The South Bay has proven remarkably resilient in the face of recent economic challenges and uncertainties, and is well poised to weather future changes. That optimistic message was woven throughout CSUDH’s ninth annual South Bay Economic Forecast on Oct. 26, where more than 300 industry leaders gathered to listen to CSUDH and business experts discuss the region’s economic trends.
Moderated by Frank Mottek of 790 KABC’s Mottek on Money radio show, the event began with CSUDH’s South Bay Economic Institute discussing their 2023 South Bay Economic Forecast and Industry Outlook, a report which delves into sectors of the economy ranging from real estate to entrepreneurship, manufacturing, the labor market, and more. The Institute’s co-directors, Associate Professor of Public Administration Fynnwin Prager and Professor of Economics Jose Martinez, along with Associate Professor of Finance Jennifer Brodmann, emphasized the health of the nation’s economy before getting into South Bay specifics.
“People don’t know the U.S. economy is actually doing really well, and has a three percent growth rate,” Martinez said. “Consumers are spending like crazy, and that’s good news for the economy.”
Narrowing in on the South Bay, the professors discussed the merits and pitfalls of AI, fluctuations in commercial and residential real estate, the 2028 Olympics, and the rise of labor movements. They also underscored the importance of having a skilled, diverse, and educated workforce to bolster the local economy.
“We’ve got amazing people, high levels of human capital, and really impressive education levels—that’s a huge strength of this region,” Prager said.
The South Bay Competitive Edge Tech Panel then took the stage, where President of DSA Signage Shokouh Shafiei, Manager of John Deere’s Starfire Network Al Savage, Co-Founder of Azure Printed Homes Gene Eidelman, and COO of Varda Space Industries Jon Barr discussed how innovations in technology are enabling them to maximize productivity and transform their industries.
The panel also talked about the benefits of operating in the South Bay, citing ample space and proximity to the ports as a few of the primary reasons, as well as the importance of hiring candidates who are eager to work and willing to learn.
Watch the full forecast event below: