Best Residential Construction Forecast - 2019 for prediction made at 2018 conference
The Federal Reserve Bank of Chicago has once again lauded William V. Rapp, the Henry J. Leir Professor of International Trade and Business and director of the Leir Center for Financial Bubble Research at NJIT's Martin Tuchman School of Management, for his economic forecasting acumen. It was the sixth forecasting honor awarded to Rapp by the bank — this time for his 2019 forecast, which predicted declines in housing construction, and noted the large discrepancy between the Consumer Price Index and the Gross Domestic Product (GDP) deflater.
Rapp was recognized this past December at the bank’s 33rd Annual Economic Outlook Symposium, where he submitted his forecast for 2020. His report, posted on the Leir Bubble Center website, focuses on such sectors as auto, steel, heavy machinery, consumer and employment.
The consensus of the experts attending the conference is that “industry and state economic outlooks generally support an overall GDP macro view of lower but still positive economic growth, with spotty performance in various sectors, especially investment.” Additionally, the outlook for the U.S. is better than that for many other countries.
William V. Rapp, the Henry J. Leir Professor of International Trade and Business