| NEWS RELEASE |
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Office of External Communications |
Houston, TX 77204-5017 Fax: 713.743.8199 |
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FOR IMMEDIATE RELEASE |
Contact: Angie Joe |
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ECONOMIC FALLOUT FROM KATRINA AND RITA IS NOT OVER YET, UH’S SMITH TO ANNOUNCE DURING ANNUAL FORUM The national economy has yet to feel the impact of Katrina and Rita, says Barton Smith, University of Houston director of the Institute for Regional Forecasting (IRF). The burden of high heating costs this winter should have a significant impact on consumer spending in the spring. This coupled with excessive exuberance on the part of the Federal Reserve Bank to fight this supply-shock inflation with higher interest rates is likely to be a major damper on economic growth next year. Smith will talk about those factors during “The Aftermath of Katrina: Where Do We Go From Here?” Nov. 10, at the Hyatt Regency Hotel Downtown, 1200 Louisiana. He not only will present his annual forecasts for the nation and the Houston region, but also will talk about the need to rethink many major policy perspectives that should have been learned from the country’s experience with Katrina and Rita. Smith’s forecast is not all gloomy, however. He sees Houston’s economy steadily improving, mostly because the nation’s economic problems, particularly high energy prices, will stimulate part of the local economy. Nonetheless, Smith will argue that the new, diversified Houston economy needs more than energy growth to be fully healthy. It requires a foundation of strong national growth as well, and that is likely to be more than a year away. As usual at this time of year, the IRF’s updated 5-year and 25-year forecasts for the region’s employment, population, and sales will be released, and Smith will compare Houston’s growth with that of the U.S. and Texas economies. The UH economics professor has conducted numerous studies in urban issues, housing, transportation and the environment. During the past 15 years, he has gained national and local recognition for his analyses of the Houston economy and real estate markets. Smith wrote “Handbook on the Houston Economy” and continues to publish two symposium reports a year on Houston’s economy and real estate markets. Prior to his presentation, Smith will be available for media interviews from 10:30 to 11:15 a.m. ABOUT THE EVENT:
For more information about UH visit the university’s ‘Newsroom’ at www.uh.edu/admin/media/newsroom. |
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