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2008 ECONOMIC FORECAST The Economic Danger? Pessimism.
January 2008
Robinson Waters & O’Dorisio and Steele Street Bank & Trust, hosted an economic forecast luncheon with Patty Silverstein, the chief consulting economist for the Metro Denver Economic Development Corporation and President of Development Research Partners.
What can we expect in 2008?
Silverstein’s forecast for the economy in 2008 overall was positive but she did caution, “be on the lookout for potential bumps in the road.” Acknowledging we are in tough times, Silverstein cautioned against irrational pessimism.
Expect continued expansion and recruitment in information technology and software, aerospace and financial services Silverstein said adding that Colorado has the second largest aerospace industry, second only to California. Meanwhile, the industrial real estate market continues to be “our sweetheart market,” said Silverstein. As for employment growth she predicts an increase of 1.6 percent in the Metro area in 2008, compared 1 percent in the rest of the United States.
When asked about her thoughts on the weak dollar Silverstein said, “this too shall pass.”
In 2004 we saw the highest level of home sales and in 2007 a new record was set for home foreclosures. In 2008, Silverstein expects the number of foreclosures will still be relatively high but lower than the number of foreclosures seen in 2007. Colorado’s median home prices are inline with those across the nation.
Click here to download the slides from Silverstein’s economic forecast presentation.
