National and Regional Economists Present Economic Forecast at Baltimore Washington Corridor Chamber Luncheon
Laurel, MD—Tower Federal Credit Union sponsored the Baltimore Washington Corridor Chamber (BWCC) Annual Forecast Luncheon, held September 30 at the Sheraton College Park in Beltsville, Md. The luncheon featured a panel of national and regional economic experts who presented their economic forecast for the U.S., Maryland, and Washington, D.C. areas.
The panel included Dr. Martin Regalia, Chief Economist and Senior Vice President Economic and Tax Policy, U.S. Chamber of Commerce; Dr. Terry Clower, Deputy Director, Center for Regional Policy Analysis School of Public Policy, George Mason University; and Dr. Daraius Irani, Chief Economist, Regional Economic and Studies Institute, Towson University.
In general, the economists said the economy is recovering, but at a slow pace. There has been notable job growth; however, it has been mostly in low-wage jobs. Many are still unemployed or underemployed. In the middle- to high-wage sectors, the most growth in the private sector is in Professional and Business Services, followed by Education and Health Services and Retail Trade. The real estate market has recovered somewhat and median house sales price have increased in the D.C. area. Foreclosures are still high, particularly in Maryland; however, the number of people underwater on their mortgages has dropped.
"The good news is that incomes are growing, credit is more available, and consumption is up, which means consumers and small business owners have more confidence in the economy," Dr. Regalia said.
Tower's Manager of Business Development, Gail Sanders, attended the luncheon and said Tower was happy to once again be a major sponsor of the event.
"We feel it is important to support the local business community and participate in our regional chamber's events and programs."