It's that time of year again when all the economists and forecasters make their predictions for the new year. So far the outlook has been positive, but tempered. Economists seem to think the worst is behind us, but that the recovery will be slow.
At the recent International Builders Show in Orlando, economists said they expect builders to start construction on 575,000 single-family homes this year, up 21% from last year. That would still be far below the 2005 peak of 1.7 million housing starts.
Closer to home, Economist John Husing noted in his quarterly economic forecast that prices in the Inland Empire have stabilized and that affordability has jumped to 64% of area families being able to afford a home. That compares to 15% just three years ago!
And next week the Riverside BIA will be hosting our annual Inland Empire Economic Forecast, a not-to-be-missed event for those wanting to know more details about where the economy stands today and where it's headed. Esmael Adibi, Director of the Anderson Center for Economic Research at Chapman University, will lay it all out January 26 at the Riverside Convention Center.
Haven't registered for the Economic Forecast yet? Download the registration form.