While economist Elliot Eisenberg—keynote speaker
for today's TRENDS in Real Estate Seminar—enthusiastically called the
state of the Louisiana and Baton Rouge economies a "happy story," he
warned that the energy boom won't last forever. "You know it will end,"
Eisenberg told those gathered this morning at the BREC Independence Park
Theatre for the half-day seminar. "Energy booms always end. I would try
and plan for what happens the day after. Lafayette in '86 wasn't a
happy place, remember that. Nothing good lasts forever. Don't say this
time will be different, because it won't be different." Still, Eisenberg
detailed a mostly optimistic outlook for the state and Capital Region,
celebrating the the area's low unemployment rate, labor force
growth—which is above the national average—and 5% increase in home
prices since last year. "You're a happy city and a happy state, you
really are," said Eisenberg, a nationally acclaimed economist and
speaker based in Washington, D.C. By contrast, he noted, the national
economy is improving, but at a slower pace than has been seen locally.
Crediting less economic uncertainty and increased capital expenditures,
Eisenberg said we are now entering the "pleasant phase of the recovery."
"Overall, the economy really is improving," he said, adding that he
expects "interest rates will go up because of it." The 26h Annual TRENDS
in Real Estate Seminar, hosted by the Greater Baton Rouge Association
of Realtors Commercial Investment Division, kicked off this morning with
Eisenberg's keynote address and will continue through noon. With
roughly 680 registered to attend, this will be the largest TRENDS
seminar since 2006, according to GBRAR Communications Director Saiward
Pharr Hromadka. Read Daily Report PM later today for more coverage from the seminar. —Rachel Alexander
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