The A. Gary Anderson Center for Economic Research released an updated economic forecast for 2015 and 2016 forecast at the Segerstrom Center for the Arts in Costa Mesa, CA. Dr. Jim Doti and Dr. Esmael Adibi from Chapman University presented information on the nation, California, and Orange County.
- Orange County median home prices to increase by 4.8 percent in 2015 and 3.7 percent in 2016
- With a $89,000 median family income in 2016, a potential Orange County buyer needs to allocate 37.9 percent of that income to purchase a median-priced home
- Orange County is forecasted to generate about 47,000 payroll jobs in 2015, an increase of 3.1 percent
Read the June 2015 Update Press Release here
The A. Gary Anderson Center for Economic Research released an updated economic forecast for 2014 and 2015 forecast at the Segerstrom Center for the Arts in Costa Mesa, CA. Dr. Jim Doti and Dr. Esmael Adibi from Chapman University presented information on the nation, California, and Orange County. “The forecast calls for real GDP growth to surpass three percent in 2015—the first time that has happened on an annual basis since the recovery began in 2009. ”
- Household wealth is at its highest level ever, above $80 trillion
- Construction of new homes has served as an engine of growth for the economy
- Median resale SFR prices are forecasted to increase by 4.1% in Orange County for 2015
The 36th annual Chapman University Economic Forecast presented by Dr. Jim Doti and Dr. Esmael Adibi was held this week at the Segerstrom Center for the Arts in Costa Mesa, CA. Around 1,500 business executives and leaders attended. Through research and analyses the A. Gary Anderson Center for Economic Research projected reporting on the nation, California, and Orange County. The 2014 forecast identified weak economic growth and a “cool off” for housing prices due to “lower housing affordability and increasing supply of new and resale housing units.”
- Residential construction activity will fuel economic growth nationwide
- Total payroll job creation of 332,000 in California and 35,000 in Orange County in 2014.
- Median resale SFR prices are forecasted to increase by 5.6% in Orange County
Many parts of Orange County including areas inland are amazing places to buy real estate. Excellent neighborhoods are scattered across OC from turnkey condos ideal for business travelers to homes perfect for raising a family. I was surprised to hear recently from Curt Pringle, former Mayor of Anaheim, that Orange County has 34 incorporated cities. I knew Orange County houses around 3 million+ people and about 1 million are Catholic, but 34 was such a large number. I did not want to Google the list, so I counted the cities to test my knowledge. Check out the list here. Which city is your favorite? If you need some more time to decide, just keep calm and go to the beach.
I typically discuss coastal real estate because luxury homes have been my focus over the years. Most of these homes are closer to the Pacific Ocean translating into a higher price point due to the limited supply of prime real estate or land near the beach. The temperature along the coast hovers between 60 to 70 degrees and most days showcase a view of Catalina Island. I’m also happiest at the beach, so real estate by the beach works well. One of my favorite questions to ask friends and clients is, “Do/would you prefer to live beachfront or up in the hills with a spectacular ocean view?” Still not sure which you would pick? Imagine you hit the Lotto and had an extra $15M to spend, then select your answer.
It’s that time of year again… the entertaining and informative Chapman University Economic Forecast presented by Dr. Jim Doti and Dr. Esmael Adibi. The annual forecast is held in December and the update takes place in June. More than 1,000 business executives gathered at the Segerstrom Center for the Arts in Costa Mesa, CA. Through complex econometrics the A. Gary Anderson Center for Economic Research analyzes and predicts what will happen in the nation, California, and Orange County. I’m happy to report things are improving in Orange County according to the economists.
Positive highlights for Orange County include:
2014 median annual household income projected to be $88,800
Price of a median-single family home is forecasted to increase by 8.8 percent according to the California Association of Realtors®
- Addition of 32,000 jobs in Orange County by the end of 2013
- OC job creation increased 2.3% in 2012 and was spread over multiple sectors
Read the full forecast here:
I attended a TEDx event this past week at Chapman University in Orange, CA. What an amazing day filled with talented presenters. The theme was Icons, Geniuses, & Mavericks. I was first exposed to TED talks at the beginning of business school and have been a fan since. TED stands for Technology, Entertainment, Design and has been around since 1984 with the slogan “Ideas worth spreading.” The added “x” means an independently organized event. TED talks consist of short messages (around 18 minutes) about innovative ideas or research findings presented in a story-like fashion on a stage in front of an audience. TED events take place globally and attract experts and well-known individuals including Bill Clinton and Bill Gates. I even have the TED app on my phone, which I recommend you download immediately. =) Like so many people, I’m drawn to these messages because I think there is always something new to learn and listening to a person full of passion on a particular topic is uplifting. To see the complete list of presenters at the Chapman event, visit this link.
Here are highlights I’d like to share with you:
- Rebrand failure in your mind. You are never done, be a perfectionist.
- Teach students Science, Technology, Engineering, Math. Acronym is STEM and this is the future.
- Friction is where the money is. Curation is good friction and promotes healthy competition.
- Creativity changes the way business operates. Zig when competition is zagging.
- Digital is the new 6th sense and a mobile phone is the medium. By 2020 50 billion devices will generate more data in one day than the past 100 years.
- The global stage leads to global competition.
- Change your lens and change your view of happiness.
- Absence of disease does not equal health. Obtain good health through everyday living.
- Our society has perfected the art of not feeling feelings. Give yourself space to feel feelings by disconnecting from online obsession.
- Be adaptive and agile. Know the signals to make changes for the success of your organization.
- Normal is merely average.
Gwynne Shotwel, President & COO of SpaceX. Photo credit: TEDxChapmanU Facebook page. See more photos here.
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