CAA’s annual economic forecast for Greater Inland Empire attracts 130 industry professionals

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ONTARIO — More than 130 rental housing professionals and local elected officials gathered Tuesday for the California Apartment Association’s annual economic forecast for the Greater Inland Empire.

Jay Prag

This year’s event, held at the DoubleTree, featured economist Jay Prag of Claremont Graduate University’s Drucker School of Management, and Michael Cobb, market analyst with CoStar Group.

Presenting at his third consecutive CAA economic forecast, Prag offered a thought-provoking lecture on an array of local, state, and national macro-economic issues, explaining how these factors might affect the multifamily housing industry in the coming years.

Prag discussed the unintended consequences of a growing minimum wage and pointed to various challenges faced by the housing industry as companies like Amazon build a significant number of distribution warehouses and headquarters in the region.

Michael Cobb

During the second talk of the day, Cobb of CoStar Group shared an interactive “State of the Multifamily Market” presentation, highlighting the industry’s recent performance in San Bernardino and Riverside counties. Cobb’s presentation also included a detailed market forecast and economic overview of the region.

The event also included remarks from Tim Johnson, senior vice president of strategic development at Quality Management Group Inc., the exclusive sponsor of this year’s economic forecast.

Ben Benoit, CAA’s local vice president of public affairs, expressed the association’s appreciation to the speakers, QMG and the audience. Benoit also encouraged guests to attend the 2017 CAA Greater Inland Empire Tapped & Uncorked, a philanthropic event scheduled for Thursday, Sept. 14.

Learn about Tapped & Uncorked

 

Tagged: Greater Inland Empire

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