Carol Tomé CFO and Executive Vice President, Corporate Services
|
|
- Owen Harvey
- 6 years ago
- Views:
Transcription
1 Carol Tomé CFO and Executive Vice President, Corporate Services Financial Overview December 6, Discussion Overview Fiscal 2017 Financial Guidance Our View of the Economy and State of the U.S. Housing Market 2020 Financial Targets Capital Allocation 2
2 Fiscal 2017 Financial Guidance Projecting Record Sales, Operating Margin and Earnings Per Share FY 2017 Guidance As of December 2017 Comp Sales Growth ~6.5% Total Sales Growth ~6.3% Operating Margin ~14.6% Diluted EPS Growth ~14% to ~$ Solid Record of Establishing and Meeting/Exceeding Financial Targets Year Established Operating Margin Targets ROIC Target Year Year Met / Exceeded ) ~10% ~15% 20xx ~12% ~24% ~13% ~27% ~14.5% ~35% /2018F 2) 1) Launched from Fiscal 2009 operating margin of 7.3% and ROIC of 10.7% 2) Preliminary per December 2017 Guidance. Will exceed operating margin target in 2017; achieve ROIC target in
3 Discussion Overview Fiscal 2017 Financial Guidance Our View of the Economy and State of the U.S. Housing Market 2020 Financial Targets Capital Allocation 5 Our View of the Economy Real U.S. GDP is expected to grow, supported by improved job market and higher consumer spending Drivers of home improvement related spending expected to trend positively and support economic growth Anticipating favorable economic conditions in Canada & Mexico 6
4 Real U.S. GDP is Expected to Grow, Making This the Longest Economic Recovery in History Real U.S. GDP (Year Over Year Percentage Change) Average: 2.2% 2.5% 1.6% 2.2% 1.7% 2.6% 2.9% 1.5% 2.2% 2.4% 2.1% 2.1% E 2018E 2019E 2020E Source: Bureau of Economic Analysis (Hist.), Composite average from various sources (Est.) 7 Proposed Tax Reform Tax Reform, if enacted could drive higher U.S. GDP growth Potential to lift U.S. GDP growth to 3+% We believe concern over mortgage interest deductibility is overblown ~5% of mortgages greater than $500,000 ~22% of all filers claim mortgage interest deduction No empirical evidence that tax deductibility impacts home ownership rate If enacted, The Home Depot would have a significant, immediate benefit to tax expense and cash taxes 8
5 Current 4.0% 4.7% 5.8% 6.0% 5.5% 5.1% 4.6% 4.6% 5.8% 5.3% 4.9% 4.1% 6.2% 9.3% 9.6% 8.9% 8.1% 7.4% Consumer Environment is Improving, and Customers are Spending Differently Unemployment Back to Pre-Recession Levels Unemployment Rates With the Exception of HI, Consumers Now Spending More on Experiences vs. Goods 6.4% 6.3% Consumer Spending YoY by Sector Q3 R12 vs. LY 3.5% 2.3% 0.3% (3.7%) (4.1%) (5.1%) HI Travel Lodging Food Service Clothing Discount Apparel Sporting Goods Dept. Stores Source: Bureau of Labor and the Conference Board, Bureau of Economic Analysis, U.S. Census Bureau. HI= Home Improvement 9 Drivers of Home Improvement Spend Household Formation Home Price Appreciation Housing Turnover Age of Housing Stock Impact on HI Spend Increases Demand Supports Incremental Investments Drives Spending Both Pre And Post Sale Demands Ongoing Repairs And Major Repairs Recent Impact Forward View Acceleration Continued Appreciation Stays At Current Rate Per Unit Spend Increases Expected Future Impact 10
6 E 2018E 2019E 2020E E 2018E 2019E 2020E Household Formation Growing Household Formation Percentage of Young Adults Living at Home Change Ann. Avg. Households (MM) 60-year Avg. (MM) Young Adults Living at Home Long-term Avg % 32% 30% 28% 26% 24% 22% 20% 32% 30% Source: US Census Bureau, Moody s Analytics (Est.), Pew Research Center, United Nations Department of Economic and Social Affairs, Internal analysis 11 80% 60% Home Prices in Many Metro Areas Have Yet to Fully Recover, Even on Nominal Basis Case-Shiller Home Price Index (Nominal) Best Performers Best Performance Dallas, TX Denver, CO Seattle, WA Portland, OR 40% 20% Charlotte, NC Average Average Performers Performance Boston, MA Atlanta, GA National Index San Francisco, CA 0% San Diego, CA Los Angeles, CA 20-City Composite Cleveland, OH (20%) Minneapolis, MN Tampa, FL 10-City Composite Detroit, MI (40%) (60%) Low Performers Low Performance New York, NY Washington, DC Chicago, IL Miami, FL Phoenix, AZ (80%) E 2018E 2019E 2020E Las Vegas, NV Source: Case-Shiller (Hist.), John Burns Real Estate Consulting (Est.) 12
7 E 2018E 2019E 2020E Wealth Effect Driving Bigger Spend, and Capacity Remains Average Spend per Large Home Improvement Project $ in Thousands -19% % $ in Billions $800 $700 $600 HELOC HELOC Originations and Cash-out Home Equity -64% $500 $400 77% $300 $200 $ $ R12 Source: John Burns Real Estate Consulting, Freddie Mac, Inside Mortgage Finance 13 Inventory Constraints and High Affordability Should Drive Home Price Appreciation Months of Supply Affordability Mos. Supply (Existing Homes) Healthy Balance Affordability Index Equilibrium Long-term Avg Source: National Association of Realtors, Moody s Economy.com 14
8 Q Q Q Q Q Q Aging Housing Stock Creates Additional Demand for Projects Age of Housing Stock 40+ yrs yrs yrs yrs 0-9 yrs 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Home Age E % 15% 8% 6% % 15% 14% 13% % 16% 13% 13% % 15% 14% 14% >40 33% 40% 51% 54% Spend per House $ $ $$ $$ $$$ Source: John Burns Real Estate Consulting 15 Private Fixed Residential Investment (PFRI) 10% PFRI as % of GDP (Real $) PFRI as % of GDP (Nominal $) 60-year Avg. (Real) 60-year Avg. (Nominal) 9% 8% 7% 6% 5% 4% 3% 2% A better measure of recovery than a predictor of future growth Source: Bureau of Economic Analysis 16
9 Discussion Overview Fiscal 2017 Financial Guidance Our View of the Economy and State of the U.S. Housing Market 2020 Financial Targets Capital Allocation 17 The Home Depot s Financial Model Epitomizes Operating Leverage Op Margin & Comp Sales Growth Labor Cost Leverage Productivity is our Virtuous Cycle Op Margin Sales per Labor Hour 12.6% 13.3% ~ 14.2% 14.6% 11.6% 10.4% Comp Sales Growth F 4.6% 6.8% 5.3% 5.6% 5.6% ~ 6.5% F 18
10 Looking Ahead, In a Business As Usual Environment Our Operating Margin Would Lift +100 bps ~14.6% 2017F Illustrative BAU Operating Margin Assuming ~4% CAGR 19 We Plan to Invest Operating Margin Expansion in Support of Key Strategic Initiatives Operating Margin Target Year Investments 1) Our BAU Operating Margin will be reinvested As we nearly double our investment spend $11.1B +40 bps ~14.6% -20 bps $5.7B 2015 BAU Target 1) Investments: Capital and Expense, excludes incremental depreciation 20
11 Strategic Investments for the Future Strategic Investment Investments Investment Capital & Expense BAU Capital & Expense 4.1 $ in Billions Other Investment New Stores Supply Chain Stores BAU Other 0.8 New Stores 0.6 Supply Chain Stores IT / Online B 2019B 2020B BAU Total 3 Year BAU: $5.7B 2018T 2019T Investment Total 3 Year Investment: $11.1B 1.7 IT Note: Expenses exclude incremental depreciation Sales Target Sales Growth Key Drivers $ in Billions $119.8B Sales CAGR ~ 4.5% 6.0% $100.6B $114.7B Base comp of ~4% plus sales from key initiatives New Stores ~ 3 7 per Year Fill voids but not a significant driver of growth 2017F 22
12 2020 Gross Margin Target Gross Margin Rate Key Drivers ~34.0% ~33.6% Driving Productivity Through Cost-Out Efforts ~(40) bps Reinvestment Investing in One Home Depot Supply Chain 2017F Productivity Reinvestment One Supply Chain Expense Leverage Target Expense % of Sales Expense Growth Factor (EGF) 1) ~19.4% ~20 80 bps of Leverage ~19.2% Leverage a Function of Sales Growth and Investments ~18.6% 4.5% Comp EGF = 90% 6.0% Comp EGF = 75% 2017F 1) Defined as YoY expense growth divided by YoY sales growth rate 24
13 2020 Operating Margin Target Operating Margin Key Drivers ~14.6% -20 to +40 bps ~15.0% ~14.4% Sales Growth Productivity 2017F 25 Discussion Overview Fiscal 2017 Financial Guidance Our View of the Economy and State of the U.S. Housing Market 2020 Financial Targets Capital Allocation 26
14 Capital Allocation Disciplined and Balanced Approach Won t Change Working Capital and Other Depreciation Cumulative Cash Flow ~$37.4B $7.7B Targeting 5.4x Inventory Turns Cumulative Investments ~$35.4B 23% Capital Expenditures ~$8.2B 42% Dividends ~$14.7B Net Earnings $28.1B 35% Share Repurchases ~$12.5B $ in Billions Note: Target; cash flow and cash return to shareholders based on low end of financial range 27 Average Annual Spend ~$2.7 Billion or 2.5% of Sales Average annual depreciation expense now expected to be ~$2.6 billion Key Areas of Investment Include: Capital Spending Expected ROI One Home Depot Supply Chain Wayfinding for all U.S. Stores New Front End for Top 40 Market Stores Merchandising Resets Technology Productivity / Sales Customer Satisfaction Productivity Sales Productivity 28
15 Shareholder Return Principles Dividend Principle Targeting payout of ~55% of earnings. Intend to increase dividend every year Return on Invested Capital Principle Maintain high return on invested capital, benchmarking all uses of excess liquidity against value created for shareholders through repurchases Adjusted debt/ebitdar ratio not to exceed 2.0x Share Repurchase Principle After meeting the needs of the business, use excess liquidity to repurchase shares, as long as value creating Note: Payout calculated on prior year earnings per share 29 Optimizing Invested Capital Lowered Cost of Capital Superior ROIC $ in Billions $29.2 Equity Total Debt $27.2 $1.7 $29.3 $3.8 ROIC ~34.4% ~39.6% ~36.4% $17.8 $25.5 $ % $ F Note: Equity based on midpoint of financial range 2017F 30
16 Bond Maturity / Debt Capacity $ in Billions $1.8 $2.4 Bond Maturities (Total LT Debt - $24.75B) 1) $2.3 $3.0 Weighted Avg. Maturity Weighted Avg. Coupon Ratings 14.1 Years $ % A/A2 Debt Capacity (at 2.0x Adjusted Debt / EBITDAR Target) 1.9x ~$5.7 Billion Capacity $1.2 $1.0 $1.3 $1.0 $1.1 $1.0 $1.0 $1.0 $1.0 $1.0 $1.0 $1.0 $0.5 $0.8 Projected Leverage 1.7x 2017F 1) As of October History Share Repurchases YTD: Repurchased 1.3 billion shares for $73 billion or $54.22 per share 2017F: Targeting ~$2.1 billion for Q4 2017; $8.0 billion for Fiscal 2017 Looking Ahead : Targeting $12.5 billion over three years, funded with internally generated cash flow $ in Billions Announcing New $15 Billion Authorization Replacing Existing Authorization 32
17 Enhancing the Customer Experience, Investing for the Future, Creating Value Sales Operating Margin ROIC ~$119.8B ~15.0% ~39.6% ~$114.7B ~14.6% ~14.4% ~34.4% ~36.4% $100.6B $ in Billions 2017F 2017F 2017F One Home Depot 33
Europe June Craig Menear. Chairman, CEO & President. Diane Dayhoff. Vice President, Investor Relations
Europe June 2016 Craig Menear Chairman, CEO & President Diane Dayhoff Vice President, Investor Relations Forward Looking Statements and Non-GAAP Financial Measurements Certain statements contained in today
More informationDr. Richard Wobbekind Executive Director, Business Research Division and Senior Associate Dean for Academic Programs University of Colorado Boulder
Dr. Richard Wobbekind Executive Director, Business Research Division and Senior Associate Dean for Academic Programs University of Colorado Boulder Member FDIC VectraBank.com Economic Outlook 2015 Richard
More informationTHE MOST INFORMATIVE EVENT COVERING REAL ESTATE INVESTMENTS
THE MOST INFORMATIVE EVENT COVERING REAL ESTATE INVESTMENTS 2014 U.S. Economic, Capital Markets, and Retail Market Overview and Outlook Retail Trends 2014 U.S. Economic Overview and Outlook Total Employment
More informationU.S. Economic and Apartment Market Overview and Outlook. July 15, 2014
2014 U.S. Economic and Apartment Market Overview and Outlook July 15, 2014 U.S. Economic Overview U.S. GDP Growth Persistent Despite 1Q Polar Vortex Annualized Quarterly Percent Change 10% 5% 0% -5% -10%
More informationThe U.S. Economy How Serious A Downturn? Nigel Gault Group Managing Director North American Macroeconomic Services
The U.S. Economy How Serious A Downturn? Nigel Gault Group Managing Director North American Macroeconomic Services Growth Is Cooling; But a Soft Landing Is Likely (Real GDP, annualized rate of growth)
More informationMore of the Same; Or now for Something Completely Different?
More of the Same; Or now for Something Completely Different? C2ER Place cover image here Richard Wobbekind Chief Economist and Associate Dean for Business and Government Relations June 14, 2017 Real GDP
More informationKevin Thorpe Financial Economist & Principal Cassidy Turley
Kevin Thorpe Financial Economist & Principal Cassidy Turley Economic & Commercial Real Estate Outlook Kevin Thorpe, Chief Economist 2012 Another Year Of Modest Improvement 2006Q1 2006Q3 2007Q1 2007Q3 2008Q1
More informationNational Housing Trends
National Housing Trends 34% America s Choice of Best Long Term Investment 26% 17% 15% 6% Real Estate Stocks / Mutual Funds Gold Savings Accounts / CDs Bonds Gallup 2018 Housing Affordability 197 Index
More informationNational Housing Trends
National Housing Trends 34% America s Choice of Best Long Term Investment 26% 17% 15% 6% Real Estate Stocks / Mutual Funds Gold Savings Accounts / CDs Bonds Gallup 2018 Home Sales in thousands 2017 2018P
More informationEconomic Recovery Has Stalled, Recession in the Cards by Year End
Economic Indicators to Watch for Signs of Recovery Economic Recovery Has Stalled, Recession in the Cards by Year End New York, NY Monday, June 27, 2011 Richard Yamarone Author of The Trader s Guide to
More informationHotel InduSTRy Overview What Lies Ahead
Hotel InduSTRy Overview What Lies Ahead Vail R. Brown Vice President, Global Business Development & Marketing www.hotelnewsnow.com Click on Hotel Data Presentations U.S. In Review Demand Growth Strong.
More information10 County Conference. Richard Wobbekind. Executive Director Business Research Division & Senior Associate Dean Leeds School of Business
10 County Conference Richard Wobbekind Executive Director Business Research Division & Senior Associate Dean Leeds School of Business Hmm... (http://myfallsemester.blogspot.com) Real GDP Growth Percent
More informationNational Housing Trends
National Housing Trends 34% America s Choice of Best Long Term Investment 26% 17% 15% 6% Real Estate Stocks / Mutual Funds Gold Savings Accounts / CDs Bonds Gallup 2018 Housing Affordability 197 Index
More informationFundamental Certainty
Fundamental Certainty.or No? a presentation at: R. Mark Woodworth PKF Hospitality Research, LLC May 7, 2013 mark.woodworth@pkfc.com Hotel Horizons Forecasting Model Smith Travel Research Historical rooms
More informationReal Estate: Investing for the Future. Sponsored By:
Real Estate: Investing for the Future Sponsored By: Percent Change, Year Ago 6 5 4 3 2 1 Real GDP Growth United States, 2000 Prices 0 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 U.S. Employment
More informationNational Housing Trends
National Housing Trends 34% America s Choice of Best Long Term Investment 26% 17% 15% 6% Real Estate Stocks / Mutual Funds Gold Savings Accounts / CDs Bonds Gallup 2018 Housing Affordability 197 Index
More informationMAINTAINING MOMENTUM:
MAINTAINING MOMENTUM: 2018 National Economic Update September 12, 2018 noun mo men tum \ mō-ˈmen-təm, mə- \ 1 b : the strength or force that allows something to continue or to grow stronger or faster as
More information2014 Economic Forecast: Boulder & Beyond. Keynote Presentation
2014 Economic Forecast: Boulder & Beyond Keynote Presentation Business Research Division Richard Wobbekind Executive Director Business Research Division & Senior Associate Dean Leeds School of Business
More informationWhat s Ahead for The Colorado Economy?
What s Ahead for The Colorado Economy? Colorado Counties Inc. Place cover image here Richard Wobbekind Senior Economist and Associate Dean for Business and Government Relations November 28, 2017 Real GDP
More informationBriefing on the State of the State. presented to the. SCAA Schuyler Center for Analysis and Advocacy
Briefing on the State of the State presented to the SCAA Schuyler Center for Analysis and Advocacy Rae D. Rosen Assistant Vice President Federal Reserve Bank of New York November 16, 2006 Key Points: Economic
More informationThe 2015 Mid-Year Economic Update
Download slides here at www.mdm.com/slides or email info@mdm.com The 2015 Mid-Year Economic Update Brian Lewandowski and Thomas P. Gale June 18, 2015 Produced by: Sponsored by: Download slides here at
More informationEconomic Growth in the Trump Economy
Economic Growth in the Trump Economy Presented to State Data Center Conference William F. Fox, Director November 18, 2016 GDP Grows, Though Slowly 10.0 8.0 Percentage Change, Previous Qtr, SAAR 6.0 4.0
More informationColorado Counties Treasurers Association
Colorado Counties Treasurers Association Place cover image here Richard Wobbekind Executive Director, Business Research Division June 21, 2016 Real GDP Growth Quarterly and Annualized Real GDP 1990-2016
More informationORLANDO MSA MARKET OVERVIEW LAST UPDATED: MAY 2018
ORLANDO MSA MARKET OVERVIEW LAST UPDATED: MAY 2018 Orlando MSA Market Overview Labor Market Payroll Employment Commercial Real Estate Residential Real Estate Consumer Spending Visitor Industry Labor Market
More informationFederal Reserve Bank of Dallas, FIRM (Financial Institution Relationship Management)
The Economic Roller Coaster: Where Have We Been? And Where Are We Going? Thomas F. Siems, Ph.D. Senior Economist and Director of Economic Outreach Federal Reserve Bank of Dallas Economic Summit Dallas
More informationUNITED 2026 BID: TRAINING SITE AGREEMENT. Park Board Committee Meeting Monday, February 19, 2018
UNITED 2026 BID: TRAINING SITE AGREEMENT Park Board Committee Meeting Monday, February 19, 2018 Purpose Present and review Vancouver s participation in the United 2026 bid process Seek Board approval to
More informationCleve Gaddis Gaddis Partners, RE/MAX Center & USA Management
Cleve Gaddis Gaddis Partners, RE/MAX Center & USA Management (a boutique residential property management company) 10475 Medlock Bridge Road, Suite 119 Johns Creek, GA 30097 www. 770-497-0000 All information
More informationU.S. Property Market Outlook, 2013Q1. Jim Costello, Managing Director CBRE Americas Research Investment Research
U.S. Property Market Outlook, 2013Q1 Jim Costello, Managing Director CBRE Americas Research Investment Research CBRE Page 2 Outlook for the Real Side of the Economy Operationally, what do Research Teams
More informationBeyond Bullet Points: Statistics, Trends and Analysis
Beyond Bullet Points: Statistics, Trends and Analysis Vail R. Brown VP, Global Business Development & Marketing Vail@str.com @vail_str 5 THINGS TO KNOW www.hotelnewsnow.com Click on Data Presentations
More informationWill 2016 Be the Last Hurrah for Commercial Real Estate? Presented By: John Chang First Vice-President Marcus & Millichap Research Services
Will 2016 Be the Last Hurrah for Commercial Real Estate? Presented By: John Chang First Vice-President Marcus & Millichap Research Services Rising Uncertainty Creating Headwinds for Commercial Real Estate
More informationCharting a Path to Lift Off? Understanding the Shifting Economic Winds
Charting a Path to Lift Off? Understanding the Shifting Economic Winds Thomas F. Siems, Ph.D. Assistant Vice President and Senior Economist Federal Reserve Bank of Dallas Government Finance Officers Arlington,
More informationBob Costello Chief Economist & Vice President American Trucking Associations. Economic & Motor Carrier Industry Update.
Bob Costello Chief Economist & Vice President American Trucking Associations Economic & Motor Carrier Industry Update February 26, 2013 The Worst Recession Since the Great Depression 0% Loss from Peak
More information2019 ECONOMIC FORECAST AND FINANCIAL MARKET UPDATE
2019 ECONOMIC FORECAST AND FINANCIAL MARKET UPDATE January 14, 2019 Scott Colbert, CFA Executive Vice President Director of Fixed Income & Chief Economist scott.colbert@commercebank.com GLOBAL GROWTH EXPECTATIONS
More informationABA Commercial Real Estate Lending Committee
ABA Commercial Real Estate Lending Committee Commercial Real Estate Outlook The Good, the Bad and the Ugly January 16, 2019 Rob Strand Senior Economist American Bankers Association aba.com 1-800-BANKERS
More informationNational and Virginia Economic Outlook Professor Robert M. McNab Dragas Center for Economic Analysis and Policy Strome College of Business
National and Virginia Economic Outlook Professor Robert M. McNab Dragas Center for Economic Analysis and Policy Strome College of Business October 24, 2018 The forecasts and commentary do not constitute
More informationEconomic & Financial Market Outlook
Economic & Financial Market Outlook BC Pension Forum March 1, 2013 Chris Lawless, Chief Economist Overview Global forces Recent economic performance ~ US, Europe, Japan, China ~ Other emerging markets
More informationFiscal Year Budget Overview
Fiscal Year 2015-2016 Budget Overview Investing in Transportation for Today and Tomorrow Ed Reiskin Director of Transportation APRIL 1, 2014 San Francisco: great city, excellent transportation choices
More informationLodging Market Update. Valley Hotel and Resort Association April 13, 2016 Presented by: Robert Hayward
Lodging Market Update Valley Hotel and Resort Association April 13, 2016 Presented by: Robert Hayward United States Lodging Market 63.7% 59.8% 58.9% 59.2% 61.3% 63.1% 63.3% 63.1% 60.3% 55.1% 57.5% 59.9%
More informationBig Changes, Unknown Impacts
Big Changes, Unknown Impacts Boulder Economic Forecast Place cover image here Richard Wobbekind Senior Economist and Associate Dean for Business and Government Relations January 17, 2018 Real GDP Growth
More information2019 Economic Outlook: Will the Recovery Ever End?
2019 Economic Outlook: Will the Recovery Ever End? Advantage Bank Place cover image here Richard Wobbekind Senior Economist and Associate Dean for Business and Government Relations November 15 th, 2018
More informationU.S. AUTO INDUSTRY UPDATE Federal Reserve Bank of Chicago Automotive Outlook Symposium. Emily Kolinski Morris Chief Economist May 2015
U.S. AUTO INDUSTRY UPDATE Federal Reserve Bank of Chicago Automotive Outlook Symposium Emily Kolinski Morris Chief Economist May 2015 NORTH AMERICA INDUSTRY VOLUME SUMMARY 13.1 Total North America* (Mils.)
More information5 THINGS TO KNOW IN Vail R. Brown, STR
5 THINGS TO KNOW IN 2014 Vail R. Brown, STR VAIL R. BROWN Vice President of Global Business Development and Marketing for STR. Mrs. Brown is responsible for the overall coordination, functional management
More informationPacific Sunwear. 35th Annual Bank of America Consumer Conference
Pacific Sunwear 35th Annual Bank of America Consumer Conference Safe Harbor Disclaimer This presentation will include forward looking statements within the meaning of the safe harbor provisions of Federal
More informationAnnual results 2017 and strategy update. 09 March 2018
Annual results 2017 and strategy update 09 March 2018 Agenda 1. Highlights & Group performance 2017 2. Strategy update 3. Outlook 2018 March 9, 2018 Accell Group N.V. presentation annual results 2017 1
More informationCU Real Estate Forum. The Game is Still Going. The Longest 7 th Inning Ever. Presenter: Doug Wulf. Monday, December 7, 2015
CU Real Estate Forum The Game is Still Going The Longest 7 th Inning Ever Presenter: Doug Wulf Monday, December 7, 2015 Out! Safe! Where Are We in the Cycle? Recession-Recovery Table History is not on
More informationU.S. Overview. Gathering Steam? Tuesday, October 1, 2013
U.S. Overview Gathering Steam? Tuesday, October 1, 2013 Uneven global economic recovery Annual real GDP growth projections (%) Projections 2013 2014 World 3.1 3.1 3.8 United States 2.2 1.7 2.7 Euro Area
More informationCement & Construction Outlook
Cement & Construction Outlook Minnesota Concrete Council November 17, 2011 Dave Zwicke, PCA Analytics Manager, Sr. Economist Bottom Line Economy in a slow growth period characterized by tepid job gains.
More informationMARKET AND CAPACITY UPDATE. Matthew Marsh September 2016
MARKET AND CAPACITY UPDATE Matthew Marsh September 2016 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
More informationBob Costello Chief Economist & Vice President American Trucking Associations. Economic & Motor Carrier Industry Trends. September 10, 2013
Bob Costello Chief Economist & Vice President American Trucking Associations Economic & Motor Carrier Industry Trends September 10, 2013 The Freight Economy Washington continues to be a headwind on economic
More informationThe U. S. Economic Outlook: Robert J. Gordon
The U. S. Economic Outlook: Upside and Risks Robert J. Gordon Ottawa a Economics Association Ottawa, a, September 14, 2017 Immigration Medical Care My Policy Package: Be Like Canada d University Tuition
More informationEconomy On The Rebound
Economy On The Rebound Robert Johnson Associate Director of Economic Analysis November 17, 2009 robert.johnson@morningstar.com (312) 696-6103 2009, Morningstar, Inc. All rights reserved. Executive
More informationSustainable Transportation Planning in the Portland Region
Sustainable Transportation Planning in the Portland Region Jennifer Dill, Ph.D. Associate Professor School of Urban Studies & Planning jdill@pdx.edu http://web.pdx.edu/~jdill/ Outline Elements of a sustainable
More informationThe U.S. Economic Outlook
The U.S. Economic Outlook Presented to: Maquiladora Industry Outlook Conference September 29 2006 Presented by: Patrick Newport Principal, U.S. Macroeconomic Service 781-301-9125 patrick.newport@globalinsight.com
More information2018 Annual Economic Forecast Dragas Center for Economic Analysis and Policy
2018 Annual Economic Forecast Dragas Center for Economic Analysis and Policy PRESENTING SPONSOR EVENT PARTNERS 2 The forecasts and commentary do not constitute an official viewpoint of Old Dominion University,
More informationZions Bank Economic Overview
Zions Bank Economic Overview Kenworth National Dealers Conference November 8, 2018 1 National Economic Conditions 2 Volatility Returns to the Stock Market 27,000 Dow Jones Industrial Average October 10,
More informationZions Bank Economic Overview
Zions Bank Economic Overview Veteran Owned Business Conference May 11, 2018 Dow Tops 26,000 Up 48% Since 2016 Election Jan 26, 2018 26,616 Oct 30, 2016 17,888 Source: Wall Street Journal Dow Around Correction
More informationPHILADELPHIA HOUSE PRICE INDICES
PHILADELPHIA HOUSE PRICE INDICES April 14, 2014 KEVIN C. GILLEN, Ph.D. gillenk@upenn.edu Disclaimers and Acknowledgments: The Fels Institute of Government at the University of Pennsylvania provides this
More informationPHILADELPHIA HOUSE PRICE INDICES
PHILADELPHIA HOUSE PRICE INDICES February 13, 2017 KEVIN C. GILLEN, Ph.D. Kevin.C.Gillen@Drexel.edu Disclaimers and Acknowledgments: The Lindy Institute for Urban Innovation at Drexel University provides
More informationDFW MULTIFAMILY TRENDS & OBSERVATIONS Q2 2017
DFW MULTIFAMILY TRENDS & OBSERVATIONS Q2 2017 DALLAS / FORT WORTH The Top US Demand Driven Apartment Market DFW MULTIFAMILY STARTS A HISTORY LESSON!!! The challenge boom or bust perception vs recent history
More informationHow Much Wind Is in the Sails?
How Much Wind Is in the Sails? Erie Chamber of Commerce Place cover image here Richard Wobbekind Senior Economist and Associate Dean for Business and Government Relations September 20, 2017 Real GDP Growth
More informationZions Bank Economic Overview
Zions Bank Economic Overview Intermountain Credit Education League May 10, 2018 Dow Tops 26,000 Up 48% Since 2016 Election Jan 26, 2018 26,616 Oct 30, 2016 17,888 Source: Wall Street Journal Dow Around
More information2018 Annual Economic Forecast Dragas Center for Economic Analysis and Policy
2018 Annual Economic Forecast Dragas Center for Economic Analysis and Policy PRESENTING SPONSOR EVENT PARTNERS 2 The forecasts and commentary do not constitute an official viewpoint of Old Dominion University,
More informationMetro Atlanta. Cleve s 10-Year Market Projections SF Detached. GoGaddis.com 89,002 83,829 78,958 74,369 70,047 65,976 62,142 58,531 55,129 51,926
350000 300000 250000 200000 $231,000 $221,760 $228,413 $235,265 $242,323 Metro Atlanta Cleve s 10-Year Market Projections SF Detached $252,016 $262,097 $275,909 $290,450 $305,756 $321,870 Total Single
More informationRBC Economics Financial Update Dawn Desjardins
RBC Economics Financial Update Dawn Desjardins CICA/RBC Q4 2011 Business Monitor Economic Results Overview Business and Economic Optimism Begin to Stablize 100 % 80 % 60 % 40 % 20 % 0 % National Optimism
More informationRiverside Rising Economic Outlook for the Region April 2015
Analysis. Answers Riverside Rising Economic Outlook for the Region April 2015 Beacon Economics, LLC California fact versus fiction Looking back a few years (2009 / 2010) everyone was saying that CA would
More informationEconomic Outlook March Economic Policy Division
Economic Outlook March 212 Economic Policy Division Real GDP Outlook Percent Change, Annual Rate 2 1 1 - -1 197 197 198 198 199 199 2 2 21 U.S. GDP Actual and Potential Quarterly, Q1 197 to Q4 211 Real
More informationEconomic Update: Accelerating Growth and Increasing Risk
Economic Update: Accelerating Growth and Increasing Risk Professor Robert M. McNab Dragas Center for Economic Analysis and Policy Strome College of Business May 23, 2018 The forecasts and commentary do
More informationZions Bank Economic Overview
Zions Bank Economic Overview Utah Bankruptcy Lawyers Forum March 20, 2018 National Economic Conditions When Good News is Bad News Is Good News?? Dow Tops 26,000 Up 44% Since 2016 Election Source: Wall
More informationPHILADELPHIA HOUSE PRICE INDICES
PHILADELPHIA HOUSE PRICE INDICES July 20, 2017 KEVIN C. GILLEN, Ph.D. Kevin.C.Gillen@Drexel.edu Disclaimers and Acknowledgments: The Lindy Institute for Urban Innovation at Drexel University provides this
More informationGlobal Economic Outlook. Kellie Maske, Sr. Economics Fellow FedEx Corporate Economics September 2011
Kellie Maske, Sr. Economics Fellow FedEx Corporate Economics U.S. Outlook: Moderate Growth Overall 6 4 US Real GDP Growth 2 % Change 0 (2) (4) Forecast (6) (8) Bars = QOQ% Annualized Line = YOY% (10) 2005
More informationA Housing Correction or a Housing Recession?
A Housing Correction or a Housing Recession? Professor William Wheaton Department of Economics Center for Real Estate MIT January, 2007 MIT, IAP Topics: 1 Historic Housing Prices: relation to income. Cycles
More informationEconomic Update and Prospects for 2019 Professor Robert M. McNab Dragas Center for Economic Analysis and Policy Strome College of Business
Economic Update and Prospects for 2019 Professor Robert M. McNab Dragas Center for Economic Analysis and Policy Strome College of Business January 3, 2019 The forecasts and commentary do not constitute
More informationZions Bank Municipal Conference Economic Overview August 13, 2015
Zions Bank Municipal Conference Economic Overview August 13, 2015 Overview National Economic Conditions Utah Economic Conditions Utah is One of the Fastest Growing CA 0.9% States in the Country Percent
More informationCanadian Teleconference: Can the Canadian Economy Survive the Turmoil in the United States?
Canadian Teleconference: Can the Canadian Economy Survive the Turmoil in the United States? Nigel Gault Chief U.S. Economist Dale Orr Canadian Macroeconomic Services Copyright 2008 Global Insight, Inc.
More information2010 Credit Suisse Holiday Conference December 7, 2010
2010 Credit Suisse Holiday Conference December 7, 2010 Forward Looking Statements The Company claims the protection of the safe-harbor for forward-looking statements within the meaning of the Private Securities
More informationGlobal economy maintaining solid growth momentum. Canada leading the pack
Global economy maintaining solid growth momentum Canada leading the pack Dawn Desjardins (Deputy Chief Economist) (416) 974-6919 dawn.desjardins@rbc.com September 2017 Brighter global outlook gains traction
More information11 th Annual Oregon Economic Forum!
11 th Annual Oregon Economic Forum! (almost) Beyond! Macroeconomics Portland, OR! October 16, 2014! Expansion Continues! Five Years and More!! Recession Indicators Nonfarm Payrolls Real Personal Income
More informationInvesting in Real Estate. The smart choice for today s investor
Investing in Real Estate The smart choice for today s investor Real Estate is preferred over stocks Real estate out performs stocks http://blog.863katy.com/category/national-housing-news/page/2/ Real Estate
More informationKey Trends in the Meetings & Conventions Sector
Key Trends in the Meetings & Conventions Sector moderated by: Esra Calvert Where are we? Transient Performance: Demand Still Impressive, ADR Rising 4% 3% 2% 1% Demand % Change ADR % Change 0% Jan-16 Jan-17
More informationZions Bank Economic Overview
Zions Bank Economic Overview WIB Education Summit September 19, 2017 National Economic Conditions Dow Breaks 22,000 The Trump Bump Dow Reaches New Heights Following U.S. Presidential Election Source: Federal
More informationwww.colorado.edu/leeds/brd CAREER ADVANCING DEGREES FROM LEEDS EVENING MBA PROGRAM FOR WORKING PROFESSIONALS #1 PART-TIME MBA Program in Colorado according to U.S. News & World Report Engage in a collaborative
More informationBC Pension Forum. Economic Outlook. Presented by: Ben Homsy, CFA Portfolio Manager
BC Pension Forum Economic Outlook Presented by: Ben Homsy, CFA Portfolio Manager 1694 1704 1713 1723 1732 1741 1751 1760 1770 1779 1788 1798 1807 1817 1826 1836 1845 1854 1864 1873 1883 1892 1901 1911
More informationThe U.S. Economic Recovery: Why so weak and what should be done? William J. Crowder Ph.D.
The U.S. Economic Recovery: Why so weak and what should be done? William J. Crowder Ph.D. Weak Recovery? It s no secret that the U.S. economy has still not fully recovered from the financial crisis and
More informationEconomic Outlook: fear over fundamentals
ECONOMICS I RESEARCH Economic Outlook: fear over fundamentals April 2016 Craig Wright (SVP & Chief Economist) (416) 974-7457 craig.wright@rbc.com Volatility index Market volatility index, (VIX) 90 80 70
More informationWeb.com Completes Acquisition of Yodle Deal strengthens Web.com s portfolio of products that help small businesses compete and succeed online
Web.com Group, Inc. 12808 Gran Bay Parkway West Jacksonville, FL 32258 T: (904) 680-6600 F: (904) 880-0350 NASDAQ: WEB Web.com Completes Acquisition of Yodle Deal strengthens Web.com s portfolio of products
More informationGrowth, Innovation, and the Future of the Arizona Economy. Michael Crow Arizona State University December 21, 2016
Growth, Innovation, and the Future of the Arizona Economy Michael Crow Arizona State University December 21, 2016 Billions Arizona Gross Domestic Product, 2005-2016 $280 $275 $270 $265 $260 $255 $250 $245
More informationNYU International Hospitality Industry Investment Conference. Amanda W. Hite STR President & COO
NYU International Hospitality Industry Investment Conference Amanda W. Hite STR President & COO Supply Middle East Leads in Development 6 5.9 4 3.8 2.5 2 1.0 1.2 1.1 0 Central- South America Europe Middle
More informationZions Bank Economic Overview
Zions Bank Economic Overview Logan Rotary Club June 28, 2018 Dow Tops 26,000 Up 48% Since 2016 Election Jan 26, 2018 26,616 Oct 30, 2016 17,888 Source: Wall Street Journal Dow Around Correction Territory
More informationPresentation half-year results 2012
Presentation half-year results 2012 Okura Hotel, Amsterdam 26 July 2012 René J. Takens, CEO Hielke H. Sybesma, CFO Jeroen M. Snijders Blok, COO Agenda 1. Accell Group in H1 2012 2. Accell Group share 3.
More informationFigure 1: Gini coefficient
0.50 Figure 1: Gini coefficient Gini coefficient 0.45 0.40 0.35 0.30 All Workers Men Women 1940 1950 1960 1970 1980 1990 2000 Source: Kopczuk, Saez, Song QJE'10: Wage earnings inequality Year Top 10% Pre-
More informationEast Bay Financial Planners Association Conference
East Bay Financial Planners Association Conference Is The New Normal Here to Stay? January 10, 2018 Rich Taylor Vice President Client Portfolio Manager Percent Change (%) Subpar Economic Growth Real GDP
More informationZions Bank Economic Overview Utah Bankers Association Emerging Bank Leaders Conference. November 9, 2017
Zions Bank Economic Overview Utah Bankers Association Emerging Bank Leaders Conference November 9, 2017 National Economic Conditions Dow Breaks 23,000 The Trump Bump Dow Reaches New Heights Following U.S.
More informationFriday, May 22, NAR Convention
NAR Convention 5-14-09 NAR Convention 5-14-09 Lawrence Yun, NAR Chief Economist NAR Marketing Tips!Provide Market Data to buyers!forbes Buyer Survey: Now good time to buy home!best Banner Ads: 1. Has Market
More informationZions Bank Economic Overview. December 5, 2017
Zions Bank Economic Overview December 5, 2017 National Economic Conditions Dow Breaks 24,000 The Trump Bump Dow Reaches New Heights Following U.S. Presidential Election Source: Federal Reserve Bank of
More informationAs Good as it Gets. The Aging Expansion Powers On... but for How Much Longer? Andrew J. Nelson Chief Economist USA, Colliers International
As Good as it Gets The Aging Expansion Powers On... but for How Much Longer? Andrew J. Nelson Chief Economist USA, Colliers International #NMHCstudent @ApartmentWire Ten Years After: A Full if Imperfect
More informationZions Bank Economic Overview Coldwell Banker Commercial Group. November 6, 2017
Zions Bank Economic Overview Coldwell Banker Commercial Group November 6, 2017 National Economic Conditions Dow Breaks 23,000 The Trump Bump Dow Reaches New Heights Following U.S. Presidential Election
More informationThe State of the Commercial Real Estate Industry: Year-End 2010 Office Review & Outlook
The State of the Commercial Real Estate Industry: Year-End 2010 Office Review & Outlook Copyright 2011 CoStar Realty Information, Inc. No reproduction or distribution without permission. The following
More informationTexas Economic Outlook: Recovery in 2010 Keith Phillips Federal Reserve Bank of Dallas San Antonio Office
Texas Economic Outlook: Recovery in 2010 Keith Phillips Federal Reserve Bank of Dallas San Antonio Office The views expressed in this presentation are strictly those of the author and do not necessarily
More informationTelling Canada s story in numbers Elizabeth Richards Analytical Studies Branch April 20, 2017
Recent Developments in the Canadian Economy: How have the decline in oil prices and a weaker Canadian dollar affected Canada s economy? www.statcan.gc.ca Telling Canada s story in numbers Elizabeth Richards
More informationReal gross domestic growth
Real gross domestic growth United States, 2000 prices Compound annual growth rate 10 5 0-5 -10 81 83 85 87 89 91 93 95 97 99 01 03 05 07 Sources: BEA, Global Insight. Consumer sentiment University of Michigan,
More information