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Monday, December 19, 2005

Puget Sound Economy Powered by "Magic"

Okay so that headline was a bit of hyperbole, but I'm allowed to have a little fun now and then. I just couldn't help it after reading about the "Horizons Economic Forecast breakfast" in Pierce County:

With two weeks remaining, 2005 looks to have been a year of healthy, strong and fruitful economic results. Next year looks good, but not quite as good.

Such was the message delivered Thursday at the Tacoma-Pierce County Chamber's 18th annual Horizons Economic Forecast breakfast.

The theme of the morning was magic, evidenced by a pair of strolling magicians as well as tricks – money and fire suddenly appearing – performed by master of ceremonies Joseph Beaulieu, senior vice president of Venture Bank.
What's the economic forecast? Why it's magic! More jobs, more money, happy times for everyone! Why? Because we say so, that's why. And that "bubble" thing? Don't worry your little head about that.
Lawrence Yun, managing director of quantitative research for the National Association of Realtors, said an increase in corporate profits in 2006 will mirror an increase in available jobs.
Yun lambasted reporters who have fostered an irrational fear of the "housing bubble," wherein high home prices are said to be likely to implode.

"Scary news sells papers," he said.

Yes, price growth is softening elsewhere, he said. But "in this region, prices are actually accelerating."

And in fact, he predicted, the number of new-home sales will mark the fifth consecutive year of record growth. Prices will reach another all-time high.
If a representative of the National Association of Realtors says it, it must be true. Okay, I've had my helping of sarcasm for the day now.

(C.R. Roberts, Tacoma News-Tribune, 12.16.2005)

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