Terry Clower at the Economic Conference Feb. 1, 2017. Photo courtesy of TriVision Creative.
Nearly 700 business leaders from the Washington, D.C., area came to the 25th Annual Economic Conference on Wednesday to hear from George Mason University economists Stephen Fuller and Terry Clower, whose respective centers analyzed decades of data to see where the region’s future economy is headed.
The conference at the Fairview Park Marriott in Falls Church, Va., was hosted by George Mason, Cardinal Bank, the Northern Virginia Chamber of Commerce and the Washington Business Journal.
Virginia Gov. Terry McAuliffe recognized Mason for its pioneering medical innovations. Mason president Ángel Cabrera highlighted Mason’s contribution as an economic engine, including Mason being named a top-tier research university by Carnegie, and citing the new business-driven laboratory, the Mason Innovation Exchange—the MIX—at the Fairfax Campus.
Clower, director of Mason’s Center for Regional Analysis at Mason’s Schar School of Policy and Government, presented a recap of the national and regional economy and offered his outlook for 2017: Energy prices are likely to remain low for the time being, payroll jobs are gaining (but not as fast as some would like) and new home sales are outpacing existing home sales.
However, inevitable automation of jobs will stress some of the middle-income sector, and the turmoil in immigration policy threatens a population vital to the region, Clower added.
In the end, he concluded, the region most likely will outperform the rest of the United States, but it’s important that the region’s businesses continue to diversify away from federal reliance, which will not likely return to pre-sequester figures any time soon.
Stephen Fuller at the Economic Conference Feb. 1, 2017. Photo courtesy of TriVision Creative.
Stephen Fuller, director of the Stephen S. Fuller Institute for Research on the Washington Region’s Economic Future at the Schar School, has long championed diversification from federal spending and expanding local businesses into global ones. His study, “Roadmap for the Washington Region’s Future Economy,” can be found here.
Fuller said a knowledge-based economy such as Washington’s requires selling services and goods outside of the region. His research shows that growth in nongovernment sectors is troubling because of the lack of marketplace expansion.
Good news, bad news or even tepid forecasting is important, said Mark J. Rozell, dean of the Schar School.
“This showcases the reliance on [Mason’s] research to the community,” he said. “These important executives took a half-day in the middle of the week to hear what our research tells them on what they need to know.”