Will The Real Economy Please Stand Up?Will The Real Economy Please Stand Up? ECONOMIC OUTLOOK 2019-20 Beacon Economics Outlook Highlights No Recession, Rather…Record expansion Slower,

Beacon EconomicsBeacon Economics | beaconecon.com

Robert Kleinhenz, Ph.D.Executive Director of ResearchBeacon Economics LLCUCR School of Business Center for Economic Forecasting and Development

SDBA/NDBA Annual ConventionJune 4, 2019

Will The Real Economy Please Stand Up?ECONOMIC OUTLOOK 2019-20

Beacon EconomicsBeacon Economics

Outlook Highlights

§No Recession, Rather…Record expansion

§Slower, constrained growth in 2019

§Less fiscal stimulus, More deliberate monetary policy

§Uncertainty, Cause and Effect…§ Financial markets volatility§ Trade wars§ Political travails§ Brexit

Beacon Economics

Aren’t Interstate Football Rivalries Great?

Source: ESPN 3

Meeting Location Winner Note

12/14/18 @ ND State ND State (44-21) FCS Semifinal Game (Ouch)

09/29/18 @ ND State ND State (21-17) ND St. FCS Winning Year


US Economy

Beacon Economics

GDP: 2018: 2.9% | 2019 Forecast: 2.1% to 2.4%

Source: BEA

-3

-2

-1

0

1

2

3

4

2014

2015

2016

2017

2018

2019

Gross Domestic Product YTY % Change Contributions to Change in GDP

Sector 2016 2017 2018

Consumer 1.85 1.73 1.80

Investment -0.24 0.81 1.02

Net exports -0.30 -0.31 -0.21

Government 0.25 -0.01 0.26

Total GDP % Chg. 1.6 2.2 2.9

* May not add up due to rounding


0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

2011 2012 2013 2014 2015 2016 2017 2018

Year-to-Year %

Goods Services

Consumer Spending: Steady Growth


-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

2011

.1

2011

.2

2011

.3

2011

.4

2012

.1

2012

.2

2012

.3

2012

.4

2013

.1

2013

.2

2013

.3

2013

.4

2014

.1

2014

.2

2014

.3

2014

.4

2015

.1

2015

.2

2015

.3

2015

.4

2016

.1

2016

.2

2016

.3

2016

.4

2017

.1

2017

.2

2017

.3

2017

.4

2018

.1

2018

.2

2018

.3

2018

.4

YTY % Change

Real Disposable Personal Income

Beacon Economics

Saving Rate & Household Leverage Good…No Debt Overhang…

Source: Federal Reserve Board of St. Louis 8

56789

1011121314

2000

.120

01.1

2002

.120

03.1

2004

.120

05.1

2006

.120

07.1

2008

.120

09.1

2010

.120

11.1

2012

.120

13.1

2014

.120

15.1

2016

.120

17.1

2018

.1

HH Debt Service as % of After-Tax Personal Income

23456789

1011

2008

.1

2009

.1

2010

.1

2011

.1

2012

.1

2013

.1

2014

.1

2015

.1

2016

.1

2017

.1

2018

.1

Savings Rate

Beacon Economics

Household Financial Position Improving

Source: Federal Reserve Bank of St. Louis

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

2000

.120

01.1

2002

.120

03.1

2004

.120

05.1

2006

.120

07.1

2008

.120

09.1

2010

.120

11.1

2012

.120

13.1

2014

.120

15.1

2016

.120

17.1

2018

.1

Household Net Worth ($B)

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

2000

.120

01.1

2002

.120

03.1

2004

.120

05.1

2006

.120

07.1

2008

.120

09.1

2010

.120

11.1

2012

.120

13.1

2014

.120

15.1

2016

.120

17.1

2018

.1

Homeowners Equity in RE ($B)


1400

1600

1800

2000

2200

2400

2600

2800

3000

2015

.01

2015

.07

2016

.01

2016

.07

2017

.01

2017

.07

2018

.01

2018

.07

2019

.01

S&P 500

Equity Markets = Volatility


Business Spending Up

Source: BEA

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

Fixed Investment Structures Equipment Intellectual Property

2016 2017 2018 2019.Q1


International Trade Deficit (Q1-19: $900B)

Source: BEA

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9.Q

1

Ex-Goods Ex-Svcs Im-All

$ Billions (Yr.=2012)

$900

Beacon Economics

The China Syndrome

SOURCE: WISER

China TotalUS Goods Exports $130.4 $1,546.7Aerospace Products And Parts 12.1% 8.7%Oilseeds And Grains 34.0% 2.6%Motor Vehicles 15.8% 4.1%Semiconductors 11.8% 3.8%Oil And Gas 15.6% 2.8%Waste And Scrap 30.6% 1.2%Instruments 11.4% 3.2%Basic Chemicals 8.2% 3.9%Resin, Synthetics 11.2% 2.4%Pharmaceuticals And Medicines 6.1% 3.6%Industrial Machinery 13.2% 1.6%Motor Vehicle Parts 5.1% 3.8%Computer Equipment 5.0% 3.0%Medical Equipment And Supplies 6.9% 2.2%Pulp, Paper, And Mill Products 16.1% 0.9%Sawmill And Wood Products 40.9% 0.3%

Value US Exports to China as % of

GDP: 0.75%

Value China Exports to US as % of GDP:

4.0%

Beacon Economics

Trade – Importance of China Trade

Source: WISERTrade 14

Export Commodity

2017 Value($, Bil)

2018Value($, Bil)

March YTDValue($, Bil)

YoY Chg.

Oil Seeds/Misc. Grain 26.3 22.4 6.1 -4.1%

Cereals 18.6 21.0 4.6 -4.8%

Meat 16.4 17.2 3.9 -8.0%

Fruits & Nuts 14.8 14.6 3.7 -3.1%

Residues/Waste 9.6 11.3 2.6 -4.3%

Vegetables/Roots 4.8 4.5 1.4 6.1%

Prep Plant Parts 5.0 5.1 1.2 4.6%

Dairy Products/Eggs 4.5 4.6 1.2 1.0%

Fish 5.4 5.2 1.1 -4.3%

Prep Cereal 4.1 4.1 1.0 6.1%

Importing Nation

2017 Value($, Bil)

2018Value($, Bil)

March YTDValue($, Bil)

YoY Chg.

Total 2,342.0 2,542.7 598.5 -0.1%

China 505.5 539.5 106.0 -13.9%

Mexico 314.3 346.5 86.6 5.4%

Canada 299.3 318.5 74.3 -3.4%

Japan 136.5 142.6 36.0 2.9%

Germany 117.6 125.9 31.0 1.2%

S. Korea 71.4 74.2 19.9 18.3%

Vietnam 46.5 49.2 16.0 40.2%

U.K. 53.1 60.8 15.0 2.2%

Rest of World 797.80 885.50 492.5 3.4%


Macro-Economy at a Glance

Sector OutlookCONSUMERS Steady growth, reduced tax cut impact BUS. INVESTMENT Acceleration, smaller boost from tax cutsGOVERNMENT Up SlightlyNET TRADE Mixed à NET Negative

SUMMARY Domestic Spending Up

Beacon Economics

Full Employment, Job Growth Steady

Source: Federal Reserve Board of St. Louis

1.92.1

1.81.6

1.7 1.8

0.5

1.0

1.5

2.0

2.5

2014 2015 2016 2017 2018 2019

Yr-To-Yr % Change in Jobs

2%4%6%8%

10%12%14%16%18%

2004

.01

2006

.01

2008

.01

2010

.01

2012

.01

2014

.01

2016

.01

2018

.01

Unemployment RateU-3 U-6

Beacon Economics

Plenty of Job Openings, not Enough Workers (5.8 M unemployed)

Source: BLS

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

2009

.01

2010

.01

2011

.01

2012

.01

2013

.01

2014

.01

2015

.01

2016

.01

2017

.01

2018

.01

2019

.01

Job

Ope

ning

Rat

e (%

)

JOLTS Job Opening Rate in %Industry Last Year This YearTotal 6,894 7,488Professional and business services 1,213 1,435Health care and social assistance 1,150 1,187Leisure and hospitality 935 1,023Accommodation and food services 840 912Retail trade 900 860Government 659 688Manufacturing 426 476Construction 234 360Transportation, warehousing, and utilities 311 345Finance and insurance 308 247Wholesale trade 187 226Other services 225 217Information 130 169Real estate and rental and leasing 88 122Arts, entertainment, and recreation 94 111Educational services 103 109Mining and logging 26 23

Number of Openings


Fastest Growing Occupations, 2016-26

BLS


§Tax Cuts/Federal Budget: smaller stimulus in 2019§International Trade: trade war creating uncertainty, having real impacts on ag, mfg, and tech §Need meaningful dialogue, but going nowhere fast: �Immigration�Health care�Infrastructure

Economic Policy


Tax Cuts + Higher Spending = Bigger Deficits…

Source: Congressional Budget Office

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Deficit (-) or Surplus (+) as % of GDP


2.4

1.7

-1.0

0.0

1.0

2.0

3.0

4.0

5.02010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Inflation Historically Low

Source: BLS


1.69

2.42

2.40

4.87

0

1

2

3

4

5

6

Jan-

15

Jul-1

5

Jan-

16

Jul-1

6

Jan-

17

Jul-1

7

Jan-

18

Jul-1

8

Jan-

19

Fed Funds Rate 10 Year Yield 30 Year Mort

Monetary Policy and Financial Markets

Source: Federal Reserve Economic Data


2.33 2.27

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

1 Mo 2 Mo 3 Mo 6 Mo 1 Yr 2 Yr 3 Yr 5 Yr 7 Yr 10 Yr 20 Yr 30 Yr

US Treasury Securities5/17/18 11/19/18 5/17/19

Yield Curve-Flight to Safety Pushing Long Rates Down

Source: Federal Reserve Board of St. Louis


State Outlook


2

3

4

5

6

7

8

9

10

11

Feb

-99

Feb

-00

Feb

-01

Feb

-02

Feb

-03

Feb

-04

Feb

-05

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

(%, M

A)

Unemployment Rate Comparison

North Dakota South Dakota U.S.

Unemployment

Source: BLS 25


YTY % Change Jobs by State (Apr. 19)

Source: Bureau of Labor Statistics

1.6%

Beacon Economics

North Dakota Employment

Source: BLS 27

250

300

350

400

450

500

Apr-99

Apr-01

Apr-03

Apr-05

Apr-07

Apr-09

Apr-11

Apr-13

Apr-15

Apr-17

Apr-19

(000

s, M

A)

Nonfarm EmploymentIndustry Apr-2019

(000s)2018/19 Change

2017/18 Change

Total Nonfarm 434.4 0.7% 0.3%Construction 26.8 6.3% -6.3%Professional 36.1 5.2% 3.4%NR/Mining 21.1 3.4% 22.0%Manufacturing 26.4 2.3% 7.3%Education/Health 64.8 2.0% 2.7%Wholesale Trade 23.9 1.3% 0.0%Government 82.1 -0.1% -1.1%Logistics 19.5 -0.5% 1.6%Information 6.1 -1.6% -6.2%Other Svcs. 14.8 -2.0% -5.1%FiRE 24.0 -2.0% -1.2%Hospitality 39.2 -2.5% -2.7%Retail Trade 45.9 -2.5% -4.0%Utilities 3.5 -5.4% -7.9%

Beacon Economics

South Dakota Employment

Source: BLS 28

320

340

360

380

400

420

440

460

Apr-99

Apr-01

Apr-03

Apr-05

Apr-07

Apr-09

Apr-11

Apr-13

Apr-15

Apr-17

Apr-19

(000

s, M

A)

Nonfarm EmploymentIndustry Apr-2019

(000s)2018/19 Change

2017/18 Change

Total Nonfarm 446.1 2.6% 2.5%Wholesale Trade 22.3 8.3% 6.7%Professional 33.6 5.0% 6.7%Manufacturing 46.0 4.8% 8.0%Other Svcs. 17.4 4.2% 4.2%Construction 23.1 3.6% 2.2%Retail Trade 53.2 2.1% 0.0%Education/Health 73.6 1.8% 2.6%Hospitality 47.4 1.3% -0.6%Government 80.0 1.1% 1.3%NR/Mining 0.9 0.0% -10.0%FIRE 29.1 -0.7% -0.3%Information 5.5 -1.8% -3.5%

Beacon Economics

North Dakota MSAs

Source: BLS 29

95

105

115

125

135

145

155

Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-19

(Index a

t F

eb

-99

= 1

00

)

Total Nonfarm Employment

Bismarck Fargo Grand Forks

1.5

2.5

3.5

4.5

5.5


(%, M

A)

Unemployment Rate

Bismarck Fargo Grand Forks

Beacon Economics

South Dakota MSAs

Source: BLS 30

95

105

115

125

135

145

155


(Inde

x at

Feb

-99

= 10

0)

Total Nonfarm Employment

Rapid City Sioux Falls

1

2

3

4

5

6


(%, M

A)

Unemployment Rate

Rapid City Sioux Falls

Beacon Economics

North Dakota Farm

Source: QCEW 31

0

100

200

300

400

500

600

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

(Inde

x at

199

0 =

100)

Employment by Major Farm Subsector

Oilseed/Grain Vegetable/MelonCattle Other Animal

Major Subsector 2018 YTD*Empl.

2017/18 Abs Chg

2016/17Abs Chg

Oilseed/Grain 1881 +23 +84

Vegetable/Melon 706 +53 +39

Cattle Ranching 384 +15 -4

Other Animal Prod. 121 -40 +50

* Through the third quarter

Beacon Economics

South Dakota Farm

Source: QCEW 32

0

1000

2000

3000

4000

5000

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

(Inde

x at

199

0 =

100)

Employment by Major Farm Subsector

Oilseed/Grain GreenhouseCattle Hog/Pig Farming

Major Subsector 2018 YTD*Empl

2017/18 Abs Chg

2016/17Abs Chg

Cattle Ranching 2,417 +64 +84

Oilseed/Grain 1,403 +4 +52

Hog/Pig Farming 673 +61 +38

Other Animal Prod. 231 +9 -12

Greenhouse/Nurse. 217 -4 +9

* Through the third quarter

Beacon Economics

North Dakota Establishments

Source: QCEW 33

15000

20000

25000

30000

35000

Q3-98

Q3-00

Q3-02

Q3-04

Q3-06

Q3-08

Q3-10

Q3-12

Q3-14

Q3-16

Q3-18

(SA)

Total Establishments Industry N. DakotaQ3-2018

Three-Year Change

Five-Year Change

Total 32,078 -219 1,182Professional 5,254 549 1,059Construction 3,827 -580 -299Retail Trade 3,081 -69 -1FiRE 3,038 45 171Education/Health 2,933 259 368Hospitality 2,810 50 174Wholesale Trade 2,808 21 114Other Scvs. 2,093 -12 58Logistics 2,021 -436 -584Government 2,004 -91 -114Farm 982 81 179Manufacturing 812 -22 -23NR/Mining 789 -80 -1Information 423 14 9Utilities 178 2 3

Beacon Economics

South Dakota Establishments

Source: QCEW 34

Industry S. DakotaQ3-2018

Three-Year Change

Five-Year Change

Total 33,782 1,148 1,981Professional 5,315 489 689

Construction 3,979 87 135

Retail Trade 3,842 -66 -35

FiRE 3,293 60 202

Hospitality 3,225 64 118

Education/Health 3,208 178 235

Wholesale Trade 2,681 122 191

Government 2,433 8 14

Other Services 2,203 43 80

Logistics 1,722 59 128

Manufacturing 1,085 5 -7

Farm 977 109 229Information 586 2 34

Utilities 176 -3 -4

NR/Mining 66 0 -6

20000

25000

30000

35000

Q3-

98

Q3-

00

Q3-

02

Q3-

04

Q3-

06

Q3-

08

Q3-

10

Q3-

12

Q3-

14

Q3-

16

Q3-

18

(SA

)

Total Establishments


Gross State Product: Yearly % Change

Source: BEA

Beacon Economics

Gross State Product

Source: BEA 36

3.5

-20

-10

0

10

20

30

40

Q4-06Q4-0

7Q4-0

8Q4-0

9Q4-1

0Q4-1

1Q4-1

2Q4-1

3Q4-1

4Q4-1

5Q4-1

6Q4-1

7Q4-1

8

(%, A

nnua

lized

)

North Dakota Real GSP Growth

2.1

-20

-10

0

10

20

30

40

Q4-06Q4-0

7Q4-0

8Q4-0

9Q4-1

0Q4-1

1Q4-1

2Q4-1

3Q4-1

4Q4-1

5Q4-1

6Q4-1

7Q4-1

8

(%, A

nnua

lized

)

South Dakota Real GSP Growth


0

2

4

6

8

10

12

14

16

18

20

Agric

Mini

ng

Utilitie

s

Constr

uctio

nM

fg

Who

lesale

Retail

Tran

s Whs

gIn

fo

Fin

Ins

RE Lea

sing

Prof B

us

Educa

tion

Health

Arts E

nt

Other

Govt

Industry Share of Gross Product

SD ND US

Structure of State Economies


02468

101214161820

Agric Mining Mfg Whsl Trade TransWhsg

Fin Ins Prof Bus Health Arts Ent Govt

Industry Share of Gross ProductSD ND US

Structure of State Economies-Selected Industries

Source: BEA, Beacon Economics


100

120

140

160

180

200

220

2009

.1

2009

.2

2009

.3

2009

.4

2010

.1

2010

.2

2010

.3

2010

.4

2011

.1

2011

.2

2011

.3

2011

.4

2012

.1

2012

.2

2012

.3

2012

.4

2013

.1

2013

.2

2013

.3

2013

.4

2014

.1

2014

.2

2014

.3

2014

.4

2015

.1

2015

.2

2015

.3

2015

.4

2016

.1

2016

.2

2016

.3

2016

.4

2017

.1

2017

.2

2017

.3

2017

.4

2018

.1

2018

.2

2018

.3

2018

.4

2019

.1

PPI All Commodities (1982=100)

PPI All Commodities (1982=100)

PPI All Commodities


0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

0

50000

100000

150000

200000

250000

300000

350000

400000

Mar-99

Mar-00

Mar-01

Mar-02

Mar-03

Mar-04

Mar-05

Mar-06

Mar-07

Mar-08

Mar-09

Mar-10

Mar-11

Mar-12

Mar-13

Mar-14

Mar-15

Mar-16

Mar-17

Mar-18

Mar-19

Pric

e ($

/Bar

rel,

MA)

Volu

me

(Tho

usan

ds o

f Bar

rels

, MA)

Crude Oil Production vs Price

U.S. Production Prices

Oil Production and Price

Source: EIA 40


Agriculture Loans

Source: St. Louis Federal Reserve Bank

0

0.5

1

1.5

2

2.5

3

3.5

0

10

20

30

40

50

60

70

80

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Ag Loans US ($B) Delinquency Rate on Ag Loans


0

1

2

3

4

5

0

500

1000

1500

2000

2500

2009

.1

2010

.1

2011

.1

2012

.1

2013

.1

2014

.1

2015

.1

2016

.1

2017

.1

2018

.1

2019

.1

Del

inqu

ency

Rat

e/Q

uarte

r

Loan

Vol

ume/

Qua

rter (

$B)

Commercial Loans ($B) Delinquncy Rate

Commercial and Industrial Loans


Real Estate

Beacon Economics

North Dakota Home Value

Source: Zillow 44

Metros March 2019

2018/2019 Change

2017/2018 Change

North Dakota $206,200 1.5% 0.7%

Minot $241,000 12.1% 0.0%

Williston $242,000 9.9% 1.9%

Dickinson $251,800 6.1% -4.5%

Jamestown $162,600 4.2% 3.5%

Wahpeton $127,900 3.8% 2.6%

Grand Forks $189,900 3.5% 2.1%

Fargo $211,700 0.4% 2.7%

Bismarck $243,600 -2.5% 2.2%

100000

120000

140000

160000

180000

200000

220000

Mar

-05

Mar

-06

Mar

-07

Mar

-08

Mar

-09

Mar

-10

Mar

-11

Mar

-12

Mar

-13

Mar

-14

Mar

-15

Mar

-16

Mar

-17

Mar

-18

Mar

-19

($)

State Home Value

North Dakota South Dakota

Beacon Economics

South Dakota Home Value

Source: Zillow 45

Metros March 2019

2018/2019 Change

2017/2018 Change

South Dakota $188,600 5.0% 5.9%

Rapid City $215,100 5.6% 5.1%

Sioux Falls $193,000 5.5% 7.4%

Yankton $169,100 3.1% 2.4%

100000

120000

140000

160000

180000

200000

220000

Mar-05

Mar-06

Mar-07

Mar-08

Mar-09

Mar-10

Mar-11

Mar-12

Mar-13

Mar-14

Mar-15

Mar-16

Mar-17

Mar-18

Mar-19

($)

State Home Value

North Dakota South Dakota


Conclusion

Beacon Economics

Population and Labor Force Dynamics

47

North Dakota

Age Group 2017 (000s)

5-Year Change

10-Year Change

16 to 24 68.9 2.2% -1.8%

25 to 44 175.8 15.9% 32.7%

45 to 64 146.8 -0.8% 7.8%

65+ 25.1 21.7% 45.2%

South Dakota

Age Group 2017 (000s)

5-Year Change

10-Year Change

16 to 24 69.9 -1.2% -2.7%

25 to 44 187.9 5.2% 11.5%

45 to 64 172.6 -0.4% 4.5%

65+ 34.2 35.0% 48.6%


§U.S. GDP: o ’19: 2.4% | ‘20: 2.2% o Record long expansiono No significant, sustainable disruptions or imbalances

§U.S. and Labor Market: o Full-employment o Modest slowdown in job growth not a sign of recession

Outlook 2019-2020


§ Inflation: no threat to expansion

§ Interest Rates: mixed influences�UP: US economic growth, strong labor market�DOWN: Slower global economy, uncertainty re: trade, global political events

§Remember Where The Us Economy Gets Its Momentum à�CONSUMER SECTOR

Outlook 2019-2020


What can Beacon do for you?

50

Housing, Land Use, & Real Estate

Advisory

Sustainable Growth and

Development

Economic & Revenue

Forecasting

Economic, Fiscal and Social Impact

Analysis

Regional and Sub-Regional Analysis

Litigation and Testimony

For more information, see Slide 2.

Continue the conversation.

Contact Dr. Chris Thornberg directly at [email protected] or 310.571.3399

Let’s discuss your goals and needs.

Beacon has 6 Practice Areas covering a range of services and products.

To view again or download this presentation and for further information, go to: www.BeaconEcon.com

Connect with us.

Our 6 Practice Areas


Portfolio Spotlight

51

Housing, Land Use, &

Real Estate Advisory

Economic & revenue

forecasting

Litigation and

testimony

Sustainable Growth &

Development

Impact (Economic,

Fiscal, Social) & EB5

Analysis

Regional and Sub-

Regional Analysis

Beacon conducts analysis at an international, national, state, county, and city level -- and even down to the zip code, pending data availability. We analyze data on Employment, Industry, Real Estate, and Consumption.

Past Clients:

• City and County of Los Angeles• City and County of Riverside • East Bay Economic Dev. Agency

Beacon has evaluated the impact of entities like universities, music festivals, infrastructure projects, and real estate development projects. Beacon has also conducted impact analyses that combine more than one of the above like that of L.A’s Olympic bid.

Past Clients:

• University of Southern California• Metropolitan Water District• LA 2024 Olympic Bid Committee

Beacon conducts industry and policy analysis on topics like green innovation, tech and workforce development, and industry sector strategies. Beacon has strong in-house expertise around housing policy and economic development support.

Past Clients:

• California Apartment Association• Long Beach Downtown Dev. Corp.• Santa Cruz Workforce Dev. Board

Beacon Economics

Thank You

[email protected] | www.BeaconEcon.com

Documents

Will The Real Economy Please Stand Up?Will The Real Economy Please Stand Up? ECONOMIC OUTLOOK 2019-20 Beacon Economics Outlook Highlights No Recession, Rather…Record expansion Slower,