Dr. Greg Hallman Director, Real Estate Finance and Investment Center (REFIC) McCombs School of Business University of Texas at Austin
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1 Dr. Greg Hallman Director, Real Estate Finance and Investment Center (REFIC) McCombs School of Business University of Texas at Austin POWERPOINT PARTNER
2 The US Economy today, with a close look at jobs and interest rates and mortgage rates The World Economy today The Texas and Austin Economy A look at a few of the new president s potential proposals on, (1) trade, (2) infrastructure spending, (3) taxes and tax rates A forecast for US economic growth and interest rates (this seems harder than some years I ve done this ) POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 2
3 POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 3
4 1% - 3% steady since 2010 POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 4
5 POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 5
6 4.8%! POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 6
7 9.4% POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 7
8 16 million 7 million POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 8
9 145 million 138 million POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 9
10 POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 10
11 POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 11
12 Residential Housing Many healthy housing markets Now exceed 2007 highs = 100 POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 12
13 Commercial Real Estate POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 13
14 US Stock Markets POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 14
15 POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 15
16 Start recession POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 16
17 POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 17
18 POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 18
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23 Savings glut from 2 structural factors, which are related, and one recent factor: 1. Global Ageing population in richer nations saving for retirement; 2. Adding China to the world economy = a billion people with a 40% savings rate; that s a lot of new supply. 3. The Great Recession scared people into saving more; less confidence in value of savings = save more. POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 23
24 $1 trillion billions The Economist, POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 24
25 Jobs have recovered; the labor market continues to ADD close to 200,000 jobs per month, and wages are starting to rise, finally Asset prices have recovered; home prices have for the most part recovered, and now exceed 2007 in good markets, commercial real estate has done great, stock market gains have been very good Interest rates are still low, which is nothing to complain about, but does cause some pause in the overall rosy story about future economic growth POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 25
26 World economy numbers, because we are not alone ~ 1/3 of sales by S&P 500 companies are sales to international customers, exports Texas and Austin economy numbers POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 26
27 Euro Area ~ billion 1.3 billion 323 million POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 27
28 rank country 2016 GDP (billions) share 1 United States $ 18,558 25% 2 BRIC $ 16,337 21% 3 EU total $ 16,229 20% BRIC = Brazil, Russia, India, China = BIG emerging economies POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 28
29 POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 29
30 POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 30
31 POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 31
32 CLEARLY SLOWING POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 32
33 China s main imports are mechanical and electrical products (34%) and high tech goods (23%). Also one of the biggest consumers of commodities. Hope is they grow and buy more from all of us, but lately that s not happening, or at least not growing at all, even shrinking a little. POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 33
34 US GDP/capita ~ $53,000 POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 34
35 Not Slowing as much, but much smaller ; China GDP ~ $11T, India GDP ~ $2T POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 35
36 US GDP/capita ~ $53,000 POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 36
37 1% - 2% POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 37
38 12% 10% POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 38
39 27% 20% POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 39
40 Starting to GROW 2%-3% POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 40
41 27% 23% POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 41
42 Not yet better... POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 42
43 4% POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 43
44 POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 44
45 10% POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 45
46 POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 46
47 So far, not much terrible effect or fallout On the contrary, the main effect so far has been that the British currency, the pound, fell against world currencies by about 10%, and fell against the dollar by about 15%, and that made British goods cheaper abroad, which helped British exports and manufacturing, and made vacations to Britain (London) cheaper for foreign travelers; I read there s been an uptick in tourism and tourist spending, at least on luxury goods in London, since Brexit and the currency fall POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 47
48 China slowing don t know if we ll ever see the 10% growth rates from 10 years ago Brazil and Russia are hurting commodities and oil both down with China s weakening EU growth is spotty Germany still strong, France is middling, Greece still sick, Spain starting to rally GOING FORWARD WORLD RISKS continuing weakness in China, the beginnings of EU growth (primarily Spain s pick-up) runs out of gas, Brexit turns into a mess and the beginning of the end of easy world trade even between rich nations POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 48
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53 10 European Countries POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 53
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64 Dougal, Casey and Parsons, Christopher A. and Titman, Sheridan, Urban Vibrancy and Corporate Growth (May 8, 2014). Journal of Finance, Forthcoming. Available at SSRN: or POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 64
65 We find that a firm s investment (capex) is highly sensitive to the investments of other firms headquartered nearby, even those in very different industries Location is a statistically significant factor in explaining corporate investment and growth; where matters Successful companies create and attract capable employees and managers, who spread their talents and success through the local economy. Bodes well for us here in Austin. POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 65
66 1. Trade Policy 2. Infrastructure Spending 3. Tax rates POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 66
67 The new administration seems to be betting that a tougher approach to China, Mexico, and other trading partners - including the imposition of import duties could boost some U.S. firms without kicking off a trade war or raising the price of imports. [WSJ, William Mauldin, 12/4/17] My own view I don t like it. I think we should remember that China and Mexico are also growing customers, not just competitors. And I don t think the strongest economy in the world needs protection from anyone, least China and Mexico. POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 67
68 Government spending on roads, bridges, clean water, airports, electricity grid, These projects should create new jobs and likely boost growth at least in the short run while the money is being spent. My own view overall, I like it, and it might help productivity. But I worry that - At our current 4.8% unemployment these projects will need to pay high wages to compete against private sector, and this could start a wage-price inflation move deficit-neutral? it seems unlikely that we could get all these new things without having to borrow a bunch of money and increase the deficit POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 68
69 First, let me show you a chart of some tax rates across countries, but also tell you that after US firms take all their deductions and tax shield strategies they pay about the same percentage as European firms. POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 69
70 Mr. Trump has proposed lowering the US corporate tax rate to 15%, where Paul Ryan has a plan that includes a 20% corporate rate My own view I view corporate taxes as a tax on wealth creation, the engines of the economy, and I do not like the fact that we have the highest corporate tax rate and I agree it should be lower. That said, if this administration thinks it s going to cut taxes and spend money and not increase deficits it needs to look at both the Great Society (LBJ) and the great defense spending increase (Reagan), both recent history, one contributed to inflation, the other to large deficits POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 70
71 POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 71
72 POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 72
73 3% - 4% 1.5% - 2% 4% - 5% POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 73
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76 Infrastructure spending, if not done too wastefully, should increase growth in the US However, employment is already very tight, and trying to find more workers for infrastructure projects might start an inflationary wage-price move Lower tax rates should increase near-term growth, but coupled with infrastructure spending, will likely increase federal deficit (and may lead to higher interest rates through crowding out?) Protectionism and a trade war would of course slow down growth - roughly 1/3 of S&P500 company sales (revenues) are exports to international markets. POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 76
77 I expect higher GDP growth, higher wage growth, probably leads to higher interest rates and a stronger dollar, which serve to slow-down the above growth effects, but all in I bet we hit 3% GDP growth in 2017, with mortgage rates between 4% and 5%, and continued healthy job growth and real estate in Austin and Texas, where we are on a serious roll All bets are off if the new President starts a trade war with protectionist tariffs on foreign goods; other countries will almost surely retaliate and we ll all get hurt in the end let s hope that doesn t happen POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 77
78 Thank-you for your time and attention POWERPOINT PARTNER Dr. Greg Hallman -HBA Housing Forecast Austin, Texas 78
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