Tompkins Hosted 2005 Market Forecast
Washington, D.C., February, 2005
Tompkins Builders, Inc. hosted the 2005 Market Forecast
Breakfast Meeting and Presentation at the National Press Club in
Washington, D.C. The keynote speaker, Stephen S. Fuller, Ph.D. is
renown in the industry. He is the Dwight Schar Faculty Chair,
University Professor, and Director, Center for Regional Analysis
School of Public Policy at George Mason University. He currently
serves on the Board of Directors of Tompkins Builders, Inc.
Stephen S. Fuller, Ph.D. expounded on the economic outcomes of
2004 to provide context for his market forecast for 2005. As
expected, the U.S. economy accelerated in 2004 with job growth
lagging behind, but job growth should peak this year, he explained.
This exceptional economic performance is not sustainable, Dr. Fuller
cautioned, as it generally results in higher inflation and costs,
but should become more sustainable as the economy slows.
“The Washington economy outperformed all major metropolitan areas
nationwide in [2004] because it is different,” Dr Fuller said. The
nation’s capital, according to Dr. Fuller, “has benefited from its
unique and unusually interdependent economic structure that is
centered on its national capital functions and includes substantial
spending by the federal government.”
The Washington area’s 70,500 new jobs in 2004 accounted for 4
percent of the nation’s new jobs last year, he explained. “This
level of job growth was well ahead of the Washington area’s
long-term average (1980 - 2003) of 52,000 new jobs annually,” he
continued. The area’s strong economic performance over this decade
is critical to its long-term vitality and the 50 percent increase in
jobs (1.75 million) projected by 2030, Dr. Fuller added. If
achieved, he continued, the gross regional product would double over
the next 25 years.
Dr. Fuller concluded by addressing how employment affects real
estate development, and how the stock market will change by 2009,
making bond investment a safer option than stocks. His monthly
economic indicator reports are available on the Center for Regional
Analysis web site (www.cra-gmu.org).
Contact:
Public Relations
Tompkins Builders, Inc.
(202) 898-5748
Fax (202) 898-2531
info@tbius.com
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