Cassidy Turley's latest economic forecast, as reported by Nevin Batiwalla, posits that the commercial real estate market will suffer as QE2 runs its course. Because the printing of money to buy government backed securities is coming to an end, problems that were pushed under the rug are appearing again.
Those problems include residential and commercial foreclosures to the tune of $500 billion and a soft labor market.
The BLS shows that Savannah's Labor market reflects Cassidy Turley's report. Unemployment has increase four tenths of a point and the unemployment rate increased one tenth of a point. Over the last year, of the 11 job categories profiled, six categories showed a decrease in employment. (These numbers are preliminary and not seasonally adjusted.)
While the Cassidy Turley report projects that the technology sector will provide the jump start the national economy needs, I believe Savannah's economy will weather a potential storm. All the economic indicators the Cassidy Turley report frets about is diminished by Savannah's diverse economic drivers. I'm not going to type the entire Savannah 2011 Economic Trends to support this thesis here, but it is available and consistent with what the local economy is seeing, including slight increases in unemployment. I remain optimistic.
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