Event Recap: Prospects for U.S. & Regional Economies

May 28, 2014 at 2:12 pm

Chief Economist Stuart Hoffman of PNC and NAIOP MN's Vice President Sonja Dusil of Cushman & Wakefield | NorthMarq

Chief Economist Stuart Hoffman of PNC and NAIOP MN’s Vice President Sonja Dusil of Cushman & Wakefield | NorthMarq

By Nancy Burke, Gray Plant Mooty

It was a foggy morning, but Stuart Hoffman gave a clear and engaging presentation on the economic outlook for our country and region at the NAIOP Minnesota Breakfast Event on May 20. PNC’s Senior Vice President and Chief Economist, Dr. Hoffman has been recognized as a “Top Forecaster” by the Wall Street Journal. Economics can be dry, but Dr. Hoffman injected entertaining bits of humor throughout his speech that the audience clearly appreciated.

The economy, according to Dr. Hoffman, continues to heal from the devastation it suffered in 2008/2009. The recuperation rate is slow and not without setbacks, but the trend will continue towards recovery. The principal drivers in strengthening the economy include consumer spending, business investment, the automobile industry, housing, state and local government spending and the global market.

Dr. Hoffman cautioned that small business owners form the grass roots of our economy, and more new businesses are needed to propel economic growth. In addition, any discord in the Middle East threatening oil production has the potential to upset the economic apple cart.

Dr. Hoffman praised our regional economy as relatively impressively strong, beating the nation in job growth and unemployment. Our region is one of the few markets gaining in population due to new jobs. Many other regions are still replacing former positions held before the crash and are on a longer road to recovery.


CF_CMYK Logo TagPre-event info from Camp Fire Minnesota
Before hearing from Dr. Hoffman, we learned about NAIOP Minnesota’s new charitable partner, Camp Fire Minnesota.  Its Chief Executive Officer Marnie Wells explained the camp programs, including year-round clubs in the metro area that serve youth after school.  Campfire Minnesota is in the midst of a capital campaign to raise $1.5 million for improvements at its two camp properties – Camp Tanadoona and Camp Bluewater.

NAIOP Minnesota members can help by donating supplies, volunteering at a club program, serving on the Board of Directors, sponsoring a club or camper or contributing to the capital campaign. For more Information on how to help, visit the Camp Fire Minnesota site.

Entry filed under: Featured Articles, NAIOP Serves, Programs | Events.

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For more information about NAIOP Minnesota, visit www.NAIOPMN.org.

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