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Economist Predicts No Austin Rebound Until Q2 2002

AUSTIN-Local economist Angelos Angelou tells real estate professionals to make the most of its economic downturn and aggressively market itself to places like California. An upswing isn't expected until Q2 2002 so it's time to place controls on future supply.

By Tim Green | Updated on July 25, 2001

AUSTIN-If you take the long view, things aren’t that bad. They were really bad in the late 1980s when Austin’s commercial real estate was overbuilt. And they’ll get better starting in the second quarter 2002, with the local economy humming at full speed by 2004. Until then, hold on and don’t put up more buildings whether they be office, industrial, retail or multifamily.

That’s the word Angelos Angelou, founder of Angelou Economic Advisors, delivered Wednesday to a sold-out audience of about 600 real estate professionals. It’s the first time Angelou has updated his annual beginning-of-the-year forecast to reflect the rapidly changing economy. He spoke at a luncheon sponsored by the Real Estate Council of Austin.

Angelou and Mark Dotzour, chief economist of the Real Estate Center at Texas A&M University, concur that Austin’s economic rebound should begin in 2002′s second quarter.Until then, the Central Texas economy will work off the excesses of the 1990s. “We all got a little fat,” Angelou said, “including myself. I’ve lost 14 pounds.”

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