Newswise – Although COVID-19 continues to disrupt many aspects of life – including the economy – the South Bay area of ââCalifornia can look forward to continued economic growth and stability for the foreseeable future.
This was just one of many positive predictions made by economists yesterday at the 7th Annual South Bay Economic Forecast, a conference where more than 200 business leaders, innovators and city officials gathered at the California State University, Dominguez Hills (CSUDH) to discuss the economic state of the South Bay area.
Entitled âLooking to the Future: New Trends and Opportunitiesâ, the conference was moderated by Frank Mottek, host of Mottek on Money on 790 KABC. The event started with the South Bay Economic Panel, made up of professors from CSUDH who also produced the Economic Forecast and Industry Outlook Report: Assistant Professor of Finance Jennifer Brodmann, Associate Professor of Public Administration Fynnwin Prager, and Professor of Economics Jose Martinez.
Regarding the economic recovery, Prager said, âWe had a lot of enthusiasm earlier in the year, with a 7% growth forecast, and then Delta (COVID-19 variant) arrived. The forecast has eased slightly, but we have grown like no other year. It’s a real mixed picture.
The report predicted positive macroeconomic trends for the United States, with GDP growth forecast of 4-6% and unemployment falling to 4% in 2022.
Regarding inflation, the panel argued that prices and sales will stabilize mainly by mid-2022. However, they warned that supply issues, especially around electronics containing microchips, will continue before the holidays. While current bottlenecks in the supply chain are causing the shortages, the panel pointed out that California ports, including the ports of Los Angeles and Long Beach, are doing better than others.
âObviously things look bad when you see all the ships lined up, but ports are actually carrying a lot more cargo than ever before,â Prager said. âComparing California to other states, the ports have done very well. “
While employment for South Bay is still on the decline, economists pointed out that the number of business applicants in LA County has doubled during the pandemic – and that despite business closures, the total number of businesses is a net positive.
Martinez was cautiously optimistic, saying that âCalifornia in general is doing very well and remains a good place to do business. We believe good things are to come.
After the economics part of the program, technology and aerospace experts took the stage for the âLooking Aheadâ panel, where they discussed the latest advancements in business models, innovations in rocket delivery. towards space and the long status of aerospace hub.
Panelists included: Josh Brost of Relativity Space; Dansil Green, engagement manager for SpaceWERX, the US Space Force’s business innovation office; McCoy Mouse from Studio MSD; and California Assembly member Al Muratsuchi.
The panel discussed how exciting developments such as the increased use of automation, 3D printing and digitization are breaking down many long-standing barriers to access in aerospace. In addition, many of these innovations originate from South Bay, making it a magnet for talent, industry and investment.
Assembly member Muratsuchi, who chairs the joint legislative special committee on aerospace and climate change, stressed that South Bay’s strengths can and should be used to tackle other major issues of the future.
âClimate change is going to be the number one national security problem, causing enormous disruption within and between nations,â Muratsuchi said. âWe are attracting innovators from all over the world to start their businesses here, and nothing more than the aerospace industry. We need to continue this spirit of innovation in California and apply it to the fight against climate change. “
About California State University, Dominguez Hills
California State University, Dominguez Hills, located in the center of the greater Los Angeles South Bay area, is a model urban university with a wide range of academic programs, offering accessible services, a high quality and transformative education for students who aspire to succeed and thrive in a complex global society. Since 1960, CSU Dominguez Hills has served a diverse community of learners and educators collaborating to improve lives and communities. A national model and laboratory for student success, the university offers a proven path to opportunity and social equity, advancing a college-driven culture in the communities it serves while providing vital resources to knowledge, talent and leadership in the greater Los Angeles area and beyond. Today, CSU Dominguez Hills has more than 100,000 alumni – doctors, scientists, engineers, educators, entrepreneurs – who are leaders in education, health, technology, entertainment, public service and business, making a difference in their fields, in people’s lives and in their communities. For more information visit www.csudh.edu.