.3 billion, the facilities are expected to comprise the largest solar development in the world. New Residential Units / Kern County units permitted 1, 8, 6, 4, 2, Kern Business Journal, October/November, 213, page 24 Even without the Solar Star Projects, 213 would have been a record year, with other nonresidential investment reaching $63 million. A number of large projects are planned for Kern County, including medical facilities, distribution centers, retail outlets, and office complexes. These projects will lead to a rising amount of non-residential investment through 218.

17 ENERGY AND AGRICULTURE Oil and Natural Gas Kern County is the leading producer of oil in the U.S. and the top producer of natural gas in California. In 212, the county was responsible for 141 million barrels of oil and 164 billion cubic feet of natural gas. billions of cubic feet Natural Gas Production / Kern County Over the last two decades, oil production has been in steady decline. Since 1992, total production has fallen by After rising substantially in the late 199s, natural gas production has declined over the past decade. However, since 28, production levels have begun to improve. In 212, more gas was extracted than in any year since 27. Even though natural gas and crude oil production has been relatively stagnant, the values of these resources are at near record levels in Kern County. Higher valued resources make production more profitable and enable more costly extraction, extending production life and therefore, employment and income in Kern County. Alternative Energy Kern County is a large producer of Alternative Energy. In total, more than 8,2 megawatts of capacity have been approved, and another 3, megawatts have been proposed. In August 213, the Catalina Solar Project became fully operational. Located southwest of the Tehachapi and Piute mountains, this facility has a capacity of 143 megawatts, and is operating under a 25-year contract with San Diego Gas & Electric. millions of barrels 225 Oil Production / Kern County billions of 213 dollars 18 Value of Oil and Natural Gas Production Kern County Natural Gas Oil

18 ENERGY AND AGRICULTURE Kern Business Journal, October/November, 212, page 27 In February 213, construction permits were issued for the Solar Star Projects, a pair of solar facilities located near Rosamond. The Solar Star facilities stretch across the Kern- Los Angeles border, but the construction costs for the Kern County portion have been valued at $1.3 billion the largest amount on record. The Solar Star Projects will have a capacity of 579 megawatts. According to SunPower Corporation, the project developer, these facilities will be operational by 215, at which point they will represent the largest photovoltaic power station in the world. Kern County is also home to the Tehachapi Pass, one of California s primary regions for wind power. In particular, the region is host to the Tehachapi Pass Wind Farm and the Alta Wind Energy Center. The Tehachapi Pass Wind Farm, which has been in operation for more than 2 years, is one of the largest facilities in the U.S. It has a capacity of 75 megawatts, and exports energy to a number of California counties. 18 CALIFORNIA ECONOMIC FORECAST

19 ENERGY AND AGRICULTURE 214 Kern Business Journal, February/March, 214, page 1 The Alta Wind Energy Center is the nation s largest wind farm. At the end of 213, the Center had a capacity of 1,548 megawatts, giving it the ability to power 45, homes. In 21, the Center began a 3-year lease with Southern California Edison. In a typical fiscal year, the facility produces more than $4 million in property tax revenues for Kern County government agencies. In recent years, production has risen sharply in Kern County. Over the past decade, total agricultural values have risen by 84, adjusted for inflation. Agriculture In 212, Kern County agricultural production totaled $6.3 billion. This was the second largest total in the state, behind Fresno County. Of all agricultural products, grapes were the most prolific, with total grape production valued at $1.5 billion. Almonds, milk, and citrus fruits billions of 213 dollars Agricultural Production / Kern County were each valued at more than $6 million KERN COUNTY ECONOMIC FORECAST 19

20

Summary. Abbas P. Grammy 1 Professor of Economics California State University, Bakersfield

Summary. Abbas P. Grammy 1 Professor of Economics California State University, Bakersfield The State of the Economy: Kern County, California Summary Abbas P. Grammy 1 Professor of Economics California State University, Bakersfield Kern County households follow national trends. They turned less

More information

CALIFORNIA REGIONAL ECONOMIC OUTLOOK

CALIFORNIA REGIONAL ECONOMIC OUTLOOK CALIFORNIA REGIONAL ECONOMIC OUTLOOK California job growth is forecast to accelerate in 2015 another 370,000 net nonfarm jobs will be added. Bay Area San Francisco Oakland San Jose California housing recovery

More information

THE STATE OF THE ECONOMY

THE STATE OF THE ECONOMY THE STATE OF THE ECONOMY CARLY HARRISON Portland State University Following data revisions, the economy continues to grow steadily, but slowly, in line with expectations. Gross domestic product has increased,

More information

A Strong Housing Recovery Fuels Growth

A Strong Housing Recovery Fuels Growth Chapman University A. Gary Anderson Center for Economic Research FOR RELEASE: ONLINE: June 12, 2013; 10:00 a.m. PRINT: June 13, 2013 CONTACT: James Doti, President and Donald Bren Distinguished Chair of

More information

HUD PD&R Housing Market Profiles

HUD PD&R Housing Market Profiles Sacramento--Arden-Arcade--Roseville, California Quick Facts About Sacramento-Arden-Arcade--Roseville By Elaine Ng Current sales market conditions: slightly soft but improving. Current apartment market

More information

Property Tax Reductions to Diminish as Housing Market Improves

Property Tax Reductions to Diminish as Housing Market Improves Property Tax Reductions to Diminish as Housing Market Improves MAC TAYLOR LEGISLATIVE ANALYST MAY 5, 2014 Executive Summary Property Tax Reductions for Millions of Properties Due to Real Estate Crisis.

More information

Salt Lake Housing Forecast

Salt Lake Housing Forecast 2016 Salt Lake Housing Forecast Exceptional Market Fundamentals Home prices and sales continue strong upward trend; gains in 2015 driven by state s job growth By James Wood Ivory-Boyer Senior Fellow, Kem

More information

C O M P R E H E N S I V E H O U S I N G M A R K E T A N A L Y S I S. Pueblo, Colorado. Summary. Economy

C O M P R E H E N S I V E H O U S I N G M A R K E T A N A L Y S I S. Pueblo, Colorado. Summary. Economy C O M P R E H E N S I V E H O U S I N G M A R K E T A N A L Y S I S Pueblo, Colorado U.S. Department of Housing and Urban Development Office of Policy Development and Research As of May 1, 26 Summary Housing

More information

New York State Employment Trends

New York State Employment Trends New York State Employment Trends August 2015 Thomas P. DiNapoli New York State Comptroller Prepared by the Office of Budget and Policy Analysis Additional copies of this report may be obtained from: Office

More information

Littleton Housing Overview. Prepared for:

Littleton Housing Overview. Prepared for: Prepared for: July 2013 TABLE OF CONTENTS EXECUTIVE SUMMARY... i INTRODUCTION...1 ECONOMIC OVERVIEW...2 NATIONAL INFLUENCES...2 INTEREST RATES...2 INFLATION...3 CONSUMER CONFIDENCE...4 LABOR FORCE AND

More information

C O M P R E H E N S I V E H O U S I N G M A R K E T A N A L Y S I S. Dallas, Texas. Summary. Economy. Sales Market

C O M P R E H E N S I V E H O U S I N G M A R K E T A N A L Y S I S. Dallas, Texas. Summary. Economy. Sales Market C O M P R E H E N S I V E H O U S I N G M A R K E T A N A L Y S I S Dallas, Texas U.S. Department of Housing and Urban Development Office of Policy Development and Research As of April 1, 26 Summary Housing

More information

HUD PD&R Housing Market Profiles

HUD PD&R Housing Market Profiles Philadelphia, Pennsylvania Quick Facts About Philadelphia By Timothy D. McNally Current sales market conditions: slightly soft. Current apartment market conditions: balanced. Of the top 10 employers in

More information

Salt Lake Housing Forecast

Salt Lake Housing Forecast 2015 Salt Lake Housing Forecast A Sustainable Housing Market By James Wood Director of the Bureau of Economic and Business Research Commissioned by the Salt Lake Board of REALTORS By year-end 2013 home

More information

Colorado Springs, Colorado

Colorado Springs, Colorado C O M P R E H E N S I V E H O U S I N G M A R K E T A N A L Y S I S Colorado Springs, Colorado U.S. Department of Housing and Urban Development Office of Policy Development and Research As of August 1,

More information

Keith Phillips, Sr. Economist and Research Officer

Keith Phillips, Sr. Economist and Research Officer 215 Texas Economic Outlook: Strong Growth t o Continue Keith Phillips, Sr. Economist and Research Officer National Economy Picking Up Last year, international weakness, policy uncertainty, sharp cuts in

More information

Analysis of the Orange County, California Housing Market

Analysis of the Orange County, California Housing Market COMPREHENSIVE MARKET ANALYSIS REPORTS Policy Development & Research Analysis of the Orange County, California Housing Market As of January 1, 2004 ECONOMIC RESEARCH U.S. Department of Housing and Urban

More information

HOSPITAL INDUSTRY IN SOUTHERN CALIFORNIA ECONOMIC IMPACT ANALYSIS. Los Angeles County Economic Development Corporation

HOSPITAL INDUSTRY IN SOUTHERN CALIFORNIA ECONOMIC IMPACT ANALYSIS. Los Angeles County Economic Development Corporation HOSPITAL INDUSTRY IN SOUTHERN CALIFORNIA ECONOMIC IMPACT ANALYSIS Los Angeles County Economic Development Corporation Christine Cooper, Ph.D. Myasnik Poghosyan Shannon Sedgwick January 2012 This report

More information

Analysis of the Ventura, California Housing Market

Analysis of the Ventura, California Housing Market COMPREHENSIVE MARKET ANALYSIS REPORTS Policy Development & Research Analysis of the Ventura, California Housing Market As of September 1, 2004 ECONOMIC RESEARCH U.S. Department of Housing and Urban Development

More information

The Great Recession on the South Georgia Coast

The Great Recession on the South Georgia Coast The Great Recession on the South Georgia Coast Coastal Georgia Center for Economic Analysis and Student Research March 2012 Don Mathews, Director and Professor of Economics S ince late 2007, the U.S. economy

More information

Multifamily Market Strengthens as Employers Add Workers

Multifamily Market Strengthens as Employers Add Workers Research & Forecast Report TUCSON METRO AREA MULTIFAMILY 2 Multifamily Market Strengthens as Employers Add Workers Key Takeaways > > Employment growth in Tucson closed 2 on an upswing. Approximately 5,6

More information

Sales Velocity Surges as Rents Push Higher

Sales Velocity Surges as Rents Push Higher Research & Forecast Report GREATER PHOENIX MULTIFAMILY 2 Sales Velocity Surges as Push Higher Key Takeaways > > The Greater Phoenix multifamily market continued to improve in the fourth quarter, capping

More information

HUD PD&R Housing Market Profiles

HUD PD&R Housing Market Profiles Houston-Sugar Land-Baytown, Texas Quick Facts About Houston-Sugar LandBaytown By Robert Stephens Current sales market conditions: slightly tight. Current apartment market conditions: balanced. The inventory

More information

Florida: An Economic Overview

Florida: An Economic Overview Florida: An Economic Overview March 28, 2016 Presented by: The Florida Legislature Office of Economic and Demographic Research 850.487.1402 http://edr.state.fl.us Key Economic Variables Improving Economy

More information

Abilene, Texas. Summary. Housing Market Area. Market Details. Economy. Rental Market. Sales Market

Abilene, Texas. Summary. Housing Market Area. Market Details. Economy. Rental Market. Sales Market COMPREHENSIVE HOUSING MARKET ANALYSIS Abilene, Texas U.S. Department of Housing and Urban Development Office of Policy Development and Research As of July 1, 28 Summary Housing Market Area Stonewall Runnels

More information

The US Economic Outlook

The US Economic Outlook IHS ECONOMICS US Economic Outlook The US Economic Outlook 14 January 2016 ihs.com Patrick Newport, Director of Long Term Forecasting +1 781 301 9125, patrick.newport@ihs.com The US economy on a moderate

More information

From Widening Deficits to Paying Down the Debt: Benefits for the American People

From Widening Deficits to Paying Down the Debt: Benefits for the American People From Widening Deficits to Paying Down the Debt: Benefits for the American People August 4, 1999 Office of Economic Policy U.S. Department of Treasury From Widening Deficits to Paying Down the Debt: Benefits

More information

ECONOMY MARKET VIEW Q2 2016

ECONOMY MARKET VIEW Q2 2016 ECONOMY MARKET VIEW Q2 2016 Although stock market volatility and global economic concerns highlighted the first six months of the year, the U.S. economy continued to expand through the first half of 2016.

More information

1960-61. United States

1960-61. United States 61-61 United States By, the U.S. population had surpassed 179 million, a gain of 19.0 percent from. The median age had decreased to 29.5 (28.7 for men and.3 for women), the first decline since 1900. The

More information

Labor Market Outlook. CSU Dominguez Hills Kimberly Ritter-Martinez, Economist LAEDC Kyser Center for Economic Research February 3, 2015

Labor Market Outlook. CSU Dominguez Hills Kimberly Ritter-Martinez, Economist LAEDC Kyser Center for Economic Research February 3, 2015 Labor Market Outlook CSU Dominguez Hills Kimberly Ritter-Martinez, Economist LAEDC Kyser Center for Economic Research February 3, 2015 Did You Know The amount of new technical information is doubling every

More information

Wyoming s Economy Today and Beyond

Wyoming s Economy Today and Beyond Wyoming s Economy Today and Beyond Presented by: Buck McVeigh Economic Analysis Division Wyoming State Government Current Economic Conditions Favorable: Energy: production and prices State revenues: primarily

More information

Palm Bay-Melbourne-Titusville, Florida

Palm Bay-Melbourne-Titusville, Florida COMPREHENSIVE HOUSING MARKET ANALYSIS Palm Bay-Melbourne-Titusville, Florida U.S. Department of Housing and Urban Development Office of Policy Development and Research As of April 1, 2012 Summary Housing

More information

BUSINESS BRIEFING MANUFACTURED HOUSING

BUSINESS BRIEFING MANUFACTURED HOUSING BUSINESS BRIEFING MANUFACTURED HOUSING VALUATION & ADVISORY A Cushman & Wakefield Business Briefing NOVEMBER 2013 DEMAND CAUTIOUSLY RETURNS TO THE MANUFACTURED HOUSING SEGMENT After years of suppressed

More information

Economic Outlook

Economic Outlook 2015-2016 Economic Outlook Published by: Department of Finance Province of New Brunswick P.O. Box 6000 Fredericton, New Brunswick E3B 5H1 Canada Internet: www.gnb.ca/finance March 31, 2015 Cover: Government

More information

LEE BUSI N ESS SCHOOL UNITED STATES QUARTERLY ECONOMIC FORECAST. U.S. Economic Growth to Accelerate. Chart 1. Growth Rate of U.S.

LEE BUSI N ESS SCHOOL UNITED STATES QUARTERLY ECONOMIC FORECAST. U.S. Economic Growth to Accelerate. Chart 1. Growth Rate of U.S. CENTER FOR BUSINESS & ECONOMIC RESEARCH LEE BUSI N ESS SCHOOL UNITED STATES QUARTERLY ECONOMIC FORECAST O U.S. Economic Growth to Accelerate ver the past few years, U.S. economic activity has remained

More information

State College, Pennsylvania

State College, Pennsylvania C O M P R E H E N S I V E H O U S I N G M A R K E T A N A L Y S I S State College, Pennsylvania U.S. Department of Housing and Urban Development Office of Policy Development and Research As of June 1,

More information

Renting Over the Lifecycle

Renting Over the Lifecycle Renter demographics Rental housing serves a large and diverse population of nearly 39 million households. Although renting is most common among young adults, nearly everyone rents at some point in their

More information

INFLATION REPORT PRESS CONFERENCE. Thursday 4 th February 2016. Opening remarks by the Governor

INFLATION REPORT PRESS CONFERENCE. Thursday 4 th February 2016. Opening remarks by the Governor INFLATION REPORT PRESS CONFERENCE Thursday 4 th February 2016 Opening remarks by the Governor Good afternoon. At its meeting yesterday, the Monetary Policy Committee (MPC) voted 9-0 to maintain Bank Rate

More information

Meeting with Analysts

Meeting with Analysts CNB s New Forecast (Inflation Report II/2016) Meeting with Analysts Petr Král Prague, 6 May, 2016 Outline 1. Assumptions of the forecast 2. The new macroeconomic forecast 3. Comparison with the previous

More information

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation August 2014 Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation The exhibits below are updated to reflect the current economic outlook for factors that typically impact

More information

HUD PD&R Housing Market Profiles

HUD PD&R Housing Market Profiles Chicago-Joliet-Naperville, Illinois-Indiana-Wisconsin Quick Facts About Chicago-Joliet-Naperville By Gabriel A. Labovitz Current sales market conditions: soft. Current apartment market conditions: balanced.

More information

Titusville, Florida. Summary. Housing Market Area. Market Details. Economy. Rental Market. Sales Market

Titusville, Florida. Summary. Housing Market Area. Market Details. Economy. Rental Market. Sales Market C O M P R E H E N S I V E H O U S I N G M A R K E T A N A L Y S I S Palm Bay-Melbourne- Titusville, Florida U.S. Department of Housing and Urban Development Office of Policy Development and Research As

More information

The Recession of 2007 2009

The Recession of 2007 2009 The Recession of 2007 2009 February 2012 A general slowdown in economic activity, a downturn in the business cycle, a reduction in the amount of goods and services produced and sold these are all characteristics

More information

Corpus Christi, Texas

Corpus Christi, Texas C O M P R E H E N S I V E H O U S I N G M A R K E T A N A L Y S I S Corpus Christi, Texas U.S. Department of Housing and Urban Development Office of Policy Development and Research As of February 1, 2012

More information

Rochester, Minnesota. Summary. Housing Market Area. Market Details. Rental Market. Economy. Sales Market

Rochester, Minnesota. Summary. Housing Market Area. Market Details. Rental Market. Economy. Sales Market Rice C O M P R E H E N S I V E H O U S I N G M A R K E T A N A L Y S I S Rochester, Minnesota U.S. Department of Housing and Urban Development Office of Policy Development and Research As of July 1, 2011

More information

Analysis of the St. Cloud, Minnesota Housing Market

Analysis of the St. Cloud, Minnesota Housing Market COMPREHENSIVE MARKET ANALYSIS REPORTS Policy Development & Research Analysis of the St. Cloud, Minnesota Housing Market As of January 1, 2004 ECONOMIC RESEARCH U.S. Department of Housing and Urban Development

More information

Capital Investment in Alberta is Anticipated to Decline in 2015

Capital Investment in Alberta is Anticipated to Decline in 2015 ECONOMIC COMMENTARY Capital Investment in Alberta is Anticipated to Decline in 2015 Highlights: Capital investment has been the largest contributor to Alberta s economic growth since the mid-nineties.

More information

Economic projections

Economic projections Economic projections 2016-2019 December 2016 Outlook for the Maltese economy Economic projections 2016-2019 Economic activity in Malta is expected to remain robust over the projection horizon, supported

More information

New Home Market Single starts highest since 1987

New Home Market Single starts highest since 1987 Canada Mortgage and Housing Corporation www.cmhc.ca New Home Market Single starts highest since 1987 CMHC is forecasting 850 singledetached housing starts for 2006, the highest number of single starts

More information

Monetary Policy Report: Using Rules for Benchmarking

Monetary Policy Report: Using Rules for Benchmarking Monetary Policy Report: Using Rules for Benchmarking Michael Dotsey Executive Vice President and Director of Research Keith Sill Senior Vice President and Director, Real-Time Data Research Center Federal

More information

A Revenue Forecast The City of Hayward, California

A Revenue Forecast The City of Hayward, California Analysis. Answers Jordan G. Levine Economist and Director of Economic Research Beacon Economics A Revenue Forecast The City of Hayward, California December 17, 2013 Beacon Economics, LLC pg The Big Picture

More information

The U.S. and Midwest Economy in 2016: Implications for Supply Chain Firms

The U.S. and Midwest Economy in 2016: Implications for Supply Chain Firms The U.S. and Midwest Economy in 2016: Implications for Supply Chain Firms Rick Mattoon Senior Economist and Economic Advisor Federal Reserve Bank of Chicago Right Place Supply Chain Management Conference

More information

U.S. and Regional Housing Markets

U.S. and Regional Housing Markets U.S. and Regional Housing Markets House Prices Boom, Bust and Rebound Index, 1991: Q1=1* 3 CoreLogic house price index Real FHFA house price index 25 2 15 1 5 1991 199 1997 2 23 26 29 212 215 *Seasonally

More information

RECENT TRENDS IN SELECTED NEBRASKA ECONOMIC NUMBERS Updated August 19, 2016

RECENT TRENDS IN SELECTED NEBRASKA ECONOMIC NUMBERS Updated August 19, 2016 RECENT TRENDS IN SELECTED NEBRASKA ECONOMIC NUMBERS Updated August 19, 2016 LABOR FORCE AND UNEMPLOYMENT: Preliminary numbers from the Nebraska Department Labor show the state s not seasonally adjusted

More information

ECONOMIC REPORT. In 2016, the Inland Empire will continue the recovery and expansion INLAND EMPIRE QUARTERLY INLAND EMPIRE 2016 FORECAST

ECONOMIC REPORT. In 2016, the Inland Empire will continue the recovery and expansion INLAND EMPIRE QUARTERLY INLAND EMPIRE 2016 FORECAST INLAND EMPIRE QUARTERLY ECONOMIC REPORT RIVERSIDE & SAN BERNARDINO COUNTIES, CALIFORNIA VOL. 28 NO. 2 APRIL 2016 $5.00 INLAND EMPIRE 2016 FORECAST Increasing Prosperity! John E. Husing, Ph.D. In 2016,

More information

} The state s strength

} The state s strength Housing Recovery Gains Momentum By D Ann Petersen and Christina Daly } The state s strength made it a magnet for those looking for work and contributed to No. ranking for domestic inmigration for a seventh

More information

San Antonio, Texas. Summary. Housing Market Area. Market Details. Economy. Rental Market. Sales Market

San Antonio, Texas. Summary. Housing Market Area. Market Details. Economy. Rental Market. Sales Market COMPREHENSIVE HOUSING MARKET ANALYSIS San Antonio, Texas U.S. Department of Housing and Urban Development Office of Policy Development and Research As of October 1, 2008 Summary Housing Market Area Kerr

More information

Strong Employment Growth in Mountainland

Strong Employment Growth in Mountainland localinsightssummer mountainland 2015 An economic and labor market analysis of the Area mountainland Summit Wasatch Utah Juab In Depth: Construction's vital role in the economy. Strong Employment Growth

More information

Investment Symposium March 14-15, 2013 New York, NY. Session E5, U.S. Economic Conditions and the Housing/Mortgage Market

Investment Symposium March 14-15, 2013 New York, NY. Session E5, U.S. Economic Conditions and the Housing/Mortgage Market Investment Symposium March 1-15, 213 New York, NY Session E5, U.S. Economic Conditions and the Housing/Mortgage Market Moderator: Jonathan Glowacki Presenter: David Berson Housing & Mortgage Market Outlook

More information

On March 11, 2010, President Barack

On March 11, 2010, President Barack U.S. Department of Commerce International Trade Administration Introduction Exports Support American Jobs Updated measure will quantify progress as global economy recovers. On March 11, 21, President Barack

More information

HUD PD&R Housing Market Profiles

HUD PD&R Housing Market Profiles Dayton, Ohio Quick Facts About Dayton By Felipe Chacon Current sales market conditions: soft. Current rental market conditions: soft. Current apartment market conditions: slightly soft. Tech Town, a 40-acre

More information

HOUSTON-THE WOODLANDS-SUGAR LAND METROPOLITAN STATISTICAL AREA (H-W-S MSA) Visit our website at www.wrksolutions.com

HOUSTON-THE WOODLANDS-SUGAR LAND METROPOLITAN STATISTICAL AREA (H-W-S MSA) Visit our website at www.wrksolutions.com Labor Market Information SEPTEMBER 2015 Employment Data HOUSTON-THE WOODLANDS-SUGAR LAND METROPOLITAN STATISTICAL AREA () Visit our website at www.wrksolutions.com THE RATE OF UNEMPLOYMENT IN THE WAS UNCHANGED

More information

DEUTSCHE ASSET & WEALTH MANAGEMENT REAL ESTATE OUTLOOK

DEUTSCHE ASSET & WEALTH MANAGEMENT REAL ESTATE OUTLOOK Research Report DEUTSCHE ASSET & WEALTH MANAGEMENT REAL ESTATE OUTLOOK Second Quarter 2013 Economic Outlook Business and consumer spending to drive recovery Quantitative easing beginning its expected unwinding

More information

2015 Farm Bank Performance Report Key Findings

2015 Farm Bank Performance Report Key Findings 2015 Farm Bank Performance Report Key Findings The banking industry is the nation s most important supplier of credit to agriculture providing nearly 50 percent of all farm loans in the U.S. $170 billion

More information

HUD PD&R Housing Market Profiles

HUD PD&R Housing Market Profiles Newark, New Jersey-Pennsylvania Quick Facts About Newark By Joseph Shinn Current sales market conditions: slightly soft. Current apartment market conditions: slightly tight. Driven by continued increases

More information

US Economic Outlook. How long will the ride last? IHS ECONOMICS. US Outlook

US Economic Outlook. How long will the ride last? IHS ECONOMICS. US Outlook IHS ECONOMICS US Outlook US Economic Outlook How long will the ride last? December 2014 ihs.com Douglas Handler, IHS Chief US Economist, +1 781 301 9283, doug.handler@ihs.com US Economic Overview 2 Executive

More information

MBA Forecast Commentary Joel Kan

MBA Forecast Commentary Joel Kan MBA Forecast Commentary Joel Kan Mortgage Originations Estimates Revised Higher MBA Economic and Mortgage Finance Commentary: February 2016 In our most recent forecast, we presented revisions to our mortgage

More information

MBA Forecast Commentary Joel Kan, jkan@mba.org

MBA Forecast Commentary Joel Kan, jkan@mba.org MBA Forecast Commentary Joel Kan, jkan@mba.org Weak First Quarter, But Growth Expected to Recover MBA Economic and Mortgage Finance Commentary: May 2015 Broad economic growth in the US got off to a slow

More information

Brief 1 The State of North Carolina: Jobs, Poverty and Family. Jeannine Sato, Center for Child and Family Policy

Brief 1 The State of North Carolina: Jobs, Poverty and Family. Jeannine Sato, Center for Child and Family Policy Brief 1 The State of North Carolina: Jobs, Poverty and Family Jeannine Sato, Center for Child and Family Policy The connection among jobs, poverty and family well-being is well established. Research shows

More information

Economic Update as of June 30, 2016

Economic Update as of June 30, 2016 MACRO Report: Review of Wyoming s Economy Economic Update as of June 30, The MACRO Report is a quarterly publication comprised of charts focusing on energy, employment, state revenues, and other indicators

More information

Economic Outlook December 2015

Economic Outlook December 2015 Economic Outlook December 215 Economics Unit HEADLINES The global economy has slowed slightly in 215, as a result of further slowing of emerging economies. Improvement is expected in 216, though there

More information

Agents summary of business conditions

Agents summary of business conditions Agents summary of business conditions Q Activity had generally grown solidly on a year earlier, with contacts attributing increased demand to rises in real incomes and credit availability. Growth among

More information

Maryland s Job Growth Continues to Lag in 2014 State behind national growth rates for fourth consecutive year

Maryland s Job Growth Continues to Lag in 2014 State behind national growth rates for fourth consecutive year Maryland s Job Growth Continues to Lag in 2014 State behind national growth rates for fourth consecutive year Job growth in Maryland continued to lag the U.S. in 2014 for the fourth consecutive year. Moreover,

More information

Historically, employment in financial

Historically, employment in financial Employment in financial activities: double billed by housing and financial crises The housing market crash, followed by the financial crisis of the 2007-09 recession, helped depress financial activities

More information

Preliminary Investment Trends Report

Preliminary Investment Trends Report Preliminary Investment Trends Report ONTARIO: 215 224 Investment in Ontario s construction industry grows over the medium term in line with a number of proposed major resource development, electric utilities

More information

The Upstate Jobs Crisis

The Upstate Jobs Crisis The Upstate Jobs Crisis A Review of Employment Trends June 2013 E.J. McMahon Senior Fellow 100 State Street, Suite 600 Albany, NY 12207 518-434-3100 info@empirecenter.org EMPIRE A Tale of Two States New

More information

The Economic Impacts of Reducing. Natural Gas and Electricity Use in Ontario

The Economic Impacts of Reducing. Natural Gas and Electricity Use in Ontario The Economic Impacts of Reducing Natural Gas and Electricity Use in Ontario Prepared for Blue Green Canada July 2013 Table of Contents Executive Summary... i Key Findings... i Introduction...1 Secondary

More information

Economic Forecast OUTPUT AND EMPLOYMENT WHAT THE TABLE SHOWS:

Economic Forecast OUTPUT AND EMPLOYMENT WHAT THE TABLE SHOWS: June, Economic Forecast OUTPUT AND EMPLOYMENT 7 8 9 5 United States Real GDP $ billions (fourth quarter) $,996 $,575 $,5 $,9 $5, $5,5 $5,9 $6,5 $7, % change over the four quarters.9% -.8% -.%.8%.%.%.6%.5%.8%

More information

Report on Nevada s Housing Market

Report on Nevada s Housing Market June Report on Nevada s Housing Market This is the first of a series of reports on Nevada s Housing Market co-presented by the Lied Institute for Real Estate Studies at the University of Nevada, Las Vegas

More information

San Diego Labor Market and Economic Overview

San Diego Labor Market and Economic Overview San Diego Labor Market and Economic Overview Laura Choi, Federal Reserve Bank of San Francisco April 24, 2013 San Diego Banker CRA Roundtable The views expressed in this presentation are my own and do

More information

San Antonio-New Braunfels, Texas

San Antonio-New Braunfels, Texas Goliad C O M P R E H E N S I V E H O U S I N G M A R K E T A N A L Y S I S San Antonio-New Braunfels, Texas U.S. Department of Housing and Urban Development Office of Policy Development and Research As

More information

REPORT SUMMARY The California Desert Conservation and Recreation Act of 2015: Impacts on Mining and the Regional Economy

REPORT SUMMARY The California Desert Conservation and Recreation Act of 2015: Impacts on Mining and the Regional Economy The Sonoran Institute REPORT SUMMARY The California Desert Conservation and Recreation Act of 2015: Impacts on Mining and the Regional Economy INTRODUCTION AND KEY FINDINGS This report explores the economic

More information

Pace of Improvement Accelerates to Start 2016

Pace of Improvement Accelerates to Start 2016 Research & Forecast Report TUCSON METRO AREA MULTIFAMILY 2 Pace of Improvement Accelerates to Start 2 Key Takeaways > > A strengthening labor market is supporting multifamily conditions in Tucson. Employers

More information

Statement by. Janet L. Yellen. Chair. Board of Governors of the Federal Reserve System. before the. Committee on Financial Services

Statement by. Janet L. Yellen. Chair. Board of Governors of the Federal Reserve System. before the. Committee on Financial Services For release at 8:30 a.m. EST February 10, 2016 Statement by Janet L. Yellen Chair Board of Governors of the Federal Reserve System before the Committee on Financial Services U.S. House of Representatives

More information

Meeting with Analysts

Meeting with Analysts CNB s New Forecast (Inflation Report III/2016) Meeting with Analysts Tibor Hlédik Prague, August 5, 2016 Outline 1. Assumptions of the forecast 2. The new macroeconomic forecast 3. Comparison with the

More information

For most of the 1990s, employment opportunities

For most of the 1990s, employment opportunities Jeannine Usalcas For most of the 1990s, employment opportunities for young people (age 15 to 24) were scarce. The recession at the beginning of the decade had a lasting effect on the youth labour market.

More information

THE STATE OF THE NATION S HOUSING 2016

THE STATE OF THE NATION S HOUSING 2016 THE STATE OF THE NATION S HOUSING 2016 KEY FACTS Facts from the 2016 State of the Nation s Housing Report from the Joint Center for Housing Studies of Harvard University PURPOSE The State of the Nation

More information

National Housing Market Summary

National Housing Market Summary 4th 2014 March 2015 HUD PD&R National Housing Market Summary The Housing Market Recovery Continues To Make Progress Overall, housing market indicators improved in the fourth quarter of 2014. Starts continued

More information

The President s Report to the Board of Directors

The President s Report to the Board of Directors The President s Report to the Board of Directors May 5, 2015 CURRENT ECONOMIC DEVELOPMENTS - May 5, 2015 Data released since your last Directors' meeting show that economic growth continued to slow in

More information

HOUSING MARKETS HOUSING CONSTRUCTION TRENDS JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY

HOUSING MARKETS HOUSING CONSTRUCTION TRENDS JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY 2 HOUSING MARKETS Although the news was mixed in 214, housing markets made some advances that set the stage for moderate growth. Singlefamily construction continued to languish, but multifamily construction

More information

Southern California Edison s

Southern California Edison s Welcome to Southern California Edison s Energy Efficiency Programs 1 Energy Efficiency #1 Resource The California Energy Action Plan of 2005 establishes energy efficiency as the state s top priority procurement

More information

Real Estate Trends. in the Sacramento Region. Key Points

Real Estate Trends. in the Sacramento Region. Key Points Real Estate Trends The opening of Golden 1 Center in the fall of 2016 will certainly be one of the most significant events in recent Sacramento history. Golden 1 Center Downtown Sacramento photo credit:

More information

July 2013 King County Economic and Revenue Forecast

July 2013 King County Economic and Revenue Forecast July 2013 King County Economic and Revenue Forecast Briefing to the King County Forecast Council July 24 th, 2013 Dave Reich, Chief Economist Office of Economic and Financial Analysis Summary The U.S.

More information

23822 - Plumbing, Heating, and Air-Conditioning Contractors: NAICS 2002 23511b - Plumbing: NAICS 1997

23822 - Plumbing, Heating, and Air-Conditioning Contractors: NAICS 2002 23511b - Plumbing: NAICS 1997 IBISWorld Executive Summary Industry Report 23822 - Plumbing, Heating, and Air-Conditioning Contractors: NAICS 2002 : NAICS 1997 DISCLAIMER This product has been supplied by IBISWorld Inc. ('IBISWorld')

More information

Massachusetts Department of Revenue. Briefing Book FY2015 Consensus Revenue Estimate Hearing. December 11, 2013. Presented by: Amy Pitter COMMISSIONER

Massachusetts Department of Revenue. Briefing Book FY2015 Consensus Revenue Estimate Hearing. December 11, 2013. Presented by: Amy Pitter COMMISSIONER Massachusetts Department of Revenue Briefing Book FY2015 Consensus Revenue Estimate Hearing December 11, 2013 Presented by: Amy Pitter COMMISSIONER Kazim P. Ozyurt DIRECTOR OFFICE OF TAX POLICY ANALYSIS

More information

Figure 11.1 Changes in California Gross State Product versus Changes in U.S. Gross Domestic Product, 1980 1994. California U.S.

Figure 11.1 Changes in California Gross State Product versus Changes in U.S. Gross Domestic Product, 1980 1994. California U.S. Figure 11.1 Changes in California Gross State Product versus Changes in U.S. Gross Domestic Product, 1980 1994 Percent 8 California 4 0 U.S. -4 1980 1982 1984 1986 1988 1990 1992 1994 Source: U.S. Department

More information

may 2014 Improved Household Spending & Global Environment Expected to Accelerate Economic Growth A Cushman & Wakefield Research Publication

may 2014 Improved Household Spending & Global Environment Expected to Accelerate Economic Growth A Cushman & Wakefield Research Publication United States economic update A Cushman & Wakefield Research Publication may 2014 The Thaw is Here Improved Household Spending & Global Environment Expected to Accelerate Economic Growth Summary & Conclusions

More information

CONTINUED STRONG DEMAND

CONTINUED STRONG DEMAND Rental Housing Although slowing, renter household growth continued to soar in 13. The strength of demand has kept rental markets tight across the country, pushing up rents and spurring new construction.

More information

The Bay Area in 2040

The Bay Area in 2040 Chapter 2 The Bay Area in 2040 The Association of Bay Area Governments (ABAG) and the Metropolitan Transportation Commission (MTC) track and forecast the region s demographics and economic trends to inform

More information

North American Steel Industry: Recent Market Developments and Key Challenges Going Forward

North American Steel Industry: Recent Market Developments and Key Challenges Going Forward North American Steel Industry: Recent Market Developments and Key Challenges Going Forward OECD Steel Committee May 6-7, 21 Paris, France * American Iron and Steel Institute (AISI) Steel Manufacturers

More information

QUARTERLY ECONOMIC BULLETIN JUNE QUARTER 2012

QUARTERLY ECONOMIC BULLETIN JUNE QUARTER 2012 BANK OF PAPUA NEW GUINEA MEDIA R E L E A S E 9 th October 2012 QUARTERLY ECONOMIC BULLETIN JUNE QUARTER 2012 Mr. Loi M. Bakani, Governor of the Bank of Papua New Guinea (Bank of PNG), today released the

More information