Jim Walberg
Colliers International’s Trends 2013 Forum – Silicon Valley
Jim Walberg, from Keller Williams Realty International, attended the 14th Annual Trends Forum for Silicon Valley hosted by Colliers International. The Forum focused on the economic outlook for the Bay Area with over 600 business leaders in attendance. This year’s focus was on the economic engine driving the Bay Area – technology, some predictions for 2013.
The format of Trends Forum started with a commentary from one of the Colliers International partners, Andy Zighelboim. “We expect a prolonged cycle of expansion in Silicon Valley and the Peninsula. And, we recognize that world economies are still in a recession. When the world recovers Silicon Valley should be set up for an even bigger growth opportunity because of having such a head start on leading California out of the past recession.” He further added, “Today the three legs of our economic stool are: the Cloud, computing, and social networking. Because of this, the actual cost of distribution from these business sectors is zero. With 25% of the world ‘connected’, and with that number growing to 50% in seven years, there is only an upside to these industries.”
The day ended with the keynote address from Gregory Valliere, the Chief Political Strategist from the Potomac Research Group. The perspective he brought to the day was invaluable. Obviously, what happens in Washington impacts all aspects of our Bay Area economy. Valliere predicted that the national economy will grow only at 1.4% for 2013 and that the Fed interest rate will remain at zero for years. Unemployment is the key issue in Washington, not inflation. The budget deficit is coming down, however he believes it will hit a brick wall about 2014 with government entitlements – Social Security, Medicare, and health care.
Mr. Valliere continued his remarks with what he believes is the biggest economic “Wild Card” for all of us – geo-politics; Iran having weapons of mass destruction and Israel not allowing them to proceed with them; Greece defaulting; and the price of oil going over $200 a barrel. He was also commented on the housing market’s shadow inventory of foreclosed homes. He said, “There is no resolution on the shadow foreclosure markets – none! The housing markets will continue to flounder, with micro-market exceptions such as the Bay Area. Quietly, Washington wants the housing markets to seek their own levels without any government assistance.
Everyone in the audience left their time at Trends Forum knowing the serious work required for the Bay Area to continue its leadership in the world economies.
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