Real Estate Markets in a Tentative Economic Landscape
|
|
- Branden Rich
- 6 years ago
- Views:
Transcription
1 Real Estate Markets in a Tentative Economic Landscape GEORGE RATIU Director, Quantitative & Commercial Research National Association of REALTORS Bay Area Real Estate Council Annual Economic Outlook Tampa, FL February 17, 2016
2 There are two kinds of forecasters: those who don t know, and those who don t know they don t know. U.S. Economy Secular Stagnation? The New Normal? Centennial Transition Real Estate Markets Residential Renewal Commercial Ascent Capital Trends Outlook John Kenneth Galbraith
3 U.S. Population Grows by 26M in Last Decade U.S. Estimate of Resident Population ('000) 2015: 321 million
4 2000.Jan 2000.May 2000.Sep 2001.Jan 2001.May 2001.Sep 2002.Jan 2002.May 2002.Sep 2003.Jan 2003.May 2003.Sep 2004.Jan 2004.May 2004.Sep 2005.Jan 2005.May 2005.Sep 2006.Jan 2006.May 2006.Sep 2007.Jan 2007.May 2007.Sep 2008.Jan 2008.May 2008.Sep 2009.Jan 2009.May 2009.Sep 2010.Jan 2010.May 2010.Sep 2011.Jan 2011.May 2011.Sep 2012.Jan 2012.May 2012.Sep 2013.Jan 2013.May 2013.Sep 2014.Jan 2014.May 2014.Sep 2015.Jan 2015.May 2015.Sep U.S. Labor Force Grows by 8M in Last Decade Civilian Labor Force: 16 Yr + (SA, '000s) : 158 million Source: BLS
5 U.S. Economy Trickle-down theory - the less than elegant metaphor that if one feeds the horse enough oats, some will pass through to the road for the sparrows. John Kenneth Galbraith
6 2000.Jan 2000.Oct 2001.Jul 2002.Apr 2003.Jan 2003.Oct 2004.Jul 2005.Apr 2006.Jan 2006.Oct 2007.Jul 2008.Apr 2009.Jan 2009.Oct 2010.Jul 2011.Apr 2012.Jan 2012.Oct 2013.Jul 2014.Apr 2015.Jan 2015.Oct Monetary policy designed to bring economy out of Great Recession Quantitative easing / low cost of money designed to stabilize banks Stable bank balance sheets translate into lending Increased credit boosts consumer/business spending Consumer/business spending drives economic growth FRB Funds Target Rate (EOP, %) Source: Federal Reserve Board
7 Subpar GDP growth despite unprecedented monetary policy 2000.Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Real GDP (SAAR, Chn.2009$) % Chg - Annual Rate Source: BEA
8 Consumers remain economic growth engine Real GDP (SAAR, Bil.Chn.2009$) Consumer Spending Investments Net Exports Government Spending Q4: $15.0 T 2015.Q4: $16.5 T CONSUMER CONSUMPTION = 70% OF ECONOMY Source: BEA
9 Jan Jun Nov Apr Sep Feb Jul Dec May Oct Mar Aug Jan Jun Nov Apr Sep Feb Jul Dec May Oct Mar Aug Jan Jun Nov Apr Sep Feb Jul Dec May Oct Mar Aug Jan Jun Nov Florida outpaces U.S. economic activity 190 Philadelphia FRB: Coincident Economic Activity Index U.S. Florida Nonfarm payroll employment Unemployment rate Avg. hours worked in manufacturing Wages and salaries
10 Jan Oct Jul Apr Jan Oct Jul Apr Jan Oct Jul Apr Jan Oct Jul Apr Jan Oct Jul Apr Jan Oct Thousands Housing recovery boosts economic activity EHS (SAAR, Units) Distressed Sales (%) Housing supply continues to hover below 6-7 month equilibrium Distressed properties decline: only 6% of total sales in 2015, down from high of 40% in 2008 and
11 2000.Jan 2000.Sep 2001.May 2002.Jan 2002.Sep 2003.May 2004.Jan 2004.Sep 2005.May 2006.Jan 2006.Sep 2007.May 2008.Jan 2008.Sep 2009.May 2010.Jan 2010.Sep 2011.May 2012.Jan 2012.Sep 2013.May 2014.Jan 2014.Sep 2015.May Housing supply does not keep pace with population New SF Home Sales (SAAR, '000s) SF Housing Starts (SAAR, '000s) Net Household Formation ('000) Source: Census Bureau -500 Source: Census
12 Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Shortage of inventory pushes home prices upward EHS Median Sales Price ($) Home prices rose 11.5%, 5.7%, and 5.9% over the past 3 years while wages have only been rising around 2% 0
13 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q1 Tampa MSA Housing 250 Tampa-St Petersburg-Clearwater: Median Price ($, '000) SF Home Condo 25 Tampa-St Petersburg-Clearwater: Months' Supply of Homes
14 2000.Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q1 Capital holders ride growth wave Households & Nonprofit Org: Total Financial Assets (NSA, Bil.$) 2007.Q3: $52.6 > 2014.Q3: $68.9T Households & Nonprofit Organizations: Total Real Estate Holdings (NSA, Bil.$) FRB 2006.Q4: $25.0 > 2015.Q3: $24.9T Source: Federal Reserve Board
15 2000.Jan 2000.Sep 2001.May 2002.Jan 2002.Sep 2003.May 2004.Jan 2004.Sep 2005.May 2006.Jan 2006.Sep 2007.May 2008.Jan 2008.Sep 2009.May 2010.Jan 2010.Sep 2011.May 2012.Jan 2012.Sep 2013.May 2014.Jan 2014.Sep 2015.May 1960.Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q1 Consumers without assets lag on low wages Real Personal Income Excluding Transfer Receipts (SAAR, Chn.2009$) %Chg YoY Consumer Confidence (SA, 1985=100) Consumer Sentiment (NSA, Q1.66=100) Source: BEA Sources: The Conference Board, University of Michigan
16 Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Employment maintains momentum Chg in Total Nonfarm Employment (SA, '000s) Unemployment Rate (SA, %) J.08-D.09: 8.7M jobs cut : 13.8M jobs added
17 With service industries driving employment gains : Payroll Employment Growth by Sector (SA, 000s) Government Other services Leisure & hospitality Education & health services Prof & business services Financial activities Information Trade, transportation & utilities Manufacturing Construction Mining & Logging Source: BLS
18 Jan Sep May Jan Sep May Jan Sep May Jan Sep May Jan Sep May Jan Sep May Jan Sep May Jan Sep May Jan Sep May Jan Sep May Jan Sep May Jan Sep May Jan Sep May Jan Sep May Jan Sep May Jan Sep May Tampa MSA employment Payroll Employment YoY Chg (SA, '000) FL Tampa MSA Unemployment Rate (%) U.S. FL Tampa MSA TPA : 1.5M new jobs
19 Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Labor force participation returns to 1970s level Labor Force Participation Rate (%) Source: Bureau of Labor Statistics
20 Jan.2000 Sep.2000 May.2001 Jan.2002 Sep.2002 May.2003 Jan.2004 Sep.2004 May.2005 Jan.2006 Sep.2006 May.2007 Jan.2008 Sep.2008 May.2009 Jan.2010 Sep.2010 May.2011 Jan.2012 Sep.2012 May.2013 Jan.2014 Sep.2014 May.2015 Jan.2000 Sep.2000 May.2001 Jan.2002 Sep.2002 May.2003 Jan.2004 Sep.2004 May.2005 Jan.2006 Sep.2006 May.2007 Jan.2008 Sep.2008 May.2009 Jan.2010 Sep.2010 May.2011 Jan.2012 Sep.2012 May.2013 Jan.2014 Sep.2014 May.2015 Consumer credit grows as does student debt Commercial Banks Savings Institutions Consumer Credit - YoY % Change (EOP, SA, Bil.$) Revolving Nonrevolving Finance Companies Federal Government Securitized Assets Credit Unions Nonfinancial Businesses 2015: $946B : $84B Source: Federal Source: Federal Reserve Board
21 Jan.2000 Sep.2000 May.2001 Jan.2002 Sep.2002 May.2003 Jan.2004 Sep.2004 May.2005 Jan.2006 Sep.2006 May.2007 Jan.2008 Sep.2008 May.2009 Jan.2010 Sep.2010 May.2011 Jan.2012 Sep.2012 May.2013 Jan.2014 Sep.2014 May.2015 Jan Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q4 Consumer spending concentrated on durable goods Personal Consumption (SAAR, Chn.2009$) % Chg Annual Rate Total Light Truck Retail Sales [Imported+Domestic] (SAAR, Mil. Units) Total Car Retail Sales [Imported+Domestic] (SAAR, Mil. Units) Durable goods Nondurable goods Services Total Light Vehicle Retail Sales [Imported+Domestic] (SAAR, Mil. Units) Source: BEA Source: Autodata
22 Business investments lose momentum Real Business Spending (SAAR, Chn2009$) % Chg Annual Rate Source: BEA
23 2000.Jan 2000.Sep 2001.May 2002.Jan 2002.Sep 2003.May 2004.Jan 2004.Sep 2005.May 2006.Jan 2006.Sep 2007.May 2008.Jan 2008.Sep 2009.May 2010.Jan 2010.Sep 2011.May 2012.Jan 2012.Sep 2013.May 2014.Jan 2014.Sep 2015.May 2000.Jan 2000.Sep 2001.May 2002.Jan 2002.Sep 2003.May 2004.Jan 2004.Sep 2005.May 2006.Jan 2006.Sep 2007.May 2008.Jan 2008.Sep 2009.May 2010.Jan 2010.Sep 2011.May 2012.Jan 2012.Sep 2013.May 2014.Jan 2014.Sep 2015.May 2016.Jan As activity throttles back Manufacturers' Activity (EOP, SA, Mil.$) ISM Index (SA, 50+ Increasing) Shipments New orders Inventories ISM Manufacturing ISM Nonmanufacturing Source: Census Bureau Source: Institute for
24 2000.Jan 2000.Sep 2001.May 2002.Jan 2002.Sep 2003.May 2004.Jan 2004.Sep 2005.May 2006.Jan 2006.Sep 2007.May 2008.Jan 2008.Sep 2009.May 2010.Jan 2010.Sep 2011.May 2012.Jan 2012.Sep 2013.May 2014.Jan 2014.Sep 2015.May 2016.Jan 2000.Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q4 And net exports feel the squeeze of a strong dollar Exchange Rate: US$/Euro (EOP) International Trade (SAAR, Bil.Chn.2009$) Real Exports Real Imports source: Federal Source: BEA
25 2000.Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q1 Corporate balance sheets remain healthy Real Corporate Profits After Tax (SAAR, Bil.Chn.2009$) 2500 Corporate Cash/Cash Equivalent Holdings (NSA, Bil.$) Q3: $1.67 Trillion 2015.Q3 = $2.00 Trillion Source: BEA Source: Federal
26 2000.Jan 2000.May 2000.Sep 2001.Jan 2001.May 2001.Sep 2002.Jan 2002.May 2002.Sep 2003.Jan 2003.May 2003.Sep 2004.Jan 2004.May 2004.Sep 2005.Jan 2005.May 2005.Sep 2006.Jan 2006.May 2006.Sep 2007.Jan 2007.May 2007.Sep 2008.Jan 2008.May 2008.Sep 2009.Jan 2009.May 2009.Sep 2010.Jan 2010.May 2010.Sep 2011.Jan 2011.May 2011.Sep 2012.Jan 2012.May 2012.Sep 2013.Jan 2013.May 2013.Sep 2014.Jan 2014.May 2014.Sep 2015.Jan 2015.May 2015.Sep Inflation remains contained Overall CPI Core CPI ( =100, %Chg YoY) Source: BLS
27 2000.Jan 2000.Sep 2001.May 2002.Jan 2002.Sep 2003.May 2004.Jan 2004.Sep 2005.May 2006.Jan 2006.Sep 2007.May 2008.Jan 2008.Sep 2009.May 2010.Jan 2010.Sep 2011.May 2012.Jan 2012.Sep 2013.May 2014.Jan 2014.Sep 2015.May 2016.Jan 2000.Jan 2000.Sep 2001.May 2002.Jan 2002.Sep 2003.May 2004.Jan 2004.Sep 2005.May 2006.Jan 2006.Sep 2007.May 2008.Jan 2008.Sep 2009.May 2010.Jan 2010.Sep 2011.May 2012.Jan 2012.Sep 2013.May 2014.Jan 2014.Sep 2015.May 2016.Jan Aided by dropping oil/gas prices Brent Nominal (EU Mkt Price, $/Barrel) Cushing West Texas Intermediate (Spot FOB, EOP, $/Barrel) Jan 2016: $ Natural Gas Price (Henry Hub, LA, $/mmbtu) Jan 2016: $ Source: EIA Source: Wall Street
28 Rents and Owners Equivalent Rent components of CPI rising at over 3.0% 2000.Jan 2000.May 2000.Sep 2001.Jan 2001.May 2001.Sep 2002.Jan 2002.May 2002.Sep 2003.Jan 2003.May 2003.Sep 2004.Jan 2004.May 2004.Sep 2005.Jan 2005.May 2005.Sep 2006.Jan 2006.May 2006.Sep 2007.Jan 2007.May 2007.Sep 2008.Jan 2008.May 2008.Sep 2009.Jan 2009.May 2009.Sep 2010.Jan 2010.May 2010.Sep 2011.Jan 2011.May 2011.Sep 2012.Jan 2012.May 2012.Sep 2013.Jan 2013.May 2013.Sep 2014.Jan 2014.May 2014.Sep 2015.Jan 2015.May 2015.Sep 5.0 CPI-U Commodities ex F&E CPI-U Services ex Energy ( =100, % Chg YoY) Source: BLS
29 Economic outlook moderately positive JANUARY Annual Growth Rate, % Real GDP Nonfarm Payroll Employment Consumer Prices Level Consumer Confidence Percent Unemployment Fed Funds Rate Month T-bill Rate Corporate Aaa Bond Yield Year Gov t Bond Year Gov t Bond Source: National Association of REALTORS
30 Commercial Real Estate Markets
31 % Change, Quarter-over-quarter Percent Change, Quarterly 2009.Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q4 CRE fundamentals in line with economy 10% New Construction Leasing Volume REALTOR Commercial Leasing Trends Leasing Volume Leasing Rates Lease Concessions 5% 20% 0% 15% -5% 10% -10% 5% -15% 0% -20% -5% -25% -10% -30% Source: National Association of Realtors -15% Source: National Association of Realtors
32 As rising demand leads to lower vacancies 30.0% REALTORS Commercial Vacancy Rates Office Industrial Retail Multifamily Hotel 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Source: National Association of Realtors
33 CRE investment sales close 2015 at $504 B billions $600 Individual Portfolio Entity CPPI* 240 $500 $ $ $200 $ $0 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 Source: Real Capital Analytics, Moody's/RCA CPPI 0
34 Tampa CRE sales up 25% YoY in 2015 Tampa Raleigh/Durham Palm Beach Orlando Nashville Miami Memphis Jacksonville Charlotte Broward Atlanta CRE Sales Volume: Southeast 2015 ($M) 5,685.3 Tampa Sales by Property: 2015 ($M) , Dev Site Hotel Apartment Retail Industrial Office Source: Real Capital Analytics
35 Capital in search of yield drives prices 10.0% Capitalization Rates 300 Commercial Property Price Index CBD-Office 9.0% 250 Apartment 8.0% Hotel 200 Retail 7.0% 6.0% Sub-Office Industrial Retail Apartment Industrial Hotel Sub-Office 5.0% '09 '10 '11 '12 '13 '14 '15 CBD-Office 50 '09 '10 '11 '12 '13 '14 '15 Source: Real Capital Analytics, Moody's/RCA CPPI
36 2008.Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q4 CRE remains a tale of two markets 200% Sales Volume (YoY % Chg) Real Capital Analytics CRE Markets REALTOR CRE Markets 20.0% Sales Prices (YoY % Chg) Real Capital Analytics CRE Markets REALTOR CRE Markets 150% 10.0% 100% 0.0% 50% -10.0% 0% -20.0% -50% -30.0% -100% -40.0% Sources: NAR, Real Capital Analytics
37 10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 Smaller markets offer yield premium RCA Markets Cap Rates Q4 REALTOR Markets CRE Spreads: Cap Rates to 10-Yr. T-Notes (bps) RCA Cap Rates REALTORS Cap Rates 9.0% 8.0% 7.0% % 5.0% 4.0% 3.0% % % 0.0% Office Industrial Retail Apartment Hotel 0 Sources: NAR, Real Capital Analytics
38 Capital markets flush with liquidity at high end Commercial Real Estate Debt: $3.54 Trillion Commercial Real Estate Equity: $2.64 Trillion
39 Lending conditions improve Change in Lending Conditions over Past Year Average Loan-to-Value for CRE Transactions 100% 100% 90% 90% 80% 70% 60% 50% Eased Significantly Eased Somewhat Not Changed 80% 70% 60% 50% Other 100% Cash 50% 55% 60% 65% 40% 30% 20% Tightened Somewhat Tightened Significantly 40% 30% 20% 70% 75% 80% 85% 10% 10% 90% 0% %
40 But capital landscape remains bifurcated REALTORS - CRE Financing Real Capital Analytics CRE Financing 100% 90% Small Business Administration REITs 100% 90% 80% 70% 60% 50% 40% Regional Banks Public Cos. Private Investors Other National Banks Local/Comm. Banks 80% 70% 60% 50% 40% Pvt/Other Reg'l/Local Bank Nat'l Bank Int'l Bank Insurance Gov't Agency 30% 20% 10% 0% Life Insurance Cos. International banks Credit Unions CMBS 30% 20% 10% 0% Financial CMBS
41 Commercial real estate outlook Commercial Real Estate Vacancy Forecast (%) 2015.Q Q Q Q Q Q Q Q Office Industrial Retail Multifamily Source: National Association of REALTORS NAR Commercial Property Price Forecast NCREIF Green St. Advisors Sources: NAR, NCREIF, Green Street Advisors, Real Capital Analytics
42 In-depth analyses: Economy Capital markets Property markets Office Industrial Retail Apartment Hotel Outlook scenarios
43 / research-and-statistics GEORGE Director, Quantitative & Commercial Research National Association of REALTORS
GEORGE RATIU Director, Quantitative & Commercial Research National Association of REALTORS
GEORGE RATIU Director, Quantitative & Commercial Research National Association of REALTORS 2015 CCIM Commercial Real Estate Outlook Conference Wednesday, January 21, 2015 Coral Gables, FL Where Are We
More informationReal Estate Trends and Outlook
Real Estate Trends and Outlook Lawrence Yun, Ph.D. Chief Economist NATIONAL ASSOCIATION OF REALTORS Presentation at NAR Region XII Conference Coeur d Alene, ID March 5, 2015 GDP Burst in 2014 Q2, Q3, Q4
More informationEconomic and Real Estate Market Outlook
Economic and Real Estate Market Outlook By Lawrence Yun, Ph.D. Chief Economist, National Association of REALTORS Presentation at Miami International Congress Miami, FL November 1, 2016 Lifetime Wealth
More informationEconomic & Real Estate Outlook. Tax Reform. Michigan 4/26/18
Economic & Real Estate Outlook By Lawrence Yun, Ph.D. Chief Economist, National Association of REALTORS Presentations at Michigan REALTORS Broker Summit Plymouth, MI April 25, 2018 Tax Reform Mortgage
More informationEconomic and Housing Market Outlook
Economic and Housing Market Outlook By Lawrence Yun, Ph.D. Chief Economist, National Association of REALTORS Presentations At Raleigh Regional Association of REALTORS At Orange-Chatham Association of REALTORS
More informationEconomic & Housing Market Outlook
Economic & Housing Market Outlook By Lawrence Yun, Ph.D. Chief Economist, National Association of REALTORS Presentations to NAR Annual Conference Boston, MA November 2, 2018 Existing Home Sales Since
More informationU.S. Economic, Office and Industrial Market Overview and Outlook. July 16, 2014
2014 U.S. Economic, Office and Industrial Market Overview and Outlook July 16, 2014 U.S. Economic Overview U.S. GDP Growth Persistent Despite 1Q Polar Vortex Annualized Quarterly Percent Change 10% 5%
More informationEconomic & Housing Outlook
Economic & Housing Outlook By Lawrence Yun, Ph.D. Chief Economist, National Association of REALTORS Presentation at Northern Arizona Association of REALTORS November 30, 2017 Tax Reform Mortgage interest
More informationThe 2013 Hilliard Lyons INVESTKentucky Equity Conference
The 2013 Hilliard Lyons INVESTKentucky Equity Conference Keynote Address William Ford Ph.D. Weatherford Chair of Finance Middle Tennessee State University THE ECONOMIC OUTLOOK FOR THE U.S. & KENTUCKY ECONOMY
More informationThe State of the Erie Economy
The State of the Erie Economy Presentation to Presque Isle CPCU Society Chapter September 14, 2017 Kenneth Louie The Economic Research Institute of Erie Sam and Irene Black School of Business Penn State
More informationWelcome to the 10 th Annual Real Estate Symposium for The Lake of the Ozarks. October 5th, 2017 Osage National Golf Resort
Welcome to the 10 th Annual Real Estate Symposium for The Lake of the Ozarks October 5th, 2017 Osage National Golf Resort Economic and Real Estate Market Outlook October, 2017 Steve Snook, Senior Business
More informationHousing Market Outlook
Housing Market Outlook By Lawrence Yun, Ph.D. Chief Economist, National Association of REALTORS Presentation at National Conference of State Legislatures Washington, DC December 7, 2018 Very Long Economic
More informationTHE ECONOMIC OUTLOOK FOR THE U.S. AND THE CONSTRUCTION INDUSTRY
THE ECONOMIC OUTLOOK FOR THE U.S. AND THE CONSTRUCTION INDUSTRY by William F. Ford, Ph.D. Weatherford Chair of Finance Middle Tennessee State University presented to The Roofing Industry Alliance for Progress
More informationECONOMIC SNAPSHOT. A Summary of the San Diego Regional Economy UNEMPLOYMENT
A Summary of the San Diego Regional Economy UNEMPLOYMENT San Diego Regional EDC analyzes key economic metrics that are important to understanding the regional economy and San Diego's standing relative
More informationSAN DIEGO S QUARTERLY ECONOMIC SNAPSHOT
SAN DIEGO S QUARTERLY ECONOMIC SNAPSHOT November 2017 SAN DIEGO HIGHLIGHTS IN THIS ISSUE Every quarter San Diego Regional EDC analyzes key economic indicators that are important to understanding the regional
More informationUniversity of Denver Franklin L. Burns School of Real Estate & Construction Management. Dividend Capital Research
Glenn R. Mueller, Ph.D. Professor University of Denver Franklin L. Burns School of Real Estate & Construction Management & Real Estate Investment Strategist Dividend Capital Research glenn.mueller@du.edu
More informationareiusa.com DALLAS-FORT WORTH MARKET REPORT
areiusa.com DALLAS-FORT WORTH MARKET REPORT Overview The Dallas-Fort Worth real estate market is not slowing down as it flips the calendar to 2019. People are migrating to the area at impressive rates
More informationOklahoma Economic Outlook 2014
Oklahoma Economic Outlook 14 by Dan Rickman Regents Professor of Economics and Oklahoma Gas and Electric Services Chair in Regional Economic Analysis http://economy.okstate.edu/ Quarterly U.S. Real GDP
More informationSAN DIEGO S QUARTERLY ECONOMIC SNAPSHOT
SAN DIEGO S QUARTERLY ECONOMIC SNAPSHOT February 2018 SAN DIEGO HIGHLIGHTS IN THIS ISSUE Every quarter San Diego Regional EDC analyzes key economic indicators that are important to understanding the regional
More informationPortland State of the Market 2016
RESILIENT & RISING Portland State of the Market 2016 Portland why all the hype? Source: JLL Research Highest GDP Growth Oregon has the fastest real GDP growth in the nation at 3.9% in Q1 2016 Highest Job
More information2017 Chairm an Bob Adamson
2017 Chairm an Bob Adamson 21 st Annual Economic Summit Brought to you by: No rt h e rn Virg in ia Asso c ia t io n o f Re a lt o rs In partnership with: George Mason University s: Ce n t e r fo r Re g
More informationSAN DIEGO S QUARTERLY ECONOMIC SNAPSHOT
SAN DIEGO S QUARTERLY ECONOMIC SNAPSHOT December 2018 SAN DIEGO HIGHLIGHTS IN THIS ISSUE Every quarter San Diego Regional EDC analyzes key economic indicators that are important to understanding the regional
More information2019 Business Journal. Chris Raad
2019 Business Journal Chris Raad Tax Reform Mortgage interest deduction?... $750,000 Property tax deduction? SALT at $10,000 Tax Cut for nearly all However, many will not itemize and do standard deduction
More informationJanuary 2018 Industrial Production
Japan's Economy 28 February 2018 (No. of pages: 6) Japanese report: 28 Feb 2018 January 2018 Industrial Production Jan-Mar period expected to see lull in production growth trend Economic Research Dept.
More informationECONOMIC SNAPSHOT. A Summary of the San Diego Regional Economy UNEMPLOYMENT
A Summary of the San Diego Regional Economy Brought to you by San Diego Regional EDC analyzes key economic metrics that are important to understanding the regional economy and San Diego s standing relative
More informationECONOMIC SNAPSHOT. A Summary of the San Diego Regional Economy UNEMPLOYMENT
A Summary of the San Diego Regional Economy Brought to you by analyzes key economic metrics that are important to understanding the regional economy and San Diego s standing relative to other major metropolitan
More informationNet Lease Investment Outlook
United States H1 2018 JLL Research Report Net Lease Investment Outlook First half of 2018 outperforms but overall selectivity prevails 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Net lease
More informationSAN DIEGO S QUARTERLY ECONOMIC SNAPSHOT
SAN DIEGO S QUARTERLY ECONOMIC SNAPSHOT August 2017 highlights in THIS ISSUE Every quarter Regional EDC analyzes key economic indicators that are important to understanding the regional economy and the
More informationDr. Jeffrey Michael. Executive Director, Center for Business and Policy Research University of the Pacific
2019 San Joaquin County Economic Outlook Dr. Jeffrey Michael Executive Director, Center for Business and Policy Research University of the Pacific Outline Population Growth and Migration California and
More informationTaking the Measure of St. Louis
Taking the Measure of St. Louis The views expressed here are those of the speakers and do not necessarily represent the views of the Federal Reserve Bank of St. Louis or of the Federal Reserve System.
More informationGreater Binghamton, New York
Presentation: COLLABORATING FOR OUR FUTURE Greater Binghamton, New York www.angeloueconomics.com Angelos G. Angelou July 25, 2006 PROGRAM 1. Greater Binghamton Today 2. Target Industries 3. What it Takes
More informationThe Virginia Tech U.S. Forest Service June 2018 Housing Commentary: Section I
The Virginia Tech U.S. Forest Service June Housing Commentary: Section I Urs Buehlmann Department of Sustainable Biomaterials College of Natural Resources & Environment Virginia Tech Blacksburg, VA 540.231.9759
More informationECONOMIC SNAPSHOT. A Summary of the San Diego Regional Economy UNEMPLOYMENT
A Summary of the San Diego Regional Economy Brought to you by San Diego Regional EDC analyzes key economic metrics that are important to understanding the regional economy and San Diego s standing relative
More informationThe State of Innovation. Orlando Saez
The State of Innovation Orlando Saez Separating fact from myth Myth Illinois is hostile to businesses. Fact Illinois is a good place to do business, and it s getting better everyday. Illinois Economy Highlights
More informationNATIONAL INSTITUTE OF ECONOMIC AND SOCIAL RESEARCH ESTIMATES OF MONTHLY GDP. Embargo until hours on 11 th January 2013
NATIONAL INSTITUTE OF ECONOMIC AND SOCIAL RESEARCH ESTIMATES OF MONTHLY GDP Embargo until 15.00 hours on 11 th January 2013 Our monthly estimates of GDP suggest that output declined by 0.3 per cent in
More informationBayport Securitisation (RF) Ltd Investor Report February 2013
Bayport Securitisation (RF) Ltd Investor Report February 2013 Financial statistics for the period ended February 2013 Feb 13 Jan 13 Dec 12 Nov 12 Oct 12 Sep 12 Aug 12 Jul 12 Jun 12 May 12 Apr 12 Mar 12
More informationSBA Mission Who We Are
SBA Mission Who We Are SBA Small Business Administration Independent agency of the Federal Gov t established in 1953 SBA helps make the American dream of business ownership a reality. Mission We empower
More information2012 Canadian Apartment Investment Conference
2012 Canadian Apartment Investment Conference The US Multifamily Market: An Answer to Economic Pressure Greystar Real Estate Partners A Fully Integrated Multifamily Service Provider Greystar Real Estate
More informationDisbursements (In thousands of dollars, not adjusted for inflation) Industry
Wage and Salary by NAICS Industry for Iowa: 2001-2009 1 (In thousands of dollars, not adjusted for inflation) Industry 2001 2002 2003 2004 2005 2006 2007 2008 2009 Wage and salary disbursements by place
More informationECONOMIC SNAPSHOT. A Summary of the San Diego Regional Economy UNEMPLOYMENT
A Summary of the San Diego Regional Economy Brought to you by San Diego Regional EDC analyzes key economic metrics that are important to understanding the regional economy and San Diego s standing relative
More informationThe Florida Turnaround Story
The Florida Turnaround Story In 2010, Florida was in a free fall. Florida lost more than 800,000 jobs, the real estate market had collapsed and tourism was on the decline. State debt had grown by about
More informationBayport Securitisation (RF) Ltd Investor Report May 2013
Bayport Securitisation (RF) Ltd Investor Report May 2013 Financial statistics for the period ended May 2013 May 13 Apr 13 Mar 13 Feb 13 Jan 13 Dec 12 Nov 12 Oct 12 Sep 12 Aug 12 Jul 12 Jun 12 Performance
More informationPromoting Foreign Direct Investment in The United States. Christopher Clement International Investment Specialist Invest in America
Promoting Foreign Direct Investment in The United States Christopher Clement International Investment Specialist Invest in America FDI in the U.S. Economy 5.2 million $40 billion $55 billion $190 billion
More informationSMEs are a strategic segment for the Group
SME GLOBAL STRATEGY SMEs are a strategic segment for the Group They are the driving force of the economies where we operate: 24 million SMEs in the markets where we operate. Contribute between 30% (e.g.
More informationEnergy MLP Strategy. PORTFOLIO MANAGER COMMENTARY Fourth Quarter Key Takeaways
Fourth Quarter 2017 Energy MLP Strategy Key Takeaways Michael Clarfeld, CFA Managing Director, Portfolio Manager Global crude oil demand growth is outstripping global supply growth driving inventory reductions
More informationeconomy City of Rohnert Park : Local Economic Report EDB Sonoma County
EDB Sonoma County Economic Development Board economy 2010-11 City of Rohnert Park : Local Economic Report E c o n o m i c D e v e l o p m e n t B o a r d 4 0 1 C o l l e g e Av e n u e S u i t e D S a
More informationBUSINESS EMPLOYMENT DYNAMICS
BUSINESS EMPLOYMENT DYNAMICS First Quarter 2018 Office of Research Kurt Westby, Commissioner Andrew Condon, Director of Research WETHERSFIELD, November 7th, 2018 - (BED) data published quarterly by the
More informationYorkville Seasoned MLP Investment Team Recognized Experts
Yorkville Seasoned MLP Investment Team Recognized Experts Investing & Researching MLPs Since Early 1990s One of the Longest Audited MLP Strategy Track Records Performance Recognition (Morningstar, Pensions
More informationThe Global Financial Crisis and Its Impact on China and East Asia
The Global Financial Crisis and Its Impact on China and East Asia Lawrence J. Lau, Ph. D. President and Ralph and Claire Landau Professor of Economics The Chinese University of Hong Kong and Kwoh-Ting
More informationDo Mid-Cap Private Equity Funds Have an Advantage in Today s Markets?
Do Mid-Cap Private Equity Funds Have an Advantage in Today s Markets? Richard Cashin, Managing Partner, One Equity Partners Ellis Jones, CEO, Wasserstein & Co. John Mapes, Managing Partner, Aurora Capital
More informationThe Virginia Tech U.S. Forest Service December 2016 Housing Commentary: Section I
The Virginia Tech U.S. Forest Service December 2016 Housing Commentary: Section I Urs Buehlmann Department of Sustainable Biomaterials College of Natural Resources & Environment Virginia Tech Blacksburg,
More informationThe Economic Census and Its Role in Economic Statistics
The Economic Census and Its Role in Economic Statistics Andrew Reamer George Washington Institute of Public Policy George Washington University 2012 Economic Census Conference U.S. Census Bureau October
More informationBRITISH INSTITUTE OF ENERGY ECONOMICS
BRITISH INSTITUTE OF ENERGY ECONOMICS ST JOHN S COLLEGE OXFORD 20 SEPTEMBER 2012 Michael Liebreich, Chief Executive Bloomberg New Energy Finance Twitter: @MLiebreich MICHAEL LIEBREICH, OXFORD, SEPT 2012
More informationCharles S. Gascon Regional Economist, Senior Coordinator
Generated: July 2018 Charles S. Gascon Regional Economist, Senior Coordinator Education MBA, Washington University, 2012 M.A. Economics, State University of New York at Albany, 2006 B.S. Managerial Economics,
More informationHouston s industrial market added 11.2M SF of new inventory and absorbed 9M SF in 2018
Research & Forecast Report HOUSTON INDUSTRIAL Houston s industrial market added 11.2M SF of new inventory and absorbed 9M SF in 2018 Lisa Bridges Director of Market Research Houston Houston s industrial
More informationTampa Bay economy 06/01 (Summer 2006)
University of South Florida Scholar Commons College of Business Publications College of Business 7-1-2006 Tampa Bay economy 06/01 (Summer 2006) University of South Florida. Center for Economic Development
More information2012 Small Business Leadership Forum hosted by CFO Jeff Atwater and the Jim Moran Institute
CONTENTS Please click on the presentation you would like to view Small Businesses and Florida s Economy Sean Snaith, PhD David Denslow, PhD Growing Your Small Business Jerry Cartwright Hugh Dailey September
More informationThe Virginia Tech U.S. Forest Service April 2018 Housing Commentary: Section I
The Virginia Tech U.S. Forest Service April Housing Commentary: Section I Urs Buehlmann Department of Sustainable Biomaterials College of Natural Resources & Environment Virginia Tech Blacksburg, VA 540.231.9759
More informationCenter for Business and Economic Research. Samuel Addy, Ahmad Ijaz, Carolyn Trent, Kathleen Gabler Authors. Carolyn Trent Project Manager
Samuel Addy, Ahmad Ijaz, Carolyn Trent, Kathleen Gabler Authors Carolyn Trent Project Manager Sherry Lang Graphic Designer Center for Business and Economic Research Contributors to the Alabama Economic
More informationBAYPORT SECURITISATION (RF) LTD INVESTOR REPORT DECEMBER 2014
BAYPORT SECURITISATION (RF) LTD INVESTOR REPORT DECEMBER 2014 Financial statistics for the period ended December 2014 Dec 14 Nov 14 Oct 14 Sept 14 Aug 14 Jul 14 Jun 14 May 14 Apr 14 Mar 14 Feb 14 Jan 14
More informationGOING GLOBAL The Future of Metro Economies
GOING GLOBAL The Future of Metro Economies @BrookingsMetro @Amy_Liuw #exportnation Metropolitan Policy Program at BROOKINGS World Trade Week 2012 - Los Angeles, CA / May 4, 2012 1 The Great Recession Was
More informationMetros at the Vanguard of Exports and Trade: Delivering the Next U.S. Economy
Metros at the Vanguard of Exports and Trade: Delivering the Next U.S. Economy @BrookingsMetro @Amy_Liuw Metropolitan Policy Program at BROOKINGS NASBITE International Conference Memphis, TN! April 3, 2014
More informationThe Virginia Tech U.S. Forest Service March 2017 Housing Commentary: Section I
The Virginia Tech U.S. Forest Service March 217 Housing Commentary: Section I Urs Buehlmann Department of Sustainable Biomaterials College of Natural Resources & Environment Virginia Tech Blacksburg, VA
More informationU.S. Economic and Construction Outlook
U.S. Economic and Construction Outlook Presented by: Bernard M. Markstein, Ph.D. Markstein Advisors May 7, 2014 Airports Council International ACI-NA International Aviation Issues Seminar Washington, D.C.
More informationSOUTH BEND INVESTMENT PROSPECTUS
DRAFT SOUTH BEND INVESTMENT PROSPECTUS A Platform for Action Prepared by NEW LOCALISM ADVISORS in collaboration with THE CITY OF SOUTH BEND Funded by ACCELERATOR FOR AMERICA SOUTH BEND INVESTMENT PROSPECTUS
More informationS E C O N D Q U A R T E R
SECOND QUARTER 2018 U.S. TRENDLINES 5-Year Trend VACANCY Current Quarter ABSORPTION All signs point to continued growth More tenants seeking spaces than 8 consecutive years availabilities - of especially
More informationThe Casey Report. E.B. Tucker
The Casey Report E.B. Tucker How to profit from collapse Everyone knows what s already happened Few people can figure out what happens next Think about incentives What will people do next? These people
More informationROSE GARDEN MEDICAL PLAZA University Blvd., Jacksonville, FL 32216
AVAILABLE SF: LEASE RATE: FREE BASE RENT LOT SIZE: 4,685 SF $18.00 SF/Yr (NNN) 1 Month Per Lease Year 1.0 Acres PROPERTY OVERVIEW Beautifully upgraded single story medical office building near Memorial
More informationWRITTEN SUBMISSION OF GE CAPITAL TO THE FINANCIAL CRISIS INQUIRY COMMISSION
WRITTEN SUBMISSION OF GE CAPITAL TO THE FINANCIAL CRISIS INQUIRY COMMISSION MICHAEL A. NEAL CHAIRMAN AND CEO OF GE CAPITAL AND VICE CHAIRMAN OF GE May 6, 2010 Chairman Angelides, Vice-Chairman Thomas,
More informationCarroll Co-Invest Fund I, LP Investor Update, Q4 2013
Carroll Co-Invest Fund I, LP Investor Update, Q4 2013 January 31, 2014 We are pleased to report that the Carroll Co-Invest Fund I concluded the 4th quarter 2013 with continued strong performance across
More informationThe Virginia Tech U.S. Forest Service November 2015 Housing Commentary: Part A
The Virginia Tech U.S. Forest Service November Housing Commentary: Part A Urs Buehlmann Department of Sustainable Biomaterials College of Natural Resources & Environment Virginia Tech Blacksburg, VA 54.231.9759
More informationState of the U.S. Retail Market
State of the U.S. Retail Market 2015 Q1 Review and Forecast Copyright 2015 CoStar Realty Information, Inc. No reproduction or distribution without permission. The following information includes projections
More informationThe future of work. Nav Singh Managing Partner, Boston McKinsey & Company
The future of work Nav Singh Managing Partner, Boston Since the Industrial Revolution, innovation has fueled economic growth Estimated global GDP per capita, $ 100,000 1st Industrial Revolution 2 nd Industrial
More informationTHE U.S. SEMICONDUCTOR INDUSTRY:
THE U.S. SEMICONDUCTOR INDUSTRY: KEY CONTRIBUTOR TO U.S. ECONOMIC GROWTH Matti Parpala 1 August 2014 The U.S. Semiconductor Industry: Key Contributor To U.S. Economic Growth August 2014 1 INTRO The U.S.
More information2008 RESULTS 27 February 2009
2008 RESULTS 27 February 2009 2008 RESULTS 27 February 2009 Sir Victor Blank Chairman 2008 RESULTS 27 February 2009 Tim Tookey Group Finance Director Key messages: Strong Lloyds TSB relationship business
More informationWhat Drives Commercial Real Estate and Where Are We Now?
What Drives Commercial Real Estate and Where Are We Now? This presentation and all research and materials enclosed are property of Lazard Asset Management LLC. 2014 Lazard Asset Management LLC Information
More informationSize of California s economy US$ trillions, 2009
Size of California s economy US$ trillions, 2009 Rank Country Gross domestic product 1 United States 14 2 Japan 5.1 3 China 4.9 4 Germany 3.3 5 France 2.6 6 United Kingdom 2.2 7 44 Italy 2.1 8 California
More informationAugust 7, 2014 Heiwa Corporation
August 7, 2014 Heiwa Corporation Contents Overview 3 1 st Quarter Results of FY Ending March 2015 4 Full-year Plan for FY2015 12 < Supplementary Information > Market Environment (Pachinko and Pachislot
More informationAugust 5, 2016 Heiwa Corporation. Securities Code : 6412
August 5, 2016 Heiwa Corporation Securities Code : 6412 Contents Overview 3 Results for the 1st Quarter of FY ending March 31, 2017 4 Full-year Plan for FY ending March 31, 2017 13 Supplementary Information
More informationAUSTIN ECONOMY MARKET WATCH
REAL ESTATE OUTLOOK AUSTIN ECONOMY MARKET WATCH MARCH 2016 Austin Employment By Industry (Trailing 12 Months) INDUSTRY (NON FARM) JAN 2016 JAN 2015 % GROWTH Mining, Logging & Construction 58,700 52,900
More informationBANK OF AMERICA - NET LEASED ASSET
BANK OF AMERICA - NET LEASED ASSET 22 BULL STREET SAVANNAH, GA 31401 SVN GASC 6001 Chatham Center Drive, Suite 120, Savannah, GA 31405 OFFERING MEMORANDUM PROPERTY INFORMATION 3 Executive Summary Property
More informationThe Virginia Tech U.S. Forest Service September 2017 Housing Commentary: Section I
The Virginia Tech U.S. Forest Service September 2017 Housing Commentary: Section I Urs Buehlmann Department of Sustainable Biomaterials College of Natural Resources & Environment Virginia Tech Blacksburg,
More informationIII. THE REGIONAL FRAMEWORK
THE SAN DIEGO REGIONAL ECONOMY III. THE REGIONAL FRAMEWORK The San Diego region, comprised solely of San Diego County, is one of California s most dynamic regions. The efforts of the University within
More informationNORTH AUSTIN II WILKE LANE PFLUGERVILLE, TX 78660
NORTH AUSTIN II 19447 WILKE LANE PFLUGERVILLE, TX 78660 Erik Carlson, BRE#1347649 Senior Advisor and Vice President 408.392.8822 erik.carlson@svn.com CalBRE #1347649 Paul Getty, BRE#01705899 President
More informationCommercial Investment Portfolio Sale
Commercial Investment Portfolio Sale Key Highlights >> Three-property portfolio sale in Downtown Columbia, South Carolina >> Four buildings totaling ±37,200 SF >> Family leased & managed for 50+ years
More informationU.S. Small Business Administration Tim Jeffcoat, District Director Houston District Office
U.S. Small Business Administration Tim Jeffcoat, District Director Houston District Office AGENDA Who Are We and What Do We Do and How Do We Do It and Who Does It and Why You Should Care Warning! Warning!
More informationTHE PENINSULA ECONOMY
Economic Update THE PENINSULA ECONOMY June 2016 SILICON VALLEY INSTITUTE for REGIONAL STUDIES Prepared by Stephen Levy This publication is one in a series of periodic updates on the local economy published
More informationHow U.S. Employment Is Changing
December 1, 211 How U.S. Employment Is Changing Stephen P. A. Brown and Hui Liu During the most recent recession, U.S. employment fell by 7,49 million jobs (5.4 percent). During the first 8 months of the
More informationCattle and Beef Markets: Short and Long Run Challenges and Opportunities
Cattle and Beef Markets: Short and Long Run Challenges and Opportunities Derrell S. Peel Breedlove Professor of Agribusiness and Extension Livestock Marketing Specialist Oklahoma State University Major
More informationDr. Greg Hallman Director, Real Estate Finance and Investment Center (REFIC) McCombs School of Business University of Texas at Austin
Dr. Greg Hallman Director, Real Estate Finance and Investment Center (REFIC) McCombs School of Business University of Texas at Austin POWERPOINT PARTNER } The US Economy today, with a close look at jobs
More information2017 Economic Outlook
2017 Economic Outlook January 25, 2017 What is the economic outlook for 2017? [ 2 ] idk [ 3 ] US Output Modest GDP growth in 2017 2016:Q3 was strong Productivity will be key to higher growth Chance of
More informationOffice Market Begins to Rebound in 2018 After 4 Years of Lackluster Leasing Activity
RESEARCH AND FORECAST REPORT - BAKERSFIELD, CALIFORNIA MID-YEAR 218 Office Market Begins to Rebound in 218 After 4 Years of Lackluster Leasing Activity Large blocks of sublease space and excess oil company
More information22 BULL STREET SAVANNAH, GA 31401
22 BULL STREET SAVANNAH, GA 31401 SVN GASC 6001 Chatham Center Drive, Suite 120, Savannah, GA 31405 OFFERING MEMORANDUM PROPERTY INFORMATION 3 Executive Summary Property Description Property Details Complete
More informationSmall Business, Entrepreneurship, and Economic Recovery
U.S. Department of Commerce Minority Business Development Agency Small Business, Entrepreneurship, and Economic Recovery Ivonne Cunarro Co- Hosted by the Kauffman Foundation, Federal Reserve Bank of Atlanta,
More informationPast, Present and Future U.S. Lamb Market, 2013
Past, Present and Future U.S. Lamb Market, 2013 Tim Petry Livestock Economist www.ag.ndsu.edu/livestockeconomics It was the best of times, it was the worst of times Source: Chapter 1, A Tale of Two Cities
More information2Q 2016 Results. Mermaid Maritime Plc. August 2016
Mermaid Maritime Plc 2Q 2016 Results August 2016 Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to
More informationBACCARAT: A LONGITUDINAL MICRO-STUDY
BACCARAT: A LONGITUDINAL MICRO-STUDY FIELD RESULTS FROM ONE ATLANTIC CITY CASINO, JANUARY 2004 TO JUNE 2010 CENTER FOR GAMING RESEARCH, JULY 2010 Baccarat is the most important game in the world s biggest
More informationU.S. Infrastructure Report Card in 2013
U.S. Infrastructure Report Card in 2013 An estimated $157 billion a year can protect $3.1 Trillion GDP $1.1 Trillion US trade value 3.5 million Jobs $2.4 Trillion Consumer spending value Source: American
More informationPhilip N. Feder. Los Angeles. Practice Areas. Admissions. Languages. Education. Partner, Real Estate Department
Philip N. Feder Partner, Real Estate Department philipfeder@paulhastings.com Philip N. Feder is a partner and former chair of the Global Real Estate practice of Paul Hastings and is based in the firm s
More informationHouston s industrial market continues to expand, adding 4.4M SF of inventory in the third quarter
Research & Forecast Report HOUSTON INDUSTRIAL Houston s industrial market continues to expand, adding 4.4M SF of inventory in the third quarter Lisa Bridges Director of Market Research Houston Houston
More information