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Recession and 9/11 to Taint Coming Year

LOS ANGELES-The mood at RECG Real Estate Conference 2002 at the Century Plaza Hotel here was upbeat but cautious, as panel after panel repeated the worrisome mantra of recession and the tragic events of 9/11 as cause for 2002 to be a challenge for the industry.

By Peter Landau | Updated on January 17, 2002

LOS ANGELES- The recession and tragic events of 9/11 affect the mood at RECG Real Estate Conference 2002 at the Century Plaza Hotel here. Industry executives were upbeat but cautious, as panel after panel said 2002 would be a challenging one.

Everyone speaking on the economics panel agreed that the recession is here. But the question asked by T.D. Gibson, chief economist, retired, California Department of Finance, was on the minds of everyone attending: was it over? Looking forward he saw positive signs in the government’s current economic policy and its rising stream of spending post-9/11.

Jack Kyser, chief economist, Los Angeles Economic Development Corp., noted a series of transitions in the Southern California economy. The tech crash, a wind down of commercial aircraft production, weakening tourism and general manufacturing job loses were all cause for concern. However, increased defense spending, interest in better security technology and the motion picture industry ramping up after the treat of strike all point to recovery, he adds.

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