At least one respected economist has an uplifting message for the real estate community: stop worrying about a downturn.
Christopher Thornberg, founding partner of Los Angeles-based Beacon Economics, on Tuesday told the crowd at Colliers International’s 19th annual Trends event that it isn’t yet time to start collective hand wringing. In fact, he predicted the economy would be full steam ahead for another 24 months and that, in many ways, the economy may better in 2018, even as he warned that he did see signs of a new bubble that could impact the market in the long-term.
“When you look at the underlying indicators, not only is there no chance of a downturn over the course of the next 24 months, if anything, the economy is actually going to accelerate,” he said. “It’s going to be a good year.”
The message comes as a welcome reassurance in Silicon Valley, which has seen economic upswing for a nearly unprecedented stretch, bringing consistent gains in leasing activity, transaction dollar amounts and development across the Valley.