fall 2008 weg newsletter

7/31/2019 Fall 2008 WEG Newsletter

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WEG Quarterly Economic Commentaryby Tony Villamil

Indicator 2007*2007

Q3

2007

Q4

2008

Q1

2008

Q2

2008

Q3

U.S. Economic Indicators

Real GDP Growth(% change on year ago)

2.0% 4.8% -0.2% 0.9% 2.8% -0.3%Economic recession l2009 and this outcommarkets.

Personal Consumption Expenditure(PCE) Deflator (Inflation)(Index % change on year ago)

2.6% 2.5% 4.3% 3.6% 4.3% 5.4%Inflationary pressuresrange in 2009. Price p

Payroll Employment(% change on year ago

1.1% 1.0% 0.9% 0.5% 0.2% -0.2%Declines in employmeExpansion in employm

Florida Economic Indicators

Payroll Employment(% change on year ago)

0.8% 2.3% 1.5% -0.8% -1.1% -1.5%Declines in employmerecovery depends on growth accelerating fr

Single-Family Home Sales(% change)

-29% -29% -30% -26% -6.5% 5.3%Slow recovery in sales2006 levels. Price dec

Exports ($ Billions)* $60 $17 $18 $16 $18 $19Export growth to slowlower growth path. Euof 2009.

Sources: BEA, BLS, Florida Association of Realtors, Florida Research and Economic Database, Enterprise Florida, Inc. and WEG O


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The Washington Economics Group, Inc. 2655 LeJeune Road, Suite 608, Coral Gables, FL 33134www.weg.com [email protected] Phone 305-461-3811 Fax 305-461-3822

On October 22, 2008, a WEG study on the

importance and need for enhanced State

investment in education was released at a panel

discussion and press conference held in Miami,

Florida. ENLACE Florida, a national education

initiative based out of the University of SouthFlorida commissioned the Study. The Study

explored the critical role of enhanced public

investment and the efficiency on the future of

education and economic development in Florida.

The panel discussion was composed of WEG

Principal Advisor, Tony Villamil, Florida

Commissioner of Education, Dr. Eric Smith, State

Representative Anitere Flores and State Senator-

Elect Dan Gelber.

The Greater Miami Chamber of Commerce hosted

a Transportation Panel discussion on September 4,

2008. Tony Villamil, WEG Principal Advisor

participated as a speaker in a panel discussion on

"Changing Faces of Transportation Requirements

for Economic Development. The panel, which was

heavily attended by South Florida executives,

focused on the future of mobility and

transportation relating to economic development

in South Florida. Other members of the panel

included former City of Miami Mayor, Maurice

Ferre, and Jose Abreu, the Director of the Miami-

Dade Aviation Department.

South Floridas leading public hospital has

engaged WEG to prepare an economic impact

analysis of their capital development and master

facilities plan. The comprehensive analysis will

include the impacts of the planned investments on

the South Florida economy, such as jobs, labor

income and state and local tax revenue. The

report is being prepared under the guidance of

WEGs Principal Advisor, Tony Villamil and

Associate Consultant for Economics, Charles K.

Yaros.

WEG NEWS AND CONSULT ING ACTIVIT IES November 2008

Fal l Is sue

WEG has completed the first phase of a

comprehensive economic impact analysis of a

major South Florida-based healthcare provider.

The provider retained WEG to update thesignificant economic impacts that the Healthcare

System provides to the South Florida community.

These impacts were found in terms of jobs created,

labor income generated, value added and

increased tax revenues. The next phase of the

analysis will identify the economic impact of a

selected group of their hospitals, which serve non-

emergency health matters in smaller communities

in South Florida.


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Page 2 Fall Issue

WEG is working with the ISC to model the

economic impacts of motorsports racetracks andorganizations under the lead of WEG Associate

Consultant for Economics, Charles K. Yaros.

Projects have included the economic impacts of

the entire ISC operation in Florida as well as the

economic impact of various race facilities and

operations across the United States such as the

Richmond and Martinsville Racetracks in Virginia

and the Darlington International Raceway in South

Carolina, among others.

Tony Villamil has been selected to serve on two

prestigious local education committees. Since

September 2008, Dr. Villamil has been a member

of the Greater Miami Chamber of Commerces

Higher Education Taskforce. Members of the

Taskforce also include FIU President Mitch

Maidique, Monsignor Frank Casale, President of St.

Thomas University and David Lawrence, leader of

South Floridas early childhood education initiative.

In November 2008, Dr. Villamil was asked to serve

on the Miami-Dade County SchoolSuperintendents Business Advisory Committee.

The newly appointed Superintendent, Alberto

Carvalho, established the group to advise and

provide insight into the education and workforce

needs of the business community in Miami-Dade.

WEG has begun to prepare a White Paper on the

economic impacts on Florida and Florida

businesses resulting from the States inadequately

funded court system. In addition to the impacts,

the White Paper will include an analysis of best

practices from around the country as well as

recommendations of alterative funding sources for

Floridas Court System. The findings of the White

Paper will be delivered to state policy makers and

stakeholders in January 2009.

The WEG team is developing a strategic and

tactical plan to expand Louisiana-Latin America

trade and investment activities. The project is

funded by the US Department of Commerce, the

Louisiana Economic Development Department and

the private sector.

A top South Florida-based commercial real estate

firm has hired WEG to provide a market analysisand to be part of the strategic marketing initiative

for a new, world-class commercial development

project. The premiere office building, which is

expected to be completed in 2011, will feature

state-of-the-art communication and technology

services and full service amenities such as its

prime location, superior design and services.

WEGs role will specifically target tenants from

both high-level local and international markets.

On September 19, 2008 the Orlando Business

Journal sponsored an event honoring Floridas top

100 companies and their CEOs in Central Florida.

Dr. Villamil provided the keynote address on his

outlook for the 2009 economy and led the

conversation on what businesses should know to

be well-positioned in the current economic

downturn.


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Page 3 Fall Issue

Dr. Villamil was appointed by Monsignor Casale,

President of the University, to lead the growing

Business School. Dr. Villamil remains Principal

Advisor to the clients of WEG and Marielena

Villamils is now the CEO.

On October 6, 2008, Charles K. Yaros, Associate

Consultant for Economics of WEG was interviewed

by Charles Perez and Laurie Jennings of WPLG

Channel 10 News. Mr. Yaros interview focused on

the financial crisis that is affecting our nation andglobal markets. Mr. Yaros discussed the factors

driving the recent stock market losses as well as

the outlook for an improvement in market

conditions.

Since taking his role as the new Dean of the St.

Thomas University School of Business on August 1,

2008, Tony Villamil has participated in various

education and business events throughout the

South Florida community.

WEG Principal Advisor, Tony Villamil, will deliver important presentations for the remainder of the Fall

2008 and into the Winter 2009. Among the upcoming scheduled presentations are:

: The Broward Alliances 2008 Annual Meeting and Reception at the FortLauderdale Grande Hotel and Yacht Club.

: The Florida Retail Federations Annual Meeting to be held at the La PlayaResort in Naples, Florida.

: The University of Miami, Center for Hemispheric Policy, Latin AmericaOutlook Program to take place at the JW Marriott in Downtown Miami.

: The Tulane Latin American Law Institute at the Tulane University Campus inNew Orleans, LA. (This event will be attended by Louisiana Governor, Bobby Lindal.)

: Allen & Companys Annual Forecast to be held in Lakeland, FL.

WEG President and CEO, Marielena Villamil, was

invited to give the keynote speech at the Miami

Celebration of Achievement, hosted by the

Hispanic Scholarship Fund, which is a national

organization that provides college scholarships

and educational outreach support to Hispanic-

American students. Ms. Villamil is a former Dean

of Miami-Dade College and currently serves on the

Colle es Board of Trustees.

WEG Executives and Professionals Civic, Educational and Community Activities


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Page 4 Fall Issue

fall 2008 weg newsletter

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