Economic Slowdown Predicted for Orange County in The Chapman University Economic Forecast Presented by Comerica Bank
Higher Interest Rates and Job Growth Slowdown are Predicted Statewide in 2006
Dec 8, 2005
LOS ANGELES, Dec. 8 /PRNewswire-FirstCall/ -- In its 28th annual economic forecast for 2006 presented by Comerica Bank, the Gary Anderson Center for Economic Research (ACER) today forecast an overall economic slowdown in Orange County. In Orange County, homeowners have to use 50 percent of their income for housing costs, compared to 20 percent on the national average.
On the national level, the forecast expects the Fed to continue increasing the federal funds rate from 4.0 percent currently to 4.75 percent by mid-2006. This increase will move into a restrictive range that will tend to dampen economic growth, said the economists from Chapman University in Irvine.
The forecast was presented by Comerica Bank to more than 1,000 attendees, comprised of academics, top business executives and local government representatives at a conference held at the Hyatt Regency in Irvine. The year-ahead economic forecasts from ACER for the U.S., California and Orange County featured distinguished speakers such Chapman President James L. Doti, Ph.D. and Esmael Adibi, Ph.D.
Comerica Bank is also teaming up with Stanford Institute for Economic Policy Research and two business newspapers in sponsoring economic forecast events in January in Palo Alto, San Diego and Los Angeles. Comerica's economist, Dana Johnson, will be one of the guest speakers at the events in January.
The events are: * Jan. 5, 2006 - San Diego, "San Diego Business Journal 2006 Economic Trends Forum," sponsored by Comerica Bank. * Jan. 18, 2006 - "Los Angeles Business Journal 2006 Economic Forecast," co-sponsored by Comerica Bank. * Jan. 19, 2006 - Palo Alto, "The Economics of Business in 2006," co-sponsored by Comerica Bank and the Stanford Institute for Economic Policy Research About Comerica Bank
Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Detroit, strategically aligned into the Business Bank, Small Business & Personal Financial Services, and Wealth & Institutional Management. Comerica focuses on relationships, and helping businesses and people be successful. Comerica Inc. reported total assets of $54.3 billion at September 30, 2005.
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