Economy in 2017: Accelerating Changes

LAWRENCE YUN, PhD

Commercial Economic Issues & Trends Forum
REALTORS Legislative Meetings & Trade Expo | @NARLegislative
Washington, DC | May 18, 2017
We are in the wake of a historic year

Summer Olympics in Rio

U.K. Referendum: Brexit (?)
Stock market sets new records
Central banks resort to negative interest rates
Cannabis legalization: recreational in 8 states + DC;
medical in 28 states
Cubs win World Series after 108 years
Presidential campaign | One party controls Congress &
White House
Fed FOMC funds rate hikes after 10 years of near-zero;
more to come
Global population exceeds 7.5 billion in 2017
As global economies face moderate growth
GDP (2017.Q1) Unemployment Rate*
16.0%

14.0%

12.0%

10.0%

8.0% 7.0%
6.2%
6.0% 5.3% 5.1% 5.0% 5.2%
4.4%
4.0%
2.6% 2.4%
1.8%
2.0%
0.7% 1.2% 1.2%
0.3%
0.0%

-2.0%

-4.0%
-3.4%
-6.0%
*Reporting period varies by country Source: Economist Intelligence Unit
And central banks continue monetary easingexcept U.S.
Interest Rates % (10-yr Gov bonds)

10
9.6

8.1
6.9

3.7
2.3
1.6
1.2 0.84
0.39 0.69 0.47 0.39 0.57
0.04 0

Source: Economist Intelligence Unit; *5-year yield

U.S. Economy: Back to normal however:

Demographic
Economic
Political
Technological
Real estate

CHANGES
 280000
285000
290000
295000
300000
305000
310000
315000
320000
325000
330000
200601
200604
200607
200610
200701
200704
200707
200710
200801
200804
200807
200810
200901
200904
200907
200910
201001
201004
201007
201010
201101
201104
201107
201110
201201
201204
201207
201210
U.S. Estimate of Resident Population (000s)

201301
201304
201307
201310
U.S. population grows 9% in past decade

201401
201404
201407
201410
201501
201504
201507
201510
201601
201604
201607
201610
2017: 325 M

Source: Census Bureau

As demographics speed up change
2017 U.S. Population by Demographic Cohort

10.5% Swing/Silent (69+)

25.9%
Baby Boomers (50-
68)
23.6%
Gen X (38-49)

Gen Y (20-37)

24.5%
15.4% Gen Z (0-19)

Source: Pew Research Center

Source: Sparks & Honey

 -10.00
-8.00
-6.00
-4.00
-2.00
10.00

0.00
2.00
4.00
6.00
8.00

0.0
10000.0
15000.0
20000.0

5000.0

-5000.0
2000.Q1
2000.Q1
2000.Q2
2000.Q2
2000.Q3
2000.Q3
2000.Q4
2000.Q4
2001.Q1
2001.Q1
2001.Q2
2001.Q2
2001.Q3
2001.Q3
2001.Q4
2001.Q4
2002.Q1
2002.Q1
2002.Q2
2002.Q2
2002.Q3
2002.Q3
2002.Q4
2002.Q4
2003.Q1
2003.Q1
2003.Q2
2003.Q2
2003.Q3
2003.Q3
2003.Q4
2003.Q4
2004.Q1
2004.Q1
2004.Q2
2004.Q2
2004.Q3
2004.Q3
2004.Q4
2004.Q4
2005.Q1 2005.Q1
2005.Q2 2005.Q2
2005.Q3
Consumer Spending
2005.Q3
2005.Q4 2005.Q4
2006.Q1 2006.Q1
2006.Q2 2006.Q2
2006.Q3 2006.Q3
2006.Q4 2006.Q4
2007.Q1 2007.Q1
2007.Q2 2007.Q2
2007.Q4: $15.0 T

2007.Q3 2007.Q3
2007.Q4
Investments

2007.Q4
2008.Q1 2008.Q1
2008.Q2 2008.Q2
2008.Q3 2008.Q3
2008.Q4 2008.Q4
2009.Q1 2009.Q1
2009.Q2 2009.Q2
2009.Q3 2009.Q3
2009.Q4 2009.Q4
Net Exports

2010.Q1 2010.Q1
2010.Q2
Real GDP (SAAR, Bil.Chn.2009$)

2010.Q2
2010.Q3 2010.Q3
2010.Q4 2010.Q4
2011.Q1 2011.Q1
2011.Q2 2011.Q2
2011.Q3 2011.Q3
2011.Q4 2011.Q4
2012.Q1 2012.Q1
2012.Q2 2012.Q2
2012.Q3 2012.Q3
2012.Q4 2012.Q4
2013.Q1 2013.Q1
Real Gross Domestic Product (SAAR, Chn.2009$) % Change - Annual Rate

2013.Q2 2013.Q2
Government Spending

2013.Q3 2013.Q3
2013.Q4 2013.Q4
2014.Q1 2014.Q1
2014.Q2 2014.Q2
2014.Q3 2014.Q3
2014.Q4 2014.Q4
2015.Q1 2015.Q1
2015.Q2 2015.Q2
Upside: consumers remain economic growth engine

2015.Q3 2015.Q3
2015.Q4 2015.Q4
2016.Q1 2016.Q1
2016.Q2 2016.Q2
2016.Q3 2016.Q3
2016.Q4 2016.Q4
2017.Q1: $16.9 T

2017.Q1 2017.Q1
Source: BEA
Source: BEA
 -40.00
-30.00
-20.00
-10.00
10.00
20.00
30.00
40.00
50.00

0.00
2000.Q1
2000.Q3
2001.Q1
2001.Q3
2002.Q1
2002.Q3
2003.Q1
2003.Q3
2004.Q1
2004.Q3
2005.Q1
Durable goods
2005.Q3
2006.Q1
2006.Q3
2007.Q1
2007.Q3
2008.Q1
Rate

2008.Q3
2009.Q1
2009.Q3
2010.Q1
2010.Q3
Nondurable goods

2011.Q1
2011.Q3
2012.Q1
2012.Q3
2013.Q1
2013.Q3
Services

2014.Q1
2014.Q3
Personal Consumption (SAAR, Chn.2009$) % Chg Annual

2015.Q1
2015.Q3
2016.Q1
2016.Q3
2017.Q1

Source: BEA
15.0000
20.0000
25.0000

10.0000

0.0000
5.0000

Jan.2000
Aug.2000
With spending focused on goods

Mar.2001
Oct.2001
May.2002
Dec.2002
Jul.2003
Feb.2004
Sep.2004
Apr.2005
Nov.2005
Jun.2006
Jan.2007
Aug.2007
Mar.2008
Oct.2008
May.2009
Dec.2009
Jul.2010
Feb.2011
Sep.2011
Apr.2012
Nov.2012
Jun.2013
Jan.2014
Total Car Retail Sales [Imported+Domestic] (SAAR, Mil. Units)

Aug.2014
Mar.2015
Oct.2015
Total Light Truck Retail Sales [Imported+Domestic] (SAAR, Mil. Units)

May.2016
Total Light Vehicle Retail Sales [Imported+Domestic] (SAAR, Mil. Units)

Dec.2016
Source: Autodata
 -500
0
1000
1500
2000
2500

500
1958
1960
1962
1964
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
Net Household Formation (Thous)

2000
2002
2004
2006
2008
2010
2012
2014

Source: Census Bureau

2016
0
1000
1400
1600
2000

1200
1800

200
400
600
800

2000.Jan
2000.Jul
2001.Jan
2001.Jul
2002.Jan
2002.Jul
2003.Jan
2003.Jul
2004.Jan
2004.Jul
2005.Jan
2005.Jul
2006.Jan
2006.Jul
2007.Jan
2007.Jul
2008.Jan
2008.Jul
2009.Jan
2009.Jul
2010.Jan
2010.Jul
2011.Jan
2011.Jul
Housing Starts: 1 Unit (SAAR, Thous.Units)

2012.Jan
2012.Jul
2013.Jan
2013.Jul
2014.Jan
2014.Jul
2015.Jan
New 1-Family Houses Sold: United States (SAAR, Thous)
Downside: population growth outpaces housing supply

2015.Jul
2016.Jan
2016.Jul
Source: Census Bureau

2017.Jan
 0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
200001
200007
200101
200107
200201
200207
200301
200307
200401
200407
200501
200507
200601
200607
200701
200707
200801
200807
200901
200907
201001
States (Months)

201007
201101
201107
201201
201207
201301
201307
201401
201407
NAR Months' Supply of Total Existing Homes, United

201501
201507
201601
201607
201701

Source: National Association of REALTORS

0
2000000
3000000
4000000
5000000
6000000
7000000
8000000

1000000

2000.Jan
2000.Aug
($)

2001.Mar
2001.Oct
2002.May
2002.Dec
2003.Jul
2004.Feb
2004.Sep
2005.Apr
2005.Nov
2006.Jun
2007.Jan
2007.Aug
2008.Mar
2008.Oct
2009.May
2009.Dec
2010.Jul
Leading to inventory shortage and rising prices

2011.Feb
2011.Sep
2012.Apr
2012.Nov
2013.Jun
2014.Jan
2014.Aug
2015.Mar
2015.Oct
2016.May
NAR Total Existing Home Sales, United States (SAAR, Units)

2016.Dec
NAR Median Sales Price: Total Existing Homes, United States

Source: National Association of REALTORS

50000
100000
150000
200000
250000
300000
Consumers are getting squeezed
 10000.000
20000.000
30000.000
40000.000
50000.000
60000.000
70000.000
80000.000

0.000
2000.Q1
2000.Q3
2001.Q1
2001.Q3
2002.Q1
2002.Q3
2003.Q1
2003.Q3
2004.Q1
2004.Q3
2005.Q1
2005.Q3
2006.Q1
2006.Q3
2007.Q1
2007.Q3
2008.Q1
2008.Q3
2009.Q1
2009.Q3
2010.Q1
2010.Q3
2011.Q1
2011.Q3
2012.Q1
2012.Q3
2013.Q1
2013.Q3
2014.Q1
Households & Nonprofit Org: Total Financial Assets (NSA, Bil.$)

2014.Q3
2015.Q1
2015.Q3
2016.Q1

Source: Federal Reserve Board

2016.Q3
0.000
5000.000
10000.000
20000.000
25000.000

15000.000
Capital holders ride a rising tide

20001
20003
20011
20013
20021
20023
20031
20033
20041
20043
20051
20053
20061
20063
20071
20073
20081
20083
20091
20093
20101
20103
20111
20113
20121
20123
20131
20133
20141
20143
Households: Nonfinancial/Tangible Assets: Real Estate (NSA, Bil.$)

20151
20153
20161
20163
Source: Federal Researve Board
 -8.00
-6.00
-4.00
-2.00
10.00

0.00
2.00
4.00
6.00
8.00
1960.Q1
1961.Q1
1962.Q1
1963.Q1
1964.Q1
1965.Q1
1966.Q1
1967.Q1
1968.Q1
1969.Q1
1970.Q1
1971.Q1
1972.Q1
1973.Q1
1974.Q1
1975.Q1
1976.Q1
1977.Q1
1978.Q1
1979.Q1
1980.Q1
1981.Q1
1982.Q1
1983.Q1
1984.Q1
1985.Q1
1986.Q1
1987.Q1
1988.Q1
1989.Q1
1990.Q1
1991.Q1
1992.Q1
1993.Q1
1994.Q1
1995.Q1
1996.Q1
1997.Q1
1998.Q1
1999.Q1
2000.Q1
2001.Q1
2002.Q1
2003.Q1
2004.Q1
2005.Q1
2006.Q1
2007.Q1
2008.Q1
2009.Q1
2010.Q1
Real Personal Income excluding Current Transfer Receipts (SAAR, Chn.2009$) % Change - YoY

2011.Q1
2012.Q1
2013.Q1
2014.Q1
2015.Q1
2016.Q1
Source: BEA

2017.Q1
While consumers without assets lag on stagnating wages
Consumer credit growsas does student debt
Consumer Credit - YoY % Change (EOP, SA, Bil.$) Finance Companies Credit Unions

Revolving Consumer Credit Outstanding (EOP, SA, $) % Change - Year to Federal Government Nonfinancial Businesses
Year FRB Securitized Assets
1200.00000
Nonrevolving Consumer Credit Outstanding (EOP, SA, $) % Change -
20.00 Year to Year FRB
Student Debt:
1000.00000
Jan.2000 = $84B > Mar.2017 = $1.1T
15.00

800.00000
10.00

600.00000
5.00

400.00000
0.00
Jan.2000

Jan.2001

Jan.2002

Jan.2003

Jan.2004

Jan.2005

Jan.2006

Jan.2007

Jan.2008

Jan.2009

Jan.2010

Jan.2011

Jan.2012

Jan.2013

Jan.2014

Jan.2015

Jan.2016

Jan.2017
Jul.2000

Jul.2001

Jul.2002

Jul.2003

Jul.2004

Jul.2005

Jul.2006

Jul.2007

Jul.2008

Jul.2009

Jul.2010

Jul.2011

Jul.2012

Jul.2013

Jul.2014

Jul.2015

Jul.2016
200.00000
-5.00

-10.00 0.00000

Dec.2002

Dec.2009

Dec.2016
Aug.2000
Mar.2001
Oct.2001
May.2002

Apr.2005

Aug.2007
Mar.2008
Oct.2008
May.2009

Apr.2012

Aug.2014
Mar.2015
Oct.2015
May.2016
Jan.2000

Nov.2005
Jun.2006
Jan.2007

Nov.2012
Jun.2013
Jan.2014
Jul.2003
Feb.2004
Sep.2004

Jul.2010
Feb.2011
Sep.2011
-15.00 Source: Federal Source: Federal Reserve Board
Employment maintains momentum
One-month Payroll Job Changes (in thousands) 2010-16: Payroll Employment Growth by Sector (SA, 000s)
600
Government

400
2010 - 16: 15.8M jobs added
Other services

Leisure & hospitality

200

Education & health services

0
Prof & business services
2000.Jan

2001.Jan

2002.Jan

2003.Jan

2004.Jan

2005.Jan

2006.Jan

2007.Jan

2008.Jan

2009.Jan

2010.Jan

2011.Jan

2012.Jan

2013.Jan

2014.Jan

2015.Jan

2016.Jan
2000.Jul

2001.Jul

2002.Jul

2003.Jul

2004.Jul

2005.Jul

2006.Jul

2007.Jul

2008.Jul

2009.Jul

2010.Jul

2011.Jul

2012.Jul

2013.Jul

2014.Jul

2015.Jul

2016.Jul
-200 Financial activities

Information
-400

Trade, transportation & utilities

-600
Manufacturing

-800 Construction

Mining & Logging Source: BLS

-1000 Source: BLS
-500 0 500 1000 1500 2000 2500 3000 3500 4000 4500
 0
100
200
300
500
600
700

400
2000.Jan
2000.May
2000.Sep
2001.Jan
2001.May
2001.Sep
2002.Jan
2002.May
2002.Sep
2003.Jan
2003.May
2003.Sep
2004.Jan
2004.May
2004.Sep
2005.Jan
2005.May
2005.Sep
2006.Jan
2006.May
2006.Sep
2007.Jan
2007.May
2007.Sep
2008.Jan
2008.May
2008.Sep
Unemployment Insurance Claims (SA, 000s)

2009.Jan
2009.May
2009.Sep
2010.Jan
2010.May
2010.Sep
2011.Jan
2011.May
2011.Sep
2012.Jan
2012.May
2012.Sep
2013.Jan
2013.May
And unemployment rate declines to 4.4%

2013.Sep
2014.Jan
2014.May
2014.Sep
2015.Jan
2015.May
2015.Sep
2016.Jan
2016.May
2016.Sep
2017.Jan
Unemployment Rate: 16 Yr+ (SA, %)

0.0
2.0
6.0
8.0

4.0
10.0
12.0

Sources: DoL, BLS

 0.0
100.0
120.0
140.0
160.0

20.0
60.0
80.0

40.0
2000.Jan
2000.May
2000.Sep
2001.Jan
2001.May
2001.Sep
2002.Jan
2002.May
2002.Sep
2003.Jan
2003.May
2003.Sep
2004.Jan
2004.May
2004.Sep
2005.Jan
2005.May
2005.Sep
2006.Jan
2006.May
2006.Sep
2007.Jan
2007.May
2007.Sep
2008.Jan
2008.May
2008.Sep
2009.Jan
2009.May
2009.Sep
2010.Jan
2010.May
2010.Sep
2011.Jan
2011.May
2011.Sep
2012.Jan
Conference Board: Consumer Confidence (SA, 1985=100)

2012.May
2012.Sep
2013.Jan
University of Michigan: Consumer Sentiment (NSA, Q1-66=100)

2013.May
2013.Sep
Consumer confidence picks up post-election

2014.Jan
2014.May
2014.Sep
2015.Jan
2015.May
2015.Sep
2016.Jan
2016.May
2016.Sep
2017.Jan
Sources: The Conference Board, University of Michigan
Hows business?
Investments rebound; double-digit bump on structures Q1
Real Private Nonresidential Investment (SAAR, Chn2009$, %Chg Annual Rate)

Structures Equipment Intellectual Property

80.00

60.00

40.00

20.00

0.00

-20.00

-40.00

-60.00

Source: BEA
-80.00
 35.0
40.0
45.0
55.0
60.0
65.0

30.0
50.0
2000.Jan
2000.Jul
2001.Jan
2001.Jul
2002.Jan
2002.Jul
2003.Jan
2003.Jul
2004.Jan
2004.Jul
2005.Jan
2005.Jul
2006.Jan
2006.Jul
2007.Jan
ISM Manufacturing

2007.Jul
2008.Jan
2008.Jul
2009.Jan
2009.Jul
2010.Jan
2010.Jul
2011.Jan
2011.Jul
2012.Jan
ISM Index (SA, 50+ Increasing)

2012.Jul
2013.Jan
2013.Jul
2014.Jan
2014.Jul
ISM Nonmanufacturing

2015.Jan
2015.Jul
2016.Jan
2016.Jul

Source: Institute for Supply

2017.Jan
100.000
110.000
120.000
130.000
140.000

80.000
90.000

2000.Q1
2000.Q3
2001.Q1
2001.Q3
2002.Q1
2002.Q3
2003.Q1
2003.Q3
2004.Q1
2004.Q3
2005.Q1
2005.Q3
Expansion and productivity gains continue

2006.Q1
2006.Q3
2007.Q1
2007.Q3
2008.Q1
2008.Q3
2009.Q1
Productivity

2009.Q3
2010.Q1
2010.Q3
2011.Q1
2011.Q3
Business Sector: Real Output (SA, 2009=100)

2012.Q1
2012.Q3
2013.Q1
Manufacturing Sector: Real Output (SA, 2009=100)

2013.Q3
2014.Q1
Nonfinancial Corporations: Real Output (SA, 2009=100)

2014.Q3
2015.Q1
2015.Q3
2016.Q1
2016.Q3
Source: BLS

2017.Q1
 1000.0
1200.0
1400.0
1600.0
1800.0
2000.0
2200.0
2400.0
2600.0
2800.0
3000.0
2000.Q1
2000.Q3
2001.Q1
2001.Q3
2002.Q1
2002.Q3
2003.Q1
2003.Q3
2004.Q1
2004.Q3
2005.Q1
2005.Q3
2006.Q1
2006.Q3
2007.Q1
2007.Q3
2008.Q1
2008.Q3
2009.Q1
2009.Q3
2010.Q1
International Trade

2010.Q3
2011.Q1
2011.Q3
2012.Q1
2012.Q3
2013.Q1
2013.Q3
2014.Q1
2014.Q3
2015.Q1
Real Exports of Goods & Services (SAAR, Bil.Chn.2009$)
Real Imports of Goods & Services (SAAR, Bil.Chn.2009$)

2015.Q3
2016.Q1
2016.Q3

Source: BEA
2017.Q1
0.8000
0.9000
1.0000
1.1000
1.2000
1.3000
1.4000
1.5000
1.6000
1.7000

2000.Jan
2000.Jul
2001.Jan
2001.Jul
2002.Jan
2002.Jul
2003.Jan
2003.Jul
2004.Jan
2004.Jul
2005.Jan
2005.Jul
2006.Jan
2006.Jul
2007.Jan
2007.Jul
2008.Jan
2008.Jul
2009.Jan
Net exports feel the impact of a stronger dollar

2009.Jul
US$/Euro) FRB

2010.Jan
2010.Jul
2011.Jan
2011.Jul
2012.Jan
2012.Jul
2013.Jan
2013.Jul
2014.Jan
2014.Jul
Foreign Exchange Rate: European Monetary Union (EOP,

2015.Jan
2015.Jul
2016.Jan
2016.Jul
source: Federal Reserve

2017.Jan
 0.0
1.0
2.0
3.0
4.0
5.0
6.0

-3.0
-2.0
-1.0
2000.Jan
2000.Jul
2001.Jan
2001.Jul
2002.Jan
2002.Jul

%Chg)
2003.Jan
2003.Jul
2004.Jan
2004.Jul
2005.Jan
2005.Jul
2006.Jan
2006.Jul
2007.Jan
2007.Jul
2008.Jan
2008.Jul
2009.Jan
2009.Jul
2010.Jan
2010.Jul
2011.Jan
2011.Jul
2012.Jan
2012.Jul
CPI-U: All Items, 1982-84=100 (Y/Y %Change)

2013.Jan
2013.Jul
2014.Jan
2014.Jul
2015.Jan
2015.Jul
CPI-U: All Items Less Food and Energy: 1982-84=100 (Y/Y

2016.Jan
2016.Jul
2017.Jan

Source: BLS
0.0000
1.0000
2.0000
4.0000
5.0000
6.0000
7.0000

3.0000

2000.Jan
2000.Jul
2001.Jan
2001.Jul
2002.Jan
2002.Jul
2003.Jan
2003.Jul
2004.Jan
2004.Jul
2005.Jan
2005.Jul
2006.Jan
2006.Jul
2007.Jan
2007.Jul
2008.Jan
2008.Jul
2009.Jan
2009.Jul
Inflation moves up, as Fed indicates more hikes

2010.Jan
2010.Jul
2011.Jan
2011.Jul
2012.Jan
2012.Jul
FOMC Fed Funds Target Rate Forecast

2013.Jan
2013.Jul
2014.Jan
2014.Jul
2015.Jan
2015.Jul
2016.Jan
2016.Jul
2017.Jan
2017.Jun
2017.Dec
Source: Federal Reserve Board, NAR
 -20.00
-15.00
-10.00
-5.00
10.00
15.00
20.00
25.00

0.00
5.00
2000.Q1
2000.Q2
2000.Q3
2000.Q4
2001.Q1
2001.Q2
2001.Q3
2001.Q4
2002.Q1
2002.Q2
2002.Q3
2002.Q4
2003.Q1
2003.Q2
2003.Q3
2003.Q4
2004.Q1
2004.Q2
2004.Q3
2004.Q4
2005.Q1
2005.Q2
2005.Q3
2005.Q4
2006.Q1
2006.Q2
2006.Q3
2006.Q4
2007.Q1
2007.Q2
2007.Q3
Federal

2007.Q4
2008.Q1
2008.Q2
2008.Q3
2008.Q4
2009.Q1
2009.Q2
2009.Q3
2009.Q4
State & Local

2010.Q1
2010.Q2
2010.Q3
2010.Q4
2011.Q1
2011.Q2
2011.Q3
2011.Q4
2012.Q1
2012.Q2
2012.Q3
Government Spending (SAAR, Chn.2009$) %Chg Annual Rate

2012.Q4
2013.Q1
2013.Q2
2013.Q3
2013.Q4
2014.Q1
2014.Q2
2014.Q3
2014.Q4
Government spending reflects a skinnier budget

2015.Q1
2015.Q2
2015.Q3
2015.Q4
2016.Q1
2016.Q2
2016.Q3
2016.Q4
2017.Q1
Source: BEA
Economic Outlook
U.S. ECONOMIC OUTLOOK April 2017

2015 2016 2017 2018

Annual Growth Rate, %
Real GDP 2.4 1.6 2.3 2.2
Nonfarm Payroll Employment 2.1 1.8 1.7 1.5
Consumer Prices 0.2 1.3 2.6 2.3
Level
Consumer Confidence 98 100 117 123
Percent
Unemployment 5.3 4.8 4.6 4.5
Fed Funds Rate 0.1 0.4 1.0 1.8
3-Month T-bill Rate 0.1 0.3 0.9 1.8
Corporate Aaa Bond Yield 3.9 3.9 4.3 4.9
10-Year Govt Bond 2.1 1.8 2.7 3.3
30-Year Govt Bond 2.8 2.6 3.3 3.8
Source: National Association of REALTORS
Commercial Real Estate ALERT Report
NAR Strategic Thinking Committee &
Swanepoel T3 Group

Capital Markets
In Search of Debt
Crowdfunding
Technology
E-Commerce
Demographics
Sustainability
Regulations
Other Trends
Economy in 2017: Accelerating Changes

LAWRENCE YUN, PhD

Commercial Economic Issues & Trends Forum
REALTORS Legislative Meetings & Trade Expo | @NARLegislative
Washington, DC | May 18, 2017