U.S., Texas and North Texas Economic Trends and Forecast. Where are we? Where are we going? And what can we do about it?

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1 U.S., Texas and North Texas Economic Trends and Forecast Where are we? Where are we going? And what can we do about it?

2 The North Texas Perspective: Real Estate Finance Executives Association March 12, 2015 M. Elizabeth Morris CEO / Chief Economist Insight Research Corporation

3 Our Services Land Use Economics Transportation Infrastructure Impact Analysis Investment-Grade Economic, Employment and Tax Revenue Analysis Site Selection Municipal Land Use and Financial Planning Analysis Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

4 Can Your City Afford Its Future? The Impact TRAKKER The Fast TRAKKER The Z-Snap TM The FlexTRAK DSM Insight s MUNICIPAL SUITE: Getting It Together... Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

DFW CMSA Transportation and Toll Improvements Completed or Underway Using Insight Research Corporation s Land Use, Demographic / Employment and Investment-Grade Forecasts 1 Trinity River Parkway

5 DFW CMSA Transportation and Toll Improvements Completed or Underway Using Insight Research Corporation s Land Use, Demographic / Employment and Investment-Grade Forecasts 1 Trinity River Parkway (River Corridor) 2 SH PGBT Superconnector SH 360 PGBT Eastern Extension Dallas North Tollway & Addison Toll Tunnel LBJ Freeway Improvements & Toll Tunnel Lake Lewisville Bridge SH 121, SW Pkwy, Chisholm Trail Pkwy 10 Loop 9, SE Segment PGBT I-30 to I SH 121 Denton Collin County 13 SH 161 Extension SH-183 to I20 14 SH 80 Trans Reinvestment Zone 15 I 35E HOV Lane Analysis Blacklands Turnpike/ Northeast Gateway Currently Abandoned Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

6 Today s Topics Community Development and Economic Development A critical perspective U.S. Economy, Texas Comparison Texas to North Texas Economies Current Economic Chatter Leveraging Our State and Regional Advantages Forecast: U.S.-Texas-DFW MSA

7 Real Estate Development: The Primary Economic Development Source Developers and Finance Executives in the Real Estate Industry are key to a region s economic status Working with public and private sector partners, the real estate industry creates and maintains the local tax bases that allow public jurisdictions to function. The innovation, creativity and hard-won stability of property tax values is the bedrock of local revenues supporting any region s quality of life.

8 The Biggest Texas Advantage: Business Friendly Texas gets it! The clear understanding that... All taxes flow from profitable businesses. And all Jobs, too! Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

9 U.S. Economic, Employment and Population Trends

10 HISTORIC PROJECTED.com Bubble Depression 1929 to 1933 WW II 1941 to to 2001 Recent Recession 2007 to U.S. Cycles of Capital Investment 1919 to 2035, Insight s 2015 Forecast to 2035 High Cycle Points Low Cycle Points Total Employment Construction Employment

11 U.S. Cycles of Capital Investment 1919 to 1955.com Bubble Depression 1929 to 1933 WW II 1941 to to Source: U.S. Bureau of Labor Statistics High Cycle Points Low Cycle Points Total Employment Construction Employment Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

12 U.S. Cycles of Capital Investment, 1956 to Forecast to 2021 HISTORIC PROJECTED.com Bubble Depression 1929 to 1933 WW II 1941 to to 2001 High Cycle Points Low Cycle Points Recent Recession 2007 to Total Employment Construction Employment Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

13 HISTORIC PROJECTED.com Bubble Depression 1929 to 1933 WW II 1941 to to 2001 Recent Recession 2007 to LOOKING AGAIN at U.S. Cycles of Capital Investment 1919 to 2035, Insight s 2015 Forecast to 2035 High Cycle Points Low Cycle Points Total Employment Construction Employment

14 10 Real Economic Growth in the Gross Domestic Product (GDP) Percent Change from Previous Quarter at Annual Rate th Qtr 14: +2.2% A Recession: Two consecutive quarters of economic loss -10 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Source: Bureau of Economic Analysis (Next Update April 30, 2015) Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

15 Components of the GDP Economic Component 2015 Status over 2014 Government Spending Consumer Spending Continued Unprecedented High Measurably More Optimistic Private Capital Investment Cautionary, Marginal Uptick Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

16 Job Job Recovery Time: time Current from Prior to Prior Recessions...from From Peak Peak to Return to Return in Months in Months

17 , , , , , , ,000 U.S. CIVILIAN LABOR FORCE, In Thousands of Workers, Source - U.S. BLS 154, ,899 Boomer retirements and other losses to US workforce 106,974

18 U.S. Unemployment Rate Percent 12 In Percent of Unemployed Persons in the Civilian Labor Force 10 U.S. Unemployment Feb % BLS considers 4% of Labor Force as Permanently Unemployed; 6.5% is Average Unemployment since JFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJF Source: U S BLS

19 120 U.S. Consumer Confidence Index From a Monthly Survey of 5,000 US Households, 1985 = February 15 U.S (p) At 25.3, Feb 09 was lowest since 1967 when index began. A healthy index is considered to be 90% JFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJ FMAMJ J ASONDJ F Source: The Conference Board

20 Economic Performance Comparisons US, Texas and North Texas

21 Texas Job Growth Outpaces US 1970 through 2014 Gray bars reflect US recessions, Year-to-year % change, SAA

22 Annual Average Unemployment Rate US (Blue), Texas (Red), No TX (Green) 12.0% 10.0% BLS considers 4% of Labor Force as Permanently Unemployed - 6.0% is Average Since % 6.0% 4.0% 2.0% December 2014 US: 5.6%, Texas: 4.6%, DFW 4.0% 0.0% Texas US N. Texas Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

23 % Change 5.0% 4.0% Civilian Labor Force Comparison U.S. to Texas to North Texas While the size of the US CLF declined in 2009 for the first time in 30 years, the CLF in Texas and North Texas continue to grow. 3.0% 2.0% 1.0% 0.0% -1.0% US TEXAS N. TEXAS Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

24 U.S. BEA Regional Market Segments

25 Comparisons of Regional Consumer Confidence Dec Dec Dec Dec Dec Dec Dec. Dec The Consumer Confidence Board considers a score of 90 to be a healthy baseline. Dec 2014 Difference from US Pacific Mountain Midwest Northeast Southeast West South Central U.S Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

26 140.0 Consumer Confidence Index West South Central Reg. Compared to U.S = West So Cent Difference From U.S West South Central 80.0 United States December 2014 Consumer Confidence Index West South Central Region: United States: Source: Conference Board JFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASOND Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

27 2014 Median Home Price and Inventory by Texas MSA % Price Increase, 2014 to 2013

28 US Auto Sales, , 2015 Projection Lower Gasoline Prices Boost Auto Sales

29 TEXAS METROPOLITAN STATISTICAL AREAS Ft. Worth-Arlington MD Johnson, Parker, Tarrant and Wise Counties Ft Worth Dallas-Plano-Irving MD Collin, Dallas, Delta, Denton, Ellis, Hunt, Kaufman and Rockwall Counties Dallas EL Paso MSA El Paso Co El Paso Austin Houston Austin-Round Rock MSA Bastrop, Caldwell, Hays, Travis and Williamson Counties San Antonio San Antonio MSA Atascosa, Bandera, Bexar, Comal, Guadalupe, Kendall, Medina and Wilson Counties Houston-Baytown-Sugar Land MSA Austin, Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery, San Jacinto and Waller Counties

30 ANNUAL AVERAGE UNEMPLOYMENT RATES U.S. Texas Austin Dallas Ft. Worth El Paso Houston San Antonio Source: U.S. Bureau of Labor Statistics Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

31 Population, % change, mid-year 2014 US Population Growth 0.9% or greater 0.4% to 0.9% 0.4% or less U.S. = 0.73% Sources: Census Bureau, Moody s Analytics

32 United States Population 1960 through 2014, Source U.S. Census Bureau 350,000, ,000, ,972, ,906, ,000, ,000, ,000, ,000,000 50,000, Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

33 State of Texas Population 1960 through ,000,000 25,000, ,624,000 20,000, ,956,958 15,000,000 10,000,000 5,000, Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

34 ,500,000 6,500,000 5,500,000 4,500,000 3,500,000 2,500,000 1,500, ,000 DFW MSA Population 1960 through ,425, ,097,813 or 26% of the State Dallas MD Ft Worth MD Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

Aqua 1970 Yellow 1990 White 2010 Copyright 2015.

35 AREAS OF PUBLIC UTILITY SERVICE AT TWENTY YEAR INTERVALS Dallas-Fort Worth Population Growth Areas Aqua 1970 Yellow 1990 White 2010 Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

36 Continuing Advantages for Texas, especially North Texas

37 Statewide Advantages Supporting The Competitive Texas Rebound Economic Realities Lower Cost of Living & Housing Employment Diversity Energy s Influence Marketing Support 4A&B Funds Local Incentive Flexibility Special Districts TIF, TIRZ Texas Enterprise Fund Public Policy Benefits Homestead LOC Cap No State Income Tax Speed to Market Right-to-Work State Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

38 TOTAL TAX BURDEN #1 High, # 50 Lowest % of Avg Per Capita Income Paid in State & Local Taxes 2011 Rank Rank Rank 2009 New York % % % New Jersey % % % Connecticut % % % California % % % Wisconsin % % % Minnesota % % % Maryland % % % Rhode Island % % % Vermont % % % Greatest Pennsylvania % % % Least Alabama % % % South Carolina % % % Nevada % % % New Hampshire % % % Tennessee % % % Louisiana % % % Texas % % % South Dakota % % % Alaska % % % Wyoming % % % Source: Bureau of Economic Analysis, Tax Foundation Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

39 The Biggest Texas Advantage: Business Friendly Texas gets it! The clear understanding that... All taxes flow from profitable businesses. And all Jobs, too! Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

40 Hillwood Properties, Corporate Services SPEED TO MARKET July 19 September 16 October 4 October 29 December 2 December 31

41 Texas: A Good Financial Bet Location Central Time Zone Economic Stability Oil/Gas, Defense, Transportation Job Creation and Population Growth Low Cost of Living/ Low Tax Burden Business Friendly Environment Local Control of Zoning, Special District Formation, Incentive Packages and Negotiations Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

42 DFW Real Estate Performance Overview Year End 2014

43 New and Existing Home Sales in the US Home sales continue to be supported by Job Growth, Low Rates

44 2014 Median Home Price and Inventory by TX MSA % Price Increase, 2014 to 2013

45 New Home Construction Flattens

46 Construction Contract Values Up

47 Market Segments Included: Single Family Multi Family Retail Office Industrial Each segment reviews Dallas, Fort Worth and the DFW performance data combined.

48 Single Family

49 50,000 DALLAS MD SINGLE FAMILY PERMITS 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, Annual Number of Permits Source: Texas A&M RE Center

50 DALLAS MD SINGLE FAMILY PERMITS BY COUNTY Hunt % Kaufman % Rockwall % Ellis % Denton % Collin % Delta % Dallas % Source: Texas A&M RE Center

51 Annual Number of Permits FORT WORTH MD SINGLE FAMILY PERMITS 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, Source: Texas A&M RE Center

52 FORT WORTH MD SINGLE FAMILY PERMITS BY COUNTY Wise 68 1% Johnson % Parker 376 6% Tarrant % Source: Texas A&M RE Center

53 DFW MSA SINGLE FAMILY PERMITS 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, Annual Number of Permits Source: Texas A&M RE Center

54 Multi-Family

55 65,000 55,000 45,000 35,000 25,000 15,000 5,000 (5,000) Source: CBRE Inc. DALLAS MD MULTI-FAMILY CONSTRUCTION Units ABSORBED DELIVERIES

56 65,000 55,000 45,000 35,000 25,000 15,000 5,000 (5,000) Source: CBRE Inc. FORT WORTH MD MULTI-FAMILY CONSTRUCTION Units ABSORBED DELIVERIES

57 Units DFW MSA MULTI-FAMILY CONSTRUCTION 65,000 55,000 45,000 35,000 25,000 15,000 5,000 (5,000) Source: CBRE Inc. ABSORPTION DELIVERIES

58 Retail

59 (3.0) Source: CBRE Inc. DALLAS MD RETAIL CONSTRUCTION Millions of Square Feet ABSORBED DELIVERIES

60 (3.0) Source: CBRE Inc. FORT WORTH MD RETAIL CONSTRUCTION Millions of Square Feet ABSORBED DELIVERIES

61 (3.0) Source: CBRE Inc. DFW MSA RETAIL CONSTRUCTION ABSORPTION DELIVERIES Millions of Square Feet

62 Office

63 DALLAS MD OFFICE CONSTRUCTION 25 Millions of Square Feet (5) Source: CBRE Inc. ABSORBED DELIVERIES

64 FORT WORTH MD OFFICE CONSTRUCTION 25 Millions of Square Feet (5) Source: CBRE Inc. ABSORBED DELIVERIES

65 Millions DFW MSA OFFICE CONSTRUCTION (5) Source: CBRE Inc. ABSORBED DELIVERIES

66 Industrial

67 (5) Source: CBRE Inc. DALLAS MD INDUSTRIAL CONSTRUCTION Millions ABSORBED DELIVERIES

68 FORT WORTH MD INDUSTRIAL CONSTRUCTION 30 Millions of Square Feet (5) Source: CBRE Inc. ABSORBED DELIVERIES

69 (5) Source: CBRE Inc. DFW MSA INDUSTRIAL CONSTRUCTION Millions ABSORPTION DELIVERIES

70 Special District Financing Increasingly Used Approaches that can Stabilize and Enable Development Opportunities

72 Typical TIF Eligibility Criteria A TIF District can be established if: There is significant potential to stimulate new, private sector, taxable development or redevelopment (regeneration). The public infrastructure is currently insufficient to support the new private sector development, including streets, utilities, water and wastewater treatment, sidewalks, lighting and common area public space. Development will not occur but for the creation of the District.

73 As Used in the US, Tax Increment Financing is NOT: A tax abatement program A direct or uncontrolled subsidy to a developer A tax break for property owners within the TIF District A public sector-initiated enticement -- but rather a response to the expressed infrastructure needs of private sector development commitments Tax increment financing IS an alternative financing tool in which the community decides to participate temporarily to help fund the costs of the district s infrastructure for the ultimate financial benefit of the community s tax base.

75 TEXAS MOTOR SPEEDWAY

78 CITY OF FORNEY TIF/TRZ AREA (in Gold) Balance of the City s s Tax Base in Red, City Limit in Green TIF area is about 55% of the city s land area, and 18% of its existing tax base.

79 The U.S., Texas and North Texas Economic Forecast from Insight Research Corporation

80 FORECASTS AND FORECASTERS What do the Other Guys have to say about economic performance in Texas in the coming year? Comerica Bank Federal Reserve JPMorgan Chase Like this week s Northeast weather forecast, is the chatter about a poor performance year for 2015 in Texas just another snow job? Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

81 Regional Economic Effects of Higher Energy Prices S S Helped Hurt

83 How About Comerica Bank and The Dallas Federal Reserve Bank? The Chief Economist of Comerica Bank expects a 2.0% U.S. GDP growth in 2015, and forecasts a slowing economic outlook for Texas. The Chief Research Economist for the Federal Reserve Bank of Dallas expects slower growth in Texas as well, Texas may not outpace the U.S. economy. Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

84 And JPMorganChase? December 18, 2014: According to U.S. Chief Economist, JPMorgan Chase Michael Feroli, We think Texas will, at least, have a rough 2015 ahead, and is at risk of slipping into a regional recession. As support for his opinion, Feroli points to two months of job count decline statewide for Texas from January to March of Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

86 Direct Energy Employment Differences US and Selected Texas MSAs U.S. 0.6% of total employment, or 910,000 direct jobs nationwide Texas Average 2.6% 303,900 jobs statewide Houston MSA 4.0% 113,500 jobs in the region Midland-Odessa 20.0% 30,400 jobs regionally DFW MSA 0.7% 23,800 jobs Given the ripple effect multiplier applicable to employment, the Federal Reserve Bank estimates that approximately 140,000 direct and indirect jobs may be somewhat affected in the State of Texas. Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

87 A 2015 Texas Recession? According to Insight Research Corporation s Chief Economist, that perspective can be summed up in one word: RUBBISH! Shale production of oil & natural gas has been a boost to the Texas economy, helping to jump-start the employment numbers in the state ahead of much of the rest of the nation. However, unlike Feroli s additional citation of the similarities in Texas and North Dakota, the Texas economy is strong and diverse. At year end 2014, the Texas economy and particularly the North Texas economy -- has the bit between it s teeth and is experiencing strong gains in employment and in-migration of both companies and households. Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

88 Oil and Gas Prices Plunge

90 How long will lower gas prices last? The U.S. Energy Department projects a price at the pump of 2.16 per gallon during the first quarter of 2015 and $2.33 as an average through the year, down from an average of $3.36 per gallon in It projects an average of $2.72 per gallon for Diesel fuel prices, which averaged $3.83 per gallon in 2014, are expected to fall to $2.85 for 2015, and rise again to $3.25 per gallon in 2016.

91 Dueling Forces for Business Q: What weights the economy down? A. Added expenses to businesses and households. B. Risk Aversion Uncertainty; both businesses and households avoid risk Q: What propels it it forward? A. Lessened business and household expenses B. Risk Taking For both available credit and forecasting stability Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

92 Policy and Regulation Forecast Drivers in the U.S. ANTI-BUSINESS a) Dodd-Frank Act (DFA) b) Affordable Care Act Implementation Uncertainties c) New Taxes, Fewer Exemptions d) Oil, Coal, Gas Restrictions; Cap & Trade PRO-BUSINESS a) Increasing Credit Availability b) Regulatory Revisions to Reduce Business Costs c) Lower Overall Taxes: Local, State & Federal, Capital Gains and Estate d) Lower Energy Cost Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

93 Assumptions for the U.S. Forecast Good: Continued overall economic and housing market recovery Mixed: Fed Action: Slowly increasing interest rates Slowly increasing inflation Reduced oil prices Bad: More domestic terrorism, deteriorating Mid- and Far East... Too important to ignore, too expensive to fix. Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

94 United States Total and Construction Employment 1981 through 2014 Historic; 2015 through 2035 Forecast Annual % of Change Historic EOY 2014 Projected US Total Employment US Construction Employment Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

95 Texas and North Texas Forecasting Assumptions

96 Texas & No. Texas Economic Keys As of 2015, Texas continues to be light years ahead of the U.S. recovery in terms of job change percentages, especially true in North Texas The Texas economy and job creation performance continued to grow steadily Major Texas cities 2014 housing markets continued rapid improvement, making the switch from a buyer s to a seller s market, driven by the State s increasing employment and inmigration. Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

97 Comparison of U.S, Texas and North Texas Construction Employment 1981 through 2014 Historic; 2015 through 2035 Forecast % Change 20 Historic EOY 2014 Projected At year end 2014, Texas is outperforming the U.S. recovery at a remarkable pace: U.S. 3.5%, TX 5.0%, No. Texas 12.6% US Const. Employment Texas Const. Employment N. TX Const. Employment Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

98 State of Texas Total and Construction Employment 1981 through 2014 Historic; 2015 through 2035 Forecast Annual % of Change 15 Historic EOY 2014 Projected Total Employment Construction Employment Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

99 Annual % of Change 25 DFW MSA Total and Construction Employment 1981 through 2014 Historic; 2015 through 2035 Forecast Historic EOY 2014 Projected Regional economic slowdowns can be expected about 2020, and again in Total Employment Construction Employment Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

100 Executive Summary Insight is Upbeat for 2015

101 Executive Summary: Insight is Upbeat for North Texas in 2015 & 2016 While other economists are predicting slower growth and even a recession for Texas, Insight Research is more bullish, citing the demonstrated economic strengths of North Texas. Meeting pent-up demand, the region is poised to continue strong economic development successes. Texas may slow slightly from 2014 in 2015, but Austin and Houston as well as DFW remain strong powerhouses of economic demand and strength. Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

102 Upbeat for North Texas in 2015 & 2016 In 2016, a Presidential election year will likely bring a measurable slowing of activity nationwide as businesses and families postpone major decisions to see what may affect them. This happens almost every Presidential election year as the negative drumbeat of daily media and political ads dominate communications. Notwithstanding, North Texas is poised to continue to outpace the U.S. and Texas averages as well into the next economic cycle.

103 Meeting Looming Challenges Stay ahead of the multiple challenges posed by a rapidly increasing population using all the economic development tools at our disposal: 4A,4B, TIRZ, TIF, and most important, locally controlled incentives. Plan for and provide for Texas future water needs. Manage and finance our transportation, mobility and infrastructure requirements. Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

104

105 Recognize the Importance of and Protect Some Texas Advantages! Keep Texas one of seven states in the U.S. with no state income tax. Protect our right-to-work status. Keep the cost of living down Insist on professional public management and budget practices. Maintain the economic advantages of our 80% homestead cap on home loan debt that protected Texas in the mortgage meltdown as compared to many other parts of the U.S. Copyright Insight Research Corporation, P.O. Box 61, Allen, TX

106 In other words, keep doing the Texas thing!

107 The circulation of confidence is better than the circulation of money. - James Madison -

108 Our Mission Insight Research Corporation clearly defines the economic costs and benefits of project alternatives so that decision makers have fully informed choices.

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