Markets, He Wrote. By: Anirban Basu Sage Policy Group, Inc. On Behalf of The 2017 AIA TEXO Economic Outlook Forum. January 12 th, 2017

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1 Markets, He Wrote On Behalf of The 2017 AIA TEXO Economic Outlook Forum By: Anirban Basu Sage Policy Group, Inc. January 12 th, 2017

2 Macro P.I. (Just How Hairy is the Global Situation?) Photo: Flixter.com

3 Estimated Growth in Output by Select Global Areas 2017 Projected Advanced economies Euro area France Germany Italy Spain Japan United Kingdom Canada Australia United States Emerging market & developing economies Sub-Saharan Africa Emerging & developing Europe Russia Emerging & developing Asia China India Middle East, North Africa, Afghanistan, & Pakistan Latin America & the Caribbean Mexico Brazil 2016 Proj. Global Output Growth: 3.4% Source: International Monetary Fund, World Economic Outlook Database, October Notes: 1. For World Output, the quarterly estimates and projections account for approximately 90 percent of annual world output at purchasing-power-parity weights. For Emerging Market and Developing Economies, the quarterly estimates and projections account for approximately 80 percent of annual emerging market and developing economies output at purchasing-power-parity weights. 2. For India, data and forecasts are presented on a fiscal year basis and GDP from 2011 onward is based on GDP at market prices with FY2011/12 as a base year. 1.8% 1.5% 1.3% 1.4% 0.9% 2.2% 0.6% 1.1% 1.9% 2.7% 2.2% 4.6% 2.9% 3.1% 1.1% 3.4% 1.6% 2.3% 0.5% 6.3% 6.2% 7.6% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% Annual % Change

4 International Population Dynamics, 16 Largest Nations Population (Millions) Nation Net Change % Change Nigeria % Ethiopia % Egypt % Pakistan % Philippines % India 1, , % Mexico % Bangladesh % Indonesia % United States % Vietnam % Brazil % China 1, , % Germany % Russian Federation % Japan % World 7.3 billion 9.7 billion 2.4 billion 32.3% Source: United Nations, Department of Economic and Social Affairs, Population Division (2015). World Population Prospects: The 2015 Revision. *For statistical purposes, the data for China do not include Hong Kong and Macao, Special Administrative Regions (SAR) of China, and Taiwan Province of China.

5 Niamey Vice (Fertility Rates by Country, 2014) Rank* Source: World Bank, World Development Indicators Top 15 Bottom 15 Country Fertility Rate Rank* Country Fertility Rate 1 Niger Germany Somalia Italy Mali Malta Chad Hungary Angola Slovak Republic Congo, Dem. Rep Greece Burundi Poland Uganda Spain Gambia, The Bosnia and Herzegovina Nigeria Moldova Burkina Faso Singapore Mozambique Macao SAR, China Zambia Hong Kong SAR, China Tanzania Portugal Malawi Korea, Rep *Rank among 200 countries for which data are available for the most recent year (2014) **Total fertility rate represents the number of children that would be born to a woman if she were to live to the end of her childbearing years and bear children in accordance with age-specific fertility rates of the specified year.

6 Niamey, Niger Photo: Supporters of incumbent President Mahamadou Issoufou cheer at a campaign rally in Niamey on February 18, 2016.Joe Penney/REUTERS.

7 Global Debt to Exacerbate Slow Growth? According to the IMF, global debt reached an all-time high in 2015; At $152 trillion, global gross debt of the nonfinancial sector now represents 225% of global GDP; About 2/3 of this debt is in the private sector; Current low nominal-growth environment is making adjustment difficult, setting the stage for a vicious feedback loop in which lower growth hampers deleveraging and the debt overhang exacerbates the slowdown. 2 Sources: 1. International Monetary Fund. October World Economic Outlook: Subdued Demand: Symptoms and Remedies. 2. International Monetary Fund (IMF). October Fiscal Monitor: Debt Use It Wisely. Note: The nonfinancial sector comprises the general government, nonfinancial firms, and households. Gross debt represents the unconsolidated liabilities of the three.

8 NYMEX Crude Oil Future Prices in U.S. Dollars December 2001 through December 2016 $140 $120 $100 December 2016: $52.17 /Barrel $/Barrel $80 $60 $40 $20 $0 Dec-01 Apr-02 Aug-02 Dec-02 Apr-03 Aug-03 Dec-03 Apr-04 Aug-04 Dec-04 Apr-05 Aug-05 Dec-05 Apr-06 Aug-06 Dec-06 Apr-07 Aug-07 Dec-07 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Dec-09 Apr-10 Aug-10 Dec-10 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Source: U.S. Energy Information Administration *Month of December = average of daily prices from 12/1-12/30

9 Baltic Dry Index April 2009 through January ,000 4,000 3,000 January 9 th 949 2,000 1,000 0 Jan. 4, 1985: 1,000 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Source: Quandl.com The Baltic Dry Index (BDI) is a measure of the price of shipping major raw materials such as metals, grains, and fossil fuels by sea. The BDI is a composite of 3 sub-indices, each covering a different carrier size: Capesize, Panamax, and Supramax.

10 USA CSI (Commercial Situation Investigation) Photo: AMCNetworks.com

11 % Change from Preceding Period (SAAR) Gross Domestic Product 1990Q1 through 2016Q3* 8% 6% 4% 2% 0% -2% -4% -6% -8% 2016Q3: +3.5% -10% 1990Q1 1990Q3 1991Q1 1991Q3 1992Q1 1992Q3 1993Q1 1993Q3 1994Q1 1994Q3 1995Q1 1995Q3 1996Q1 1996Q3 1997Q1 1997Q3 1998Q1 1998Q3 1999Q1 1999Q3 2000Q1 2000Q3 2001Q1 2001Q3 2002Q1 2002Q3 2003Q1 2003Q3 2004Q1 2004Q3 2005Q1 2005Q3 2006Q1 2006Q3 2007Q1 2007Q3 2008Q1 2008Q3 2009Q1 2009Q3 2010Q1 2010Q3 2011Q1 2011Q3 2012Q1 2012Q3 2013Q1 2013Q3 2014Q1 2014Q3 2015Q1 2015Q3 2016Q1 2016Q3 Source: Bureau of Economic Analysis * 3 rd (Final) Estimate

12 Net Change in U.S. Jobs, BLS December 2002 through December Thousands December 2016: +156K -1,000 Dec-02 Apr-03 Aug-03 Dec-03 Apr-04 Aug-04 Dec-04 Apr-05 Aug-05 Dec-05 Apr-06 Aug-06 Dec-06 Apr-07 Aug-07 Dec-07 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Dec-09 Apr-10 Aug-10 Dec-10 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Source: U.S. Bureau of Labor Statistics

13 U.S. Employment to Population Ratio December 2000 December December 2016: 59.7% Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Source: U.S. Bureau of Labor Statistics Note: Civilian employment-population ratio, population 16 years and over, seasonally adjusted (SA).

14 National Nonfarm Employment by Industry Sector December 2015 v. December 2016 Education and Health Services 593 Professional and Business Services 522 Trade, Transportation, and Utilities 373 Leisure and Hospitality 295 Government 183 Financial Activities 159 Construction 102 Other Services 57 Information Manufacturing All told 2,157K jobs gained Mining and Logging Thousands, SA Source: U.S. Bureau of Labor Statistics

15 National Construction Employment Monthly Net Change December 2000 through December Monthly Net Change (thousands) Industry Sector Dec-16 Nov-16 Dec-15 1-net 12-net 12-% Construction 6, , , % Residential Building % Nonresidential Building % Heavy & Civil Engineering % Specialty Trade Contractors 4, , , % December 2016: -3.0K Dec-00 Apr-01 Aug-01 Dec-01 Apr-02 Aug-02 Dec-02 Apr-03 Aug-03 Dec-03 Apr-04 Aug-04 Dec-04 Apr-05 Aug-05 Dec-05 Apr-06 Aug-06 Dec-06 Apr-07 Aug-07 Dec-07 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Dec-09 Apr-10 Aug-10 Dec-10 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Source: U.S. Bureau of Labor Statistics

16 State-by-state Growth in Construction Jobs November 2015 v. November 2016 STATE Source: U.S. Bureau of Labor Statistics Year-overyear Ch. ( 000) STATE Year-overyear Ch. ( 000) STATE Year-overyear Ch. ( 000) CALIFORNIA 35.1 UTAH 3.9 DISTRICT OF COLUMBIA* 0.0 FLORIDA 23.2 NEW JERSEY 3.7 MONTANA 0.0 WASHINGTON 16.5 WISCONSIN 3.2 NEBRASKA* 0.0 COLORADO 12.8 LOUISIANA 2.7 MISSISSIPPI -0.2 NORTH CAROLINA 10.6 IDAHO 1.7 VERMONT -0.3 GEORGIA 9.1 VIRGINIA 1.6 DELAWARE* -0.4 MICHIGAN 9.0 HAWAII* 1.5 ARKANSAS -0.4 NEVADA 8.4 SOUTH DAKOTA* 1.4 NORTH DAKOTA -0.6 IOWA 8.3 WEST VIRGINIA 1.2 MARYLAND* -0.8 OREGON 7.0 INDIANA 1.1 MAINE -1.0 MASSACHUSETTS 6.4 OKLAHOMA 0.8 ILLINOIS -1.2 MINNESOTA 6.0 PENNSYLVANIA 0.8 WYOMING -1.3 OHIO 5.5 NEW MEXICO 0.6 CONNECTICUT -2.2 SOUTH CAROLINA 4.9 TEXAS 0.5 KENTUCKY -2.2 MISSOURI 4.9 ALASKA 0.4 ALABAMA -3.6 TENNESSEE* 4.7 RHODE ISLAND 0.3 KANSAS -3.6 ARIZONA 4.6 NEW HAMPSHIRE 0.2 NEW YORK -6.4 U.S. Year-over-year Net Change November: +153K December: +102K *Construction, Mining, and Logging are included in one industry.

17 Texas Nonfarm Employment by Industry Sector Groups (SA) November 2015 v. November 2016 Absolute Change Education and Health Services Leisure and Hospitality Trade, Transportation, and Utilities Government Professional and Business Services Financial Activities Other Services Information Construction Manufacturing Mining and Logging -24,000-29, , ,200 21,100 46,400 39,000 49,000 TX Total: K; +1.8% US Total (SA): +2,272K; +1.6% 66,300-70,000-50,000-30,000-10,000 10,000 30,000 50,000 70,000 Source: U.S. Bureau of Labor Statistics *According to the Local Area Unemployment Statistics (LAUS) series TX added 266,114 jobs between November 2015 and November 2016.

18 Dallas MSA Nonfarm Employment by Industry Sector Groups (NSA) November 2015 v. November 2016 Absolute Change Trade, Transportation & Utilities 34,000 Professional & Business Services 25,000 Financial Activities 13,600 Education & Health Services 13,300 Government 11,500 Leisure & Hospitality Other Services Construction* 3,700 3,700 10,200 Dallas MSA Total: K; +3.3% TX Total (SA): K; +1.8% Information Manufacturing -1, US Total (SA): +2,272K; +1.6% -5,000 5,000 15,000 25,000 35,000 Source: U.S. Bureau of Labor Statistics *Dallas-Fort Worth-Arlington, TX *Construction, Mining, and Logging are included in one industry.

19 Houston MSA Nonfarm Employment by Industry Sector Groups (NSA) November 2015 v. November 2016 Absolute Change Education & Health Services 14,500 Trade, Transportation & Utilities Government 10,500 9,100 Financial Activities -100 Information -300 Other Services Professional & Business Services Manufacturing -2,600-3,900-7,200 Houston MSA Total: +16.1K; +0.5% TX Total (SA): K; +1.8% Mining and Logging Construction -12,700-7,900 US Total (SA): +2,272K; +1.6% -20,000-10, ,000 20,000 Source: U.S. Bureau of Labor Statistics *Houston-The Woodlands-Sugar Land, TX

20 San Antonio MSA Nonfarm Employment by Industry Sector Groups (NSA) November 2015 v. November 2016 Absolute Change Government Other Services Professional & Business Services Leisure & Hospitality 3,700 3,300 3,300 2,800 Construction 1,500 Education & Health Services 1,200 Trade, Transportation & Utilities Financial Activities Information , San Antonio MSA Total: +15.8K; +1.6% TX Total (SA): K; +1.8% Mining and Logging Manufacturing -1, US Total (SA): +2,272K; +1.6% Source: U.S. Bureau of Labor Statistics *San Antonio-New Braunfels, TX -2,000-1, ,000 2,000 3,000 4,000

21 Austin MSA Nonfarm Employment by Industry Sector Groups (NSA) November 2015 v. November 2016 Absolute Change Education & Health Services Trade, Transportation & Utilities Construction* 4,000 3,800 4,800 Professional & Business Services 2,500 Government 2,300 Financial Activities Other Services 2,100 1,600 Austin MSA Total: +19.5K; +2.0% Leisure & Hospitality Information Manufacturing -3, ,400 TX Total (SA): K; +1.8% US Total (SA): +2,272K; +1.6% -5,000-3,000-1,000 1,000 3,000 5,000 Source: U.S. Bureau of Labor Statistics *Austin-Round Rock, TX *Construction, Mining, and Logging are included in one industry.

22 Employment Growth, U.S. States (SA) November 2015 v. November 2016 Percent Change RANK STATE % RANK STATE % RANK STATE % 1 FLORIDA TENNESSEE KENTUCKY WASHINGTON DISTRICT OF COLUMBIA ARKANSAS UTAH TEXAS ILLINOIS OREGON WEST VIRGINIA PENNSYLVANIA NEVADA INDIANA IOWA HAWAII DELAWARE NEW JERSEY IDAHO MONTANA MAINE SOUTH DAKOTA MARYLAND CONNECTICUT CALIFORNIA ARIZONA VERMONT GEORGIA MINNESOTA MISSISSIPPI COLORADO NEW YORK KANSAS NEW HAMPSHIRE RHODE ISLAND LOUISIANA SOUTH CAROLINA ALABAMA NEW MEXICO MISSOURI NEBRASKA ALASKA MASSACHUSETTS VIRGINIA OKLAHOMA MICHIGAN WISCONSIN NORTH DAKOTA NORTH CAROLINA OHIO WYOMING -3.1 Source: U.S. Bureau of Labor Statistics U.S. Year-over-year Percent Change November: +1.6% December: +1.5%

23 Employment Growth, 24 Largest Metros (NSA) November 2015 v. November 2016 Percent Change Rank MSA % Rank MSA % 1 Orlando-Kissimmee-Sanford, FL MSA Washington-Arlington-Alexandria, DC-VA- MD-WV MSA Seattle-Tacoma-Bellevue, WA MSA Charlotte-Concord-Gastonia, NC-SC MSA Dallas-Fort Worth-Arlington, TX MSA Boston-Cambridge-Nashua, MA-NH Metro NECTA Denver-Aurora-Lakewood, CO MSA Detroit-Warren-Dearborn, MI MSA St. Louis, MO-IL MSA (1) Baltimore-Columbia-Towson, MD MSA Atlanta-Sandy Springs-Roswell, GA MSA Los Angeles-Long Beach-Anaheim, CA MSA Portland-Vancouver-Hillsboro, OR-WA MSA Philadelphia-Camden-Wilmington, PA-NJ- DE-MD MSA Tampa-St. Petersburg-Clearwater, FL MSA Minneapolis-St. Paul-Bloomington, MN-WI MSA Riverside-San Bernardino-Ontario, CA New York-Newark-Jersey City, NY-NJ-PA MSA MSA San Francisco-Oakland-Hayward, CA MSA Phoenix-Mesa-Scottsdale, AZ MSA Miami-Fort Lauderdale-West Palm Beach, FL MSA 12 San Diego-Carlsbad, CA MSA Source: U.S. Bureau of Labor Statistics *CES Survey Chicago-Naperville-Elgin, IL-IN-WI MSA 0.8 Houston-The Woodlands-Sugar Land, TX MSA 0.5

24 Unemployment Rates, 24 Largest Metros (NSA) November 2016 Rank MSA UR Rank MSA UR Boston-Cambridge-Nashua, MA-NH Metro Orlando-Kissimmee-Sanford, FL MSA 4.4 NECTA 2 Denver-Aurora-Lakewood, CO MSA Charlotte-Concord-Gastonia, NC-SC MSA Minneapolis-St. Paul-Bloomington, MN-WI MSA Source: U.S. Bureau of Labor Statistics Dallas-Fort Worth-Arlington, TX MSA San Francisco-Oakland-Hayward, CA MSA Washington-Arlington-Alexandria, DC-VA- MD-WV MSA Los Angeles-Long Beach-Anaheim, CA MSA New York-Newark-Jersey City, NY-NJ-PA MSA Philadelphia-Camden-Wilmington, PA-NJ- DE-MD MSA Tampa-St. Petersburg-Clearwater, FL MSA St. Louis, MO-IL MSA (1) Atlanta-Sandy Springs-Roswell, GA MSA 4.8 Miami-Fort Lauderdale-West Palm Beach, 8 Phoenix-Mesa-Scottsdale, AZ MSA FL MSA Houston-The Woodlands-Sugar Land, 9 Baltimore-Columbia-Towson, MD MSA TX MSA 10 Portland-Vancouver-Hillsboro, OR-WA MSA Detroit-Warren-Dearborn, MI MSA San Diego-Carlsbad, CA MSA Chicago-Naperville-Elgin, IL-IN-WI MSA Seattle-Tacoma-Bellevue, WA MSA Riverside-San Bernardino-Ontario, CA MSA Area boundaries do not reflect official OMB definitions.

25 21 Jump Street (And Other Addresses of Interest) Photo: TheMoveDatabase.org

26 Architecture Billings Index January 2008 through November November 2016: Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Source: The American Institute of Architects

27 National Nonresidential Construction Spending by Subsector November 2015 v. November 2016 Lodging Office Amusement and recreation Commercial Highway and street Educational Religious Power Conservation and development Health care Water supply Public safety Sewage and waste disposal Manufacturing Transportation Communication -13.8% -0.8% -1.2% -1.5% -4.1% -4.7% -7.7% -8.1% -8.5% 0.0% 13.2% 12.4% 10.5% 9.1% Total Nonresidential Construction YOY: +$33.07B; +4.9% 28.4% 27.5% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 12-month % Change Source: U.S. Census Bureau

28 Dallas & Fort Worth Office Market Statistics, 2016Q4 Net Rentable Area (SF) Total Vacancy Rate (%) Total Availability Rate (%) Average Asking Rate Net Absorption (SF) 2016Q Dallas Total 179,336, % 23.7% $ ,286 4,958,969 Source: CBRE Class A 106,598, % 23.6% $ ,322 3,389,909 Class B 69,533, % 24.2% $ ,266 1,389,909 Fort Worth Total 33,307, % 23.8% $ , ,638 Class A 12,916, % 24.6% $ , ,468 Class B 18,701, % 23.8% $ , Metro Total 212,644, % 23.7% $ ,158 5,280,575 Class A 119,514, % 23.7% $ ,141 3,632,322 Class B 88,235, % 24.2% $ ,209 1,483,680 More than 6.7 million sq. ft. remained under construction with 44.6% pre-leased; 24 of the 28 buildings underway being speculative; Far North Dallas (mainly the Upper Tollway and Frisco), Uptown, and Las Colinas submarkets accounted for 76.5% of the DFW market s construction as of year-end.

29 Down to The Wire Photo: RecapGuide.com

30 Sales Growth by Type of Business November 2015 v. November 2016* Internet, etc. Retailers Health & Personal Care Stores Miscellaneous Store Retailers Food Services & Drinking Places Building Material & Garden Supplies Dealers Furniture & Home Furn. Stores Gasoline Stations Motor Vehicle & Parts Dealers Food & Beverage Stores Clothing & Clothing Accessories Stores General Merchandise Stores Sporting Goods, Hobby, Book & Music Stores Electronics & Appliance Stores -3.8% -1.3% -1.4% 0.9% 4.0% 3.3% 3.1% 4.9% 4.3% 4.1% 6.2% 5.8% 11.9% -10% -5% 0% 5% 10% 15% 12-month % change Source: U.S. Census Bureau *November 2016 advanced estimate Total Retail Sales: +3.8% YOY

31 U.S. Saving Rate, January 2005 November 2016 (Savings as Percentage of Personal Disposable Income) 12.0 Savings Rate (%) November 2016: 5.5% Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Source: Bureau of Economic Analysis

32 U.S. Gross Private Domestic Investment (SAAR)* % Change from Previous Quarter, 2000Q1 2016Q Q1 2000Q4 2001Q3 2002Q2 2003Q1 2003Q4 2004Q3 2005Q2 2006Q1 2006Q4 2007Q3 2008Q2 2009Q1 2009Q4 2010Q3 2011Q2 2012Q1 2012Q4 2013Q3 2016Q3: +3.0% 2014Q2 2015Q1 2015Q4 2016Q3 Source: Bureau of Economic Analysis * 3 rd (Final) Estimate

33 The Closer Global economy remains weak, and correspondingly... ; Global money has continued to pour into America in search of yield and safety, including into commercial real estate that was particularly true in 2015, a bit less true in 2016; Inflationary pressures are on the rise so, too, are interest rates that could begin to squeeze asset prices in 2017, particularly if expected tax cuts are not passed into law; There are indications of minibubbles forming in commercial real estate, particularly office and lodging segments; However, Dallas continues to create lots of jobs and attract many Millennials we ll let the panel tell us how concerning circumstances are I think we are approaching the later stages of this cycle...; But tax cuts, stimulus, and more defense spending should see us through

34 Thank You Follow us on You can always reach me at Please look for updates of information at Also, if you need us in a hurry, we are at ( SAGE) Please contact us when you require economic research & policy analysis.

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