2020 Economic Forecast

This is an event we look forward to each year- the Utah Valley Home Builders Association sponsors it. Elliot F. Eisenberg, an economist gives his thoughts & predictions for the year to come.

Here are the notes I took:

2020 Economic Forecast
Elliot F. Eisenberg
No recession, no bubble
Utah is strong & growing
Economy slowing but still growing
Consumer confidence high
No recession, just slowing down. Not expecting it 2020
Global GDP is softening
Tight labor markets, really low unemployment
If unemployment rises then we are going to be in a recession
Wage growth is weak
Lack of inflation
New housing- not enough single family built
Low inventory pushing prices up
Rent prices up
Lot prices, regulations and fees pushing new construction prices
Existing home sales rising just slightly
Inventory declining year over year, 20 year low
Good credit scores and better lending
Big wave of 1 st time home buyers
Utah is #4 in population growth for the last year
SLC, Provo/Orem all good

Overall, Utah is looking good & steady & we have a strong economy 🙂