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Annual Regional Economic Forecast Conference on May 14

Published: May 1, 2009

What is the likely timeline for economic recovery for Southern California? Will the region’s housing downturn last through 2009? Will unemployment figures in the region continue to climb and, if so, for how long?

These are just some of the questions that will be discussed at CSULB’s 15th annual Regional Economic Forecast Conference on Thursday, May 14, beginning at 7:30 a.m. at the Hyatt Regency Long Beach.

Focusing on Los Angeles, Orange, Riverside, San Bernardino and Ventura counties, the 2009-10 Regional Economic Forecast will estimate employment growth rates for the region as a whole as well as growth rates for the counties individually. Business and civic leaders from throughout the greater Long Beach area will be on hand for the two-and-a-half-hour event, which is presented by the campus’ Office of Economic Research.

The annual forecast is under the direction of Joe Magaddino, chair of the CSULB Economics Department, and Lisa Grobar, professor of economics and director of the Economic Forecast Project.

“The economy has been in a recession for well over a year now. Consumers and businesses have retrenched and consumer confidence is at an all-time low,” Magaddino pointed out. “The federal government response has been a massive spending bill coupled with a dramatic increase in the money supply by the Fed. The stock market has rallied some in the last few weeks, but there still is almost a daily onslaught of bad news.

“Has the economy bottomed out? When will the recovery begin? Is the housing problem behind us? Are the financial institutions fully capitalized or will the credit problems persist? These are a few issues that we’ll discuss at our forecast conference,” he added.

The annual forecast is compiled through the use of comprehensive sets of data on trade, housing, employment and income. The regional effect of multiple national variables, such as interest rates, the federal budget and international trade, is also factored in.

Economic Forecast
Photo courtesy of Long Beach Convention & Visitors Bureau


“It is now clear that we are in the midst a severe regional and national recession. What we are looking for now are signs or signals that the worst of the downturn may be behind us,” Grobar noted. “We are also looking at the likely duration of this recession, and how it will play out in terms of future job losses. Another area we’ll address is the region’s housing market and the prospects for housing prices in the near term.”

The cost for individuals to attend the conference is $125, which includes a buffet breakfast and handout materials. For more information about the 2009-10 Regional Economic Forecast, call the CSULB Office of Economic Research at 562/985-5061 or e-mail oer@csulb.edu.