Issue link: http://digital.nexsitepublishing.com/i/1496538
Mind the (Housing Supply) Gap The 2023 Economic Forecast Breakfast O n a very bright—and early— January morning, more than 270 guests gathered in Bellevue's Meydenbauer Center for MBAKS 2023 Economic Forecast Breakfast, presented by Legacy Group Capital. The mission? To find out what's in store for both the national and Seattle area economies and what it might mean for their businesses. Keynote speaker Matthew Gardner—Windermere chief economist and University of Washington lecturer—offered the latest data, pin-point analysis, and valuable insights to help attendees succeed in a housing market transformed by inflation, supply costs, and demographics. In a briskly compelling presentation, Gardener argued that the homebuilding industry in 2023 is facing challenging economic headwinds, including inflation, a tightening labor market, and the Fed raising interest rates, which will likely bring about a recession. What goes up eventually must come down—but nothing falls far without a glint of a silver lining. And Gardener knows this better than anyone—a downturn would be more bark than bite, and nothing like the Great Recession. The Seattle Metro Area's overall economy is still going strong and would likely weather such a storm. Several sectors have fully recovered since the COVID-19 pandemic. And while the tech sector has already seen layoffs, the growing biotech sector will likely counterbalance those losses. Host Dan Lewis, PNW icon from his decades as a KOMO-TV anchor, charmed the crowd between speakers. The biggest issue in King and Snohomish counties is the continued shortage of affordable housing to meet the needs of the growing population. The Puget Sound economy is resilient, but we still have a housing problem. 44 master BUILDER | SPRING 2023 MEMBERSHIP VALUE