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Several months into the pandemic, COVID-19 has spawned 40 million cases across the globe and caused one million deaths. In the U.S. alone, a quarter-million coronavirus fatalities are expected by year’s end.
Also in the U.S., gross domestic product sank 11% from the fourth quarter to the second quarter — the biggest drop in economic activity ever seen in the United States. At one point, the unemployment rate approached 15%.
Renowned economist Christopher Thornberg reviewed these “eye-popping” numbers Wednesday during the California Apartment Association’s Orange County Outlook 2020 virtual event.
Against the backdrop of the COVID-19 pandemic, economist Peter Linneman this week explained why single-family home sales have performed better than he’d expected and some reasons he’s bullish on multifamily.
Linneman offered an economic analysis and some predictions during Wednesday’s Walker Webcast: Magic 8 Ball for the Markets, hosted by Willy Walker, chief executive officer and president of Walker & Dunlop.
Linneman previously predicted that the COVID-19 pandemic would torpedo home sales, and while sales indeed dropped in April and May, it wasn’t the collapse that the economist initially anticipated.
He said his earlier assessment missed the phenomenon of “involuntary… Read More
Tagged: Economy
As scary as the economy seems right now, the financial fallout from the COVID-19 crisis won’t cut as deep as the Great Recession did a decade ago.
Chris Thornberg
Renowned economist Chris Thornberg offered that assessment during last week’s San Diego Rental Housing Outlook.
While California’s economy continues to grow, the expansion has slowed considerably amid the state’s ongoing housing crisis and an ensuing labor shortage, according to a pair of reports released today by the California Apartment Association.
CAA’s Industry Intelligence Report for Northern California (available here) and a corresponding report for Southern California (available here) use both statewide and regionally specific data to explore the connections between the state’s lack of housing, a depleted workforce and dimmed prospects for economic growth. Beacon Economics prepared both reports.
Tagged: Economy
ONTARIO — More than 130 rental housing professionals and local elected officials gathered Tuesday for the California Apartment Association’s annual economic forecast for the Greater Inland Empire.
This year’s event, held at the DoubleTree, featured economist Jay Prag of Claremont Graduate University’s Drucker School of Management, and Michael Cobb, market analyst with CoStar Group.
Tagged: Economy Greater Inland Empire
Before a sold-out crowd Thursday, renowned economist Christopher Thornberg delved into the state of California’s rental housing market, including its present cooldown following several years of robust growth.
Thornberg, founding partner of Beacon Economics, said growth has slowed as more housing supply has entered the pipeline. He offered his comments while kicking off the California Apartment Association’s Tri-County Outlook 2017 at Mountain View’s Computer History Museum. His talk also included an overview of the national election, its implications for the rental housing industry, and how proposed changes to the Affordable Care Act may affect renters.
Tagged: EconomyEvents Tri-County
ONTARIO — When it comes to the economy, things are neither booming nor busting, says Professor Jay Prag of the Drucker School of Management.
Prag and Steve PonTell, chief executive officer and president of National Community Renaissance, spoke at the California Apartment Association’s Professional Property Managers’ Forum on Tuesday, Aug. 9.
The CAA Greater Inland Empire event attracted about 80 rental housing professionals to the DoubleTree Ontario Airport.
The good news is that Prag disagrees with the opinion of some economists, who are predicting another recession looming in the distance for the U.S.
He said that a condition “just isn’t… Read More
Tagged: EconomyEvents Greater Inland Empire
About 200 people received an economic and political forecast Wednesday from a premiere economist, several elected officials and representatives from the rental housing industry.
They all came together for the California Apartment Association’s Outlook 2016, held at the Oshman Family JCC in Palo Alto.
The event included a panel discussion with Rose Herrera, vice mayor of San Jose; Jeff Gee, a city councilman in Redwood City; and Mike Kasperzak, a city councilman in Mountain View.
Economically, Herrera said, San Jose has emerged from a strong 12 months, with more good news to come. She pointed to the city’s approval this… Read More
Tagged: Economy Tri-County