Monday Report
2009 Global Economic Outlook December 15th - 2008

Industry trends in the downturn - A snapshot

Economic Notes:

This Weeks Leads:




2009 Global Economic Outlook

  • The global economy is sick and the prognosis for 2009 is gloomy at best. The United States and much of the EuroZone are expected to be in a recession next year, while the Asian and Latin American economies will slow significantly, according to global economists.
  • "2009 is going to be a year where we need to wear our hard hats," says Sean O'Dowd, a senior capital markets analyst with Boston-based consulting firm Financial Insights. "We're going to take some artillery fire - it's going to be a nasty fight."
  • As the financial crisis intensified during the latter part of the third quarter and into the fourth quarter, the availability of credit around the world was severely diminished. This lack of credit has slowed spending in advanced countries and caused foreign investment in poorer nations to dry up.
  • "The countries that have the bigger debt loads are going to get hit harder during this recession," says Thomas Hall, Ph.D. and professor of economics at Miami University in Oxford, Ohio.
  • While economists believe the worst of the financial crisis and capital markets panic has ended, the damage to the global economy has been done. "The word 'credit' is derived from the Latin word meaning trust and people today have a lack of trust that they're going to be paid back," says Ray Torto, global economist with CB Richard Ellis. "It's a huge crisis of confidence, and we have to address that before the economy will improve."
  • The International Monetary Fund (IMF) slashed its 2009 global forecasts in mid-November and now predicts contractions in GDP in the world's most developed economies. The IMF expects the world's largest economy, the U.S., to contract by 0.7 percent in 2009.
  • And, the IMF's new projections for Europe are even gloomier than the European Commission's 0.2 percent growth forecast for 2009. EuroZone growth has been revised downward to -0.5 percent from 0.2 percent. The slowdown in Europe is expected to be widespread, with GDP expected to dip in Germany, France, Italy, and Spain.
  • Across the globe, confidence is severely shaken, and it may never fully recover, experts warn. That means both consumers and businesses are increasingly risk averse and will do all they can to avoid spending money.
  • "Global businesses' sentiment has never been as negative," says Mark Zandi, head economist at Moody's, referring to his organization's Survey of Business Confidence. "The financial panic is too much for many businesses to bear." He contends that the "collective psyche of global businesses has been shattered by the ongoing financial panic."
  • The Survey of Business Confidence showed that sentiment fell to another new low during the first week of November. Even worse, sentiment is weak across all industries. Across the globe, business confidence was -22 percent in mid-November. To put that number in context, readings between 25 percent and 30 percent are consistent with an economy that is expanding at potential. Survey readings below 10 percent are consistent with recession. The all-time peak was nearly 40 percent at year-end 2005.
  • "Nearly all respondents think current conditions are eroding and that they will not be any better six months from now," Zandi says. "Pessimism regarding the outlook is overwhelming."
  • Below, the Global Real Estate Monitor tours the globe and provides an economic forecast for 2009.

    United States

  • The U.S. economy has deteriorated significantly under the weight of the financial turmoil, and experts predict that the worst is still ahead. The U.S. economy contracted during the third quarter 2008, and it is expected to shrink in the fourth quarter as well. In 2009, there will be little or no growth, according to experts.
  • "The danger of a severe and protracted recession is high and will be even higher without prompt and forceful action by the federal government," Zandi says.
  • Over the past year, real GDP has increased 0.8 percent, but it declined 0.3 percent in the third quarter, slightly better than the consensus expectation for a 0.5 percent drop but still down from growth of 2.8 percent in the second quarter. The U.S. economy is expected to decline 2.2 percent in the fourth quarter, and Zandi expects no growth in 2009, provided that another $300 billion stimulus package is passed. Otherwise, GDP growth could be negative by as much as 2.5 percent.
  • Meanwhile, experts predict the unemployment rate will continue to rise into 2010, peaking near 8 percent. The most recent numbers from the U.S. Bureau of Labor Statistics show that unemployment was 6.5 percent in September 2008, the 10th straight month of net job losses. Moody's forecasts employment to reach its cycle low in the third quarter of 2009, and unemployment to touch its cycle high in the first quarter of 2010.
  • Even worse, consumers are tapped out, says Nathaniel Karp, an economist with Birmingham, Ala.- based Compass Bank. "Consumption is declining at the highest rates in three decades," he notes, adding that consumers are in one of the "worst situations" they've ever been in.
  • While inflation has been a concern over the past 12 months, deflation will be a larger concern in 2009. To date, the U.S. has experienced only two periods of deflation in the past century: a brief and relatively painless episode in 1949 and during the Great Depression from 1929 to 1933. During that four year period, prices in the U.S. fell 23 percent, discouraging spending and investment.

    Latin America

  • While commodity prices and demand for exports to the U.S. are falling, domestic demand throughout Latin America is rising. That means that most countries are facing slower growth and weaker currencies, but will manage to avoid a recession in 2009, experts forecast.
  • Latin America will continue to slow, with regional GDP moderating to 3.4 percent. All Latin American countries will decelerate to 3 percent to 4 percent except Mexico, which will grow by 1.5 percent to 2 percent in 2009. That compares to roughly 2.4 percent this year.
  • Mexico will be the slowest growing Latin American country in the foreseeable future. Mexico's peso has lost 15 percent of its value versus the dollar so far this year, which normally boosts Mexican exports by making them more competitive. Unfortunately, that will not be the case in 2009 since the U.S. and Europe both will have weak demand for imports.
  • In macroeconomic terms, Brazil, Chile and Peru will remain the strongest in the region, while the weakest will be Argentina, Venezuela, and Colombia. Brazil, which has experienced problems with inflation in the past, will benefit from the swift and aggressive action its central bank has taken including rate cuts and the injection of massive liquidity into its banking systems.
  • Argentina's economy remains uncertain, primarily because of issues related to the nationalization of pensions. If nationalization passes the Argentine Senate, then the country could use the $26 billion gained from private pension funds to refinance its debt and avoid default next year. However, in the medium to long run, the nationalization of pensions to pay off immediate debt obligations for 2009 would add to an already-burdensome national debt.
  • For its part, Venezuela's future is also uncertain. The country's political environment is contributing to lack of investor confidence (see how Venezuela's political environment also is impacting its transparency for commercial real estate). Moreover, slumping oil prices are expected to have quite a negative impact on the country, which depends more heavily on oil revenues than does any other country outside the Persian Gulf. According to Moody's, more than 90 percent of total export revenues come from oil, while nearly 60 percent of fiscal revenues are tied to this commodity.
  • And, like the U.S. and Europe, Latin America is suffering from the credit crisis. Latin American companies are having a hard time securing short- term lines of credit to finance exports. While central banks around the region have tried to correct the problem, the Latin American equity markets would benefit from a less volatile global credit market.

    The U.K. and EuroZone

  • Uncertainty in the credit markets will "cast a long shadow over Europe," according to Moody's European economies contracted in both the second and third quarters of this year, pushing the region into recession.
  • In mid-November, European finance ministers decided against a EuroZone stimulus package, but its central banks have slashed interest rates. For example, the Bank of England cuts its rate by 150 basis points, and the European Central Bank lowered its rate by 50 basis points to 3.25 percent. The cuts are expected to give a much-needed stimulus to those weakening economies. In 2009, experts predict that United Kingdom interest rates will go as low as 2.5 percent.
  • The U.K. and Germany, the largest economies in Europe, have already experienced significant slowdowns, and Central and Eastern Europe are expected to suffer severe recessions. Like the U.S., the region will undergo substantial economic pain as businesses and consumers continue to deleverage. Moreover, most EuroZone economies will be weighed down by decreased business investment, weak household demand and rising unemployment.
  • The U.K. economy has faltered under the weight of the credit crisis, and like the U.S., it is experiencing its own residential market meltdown. As a result, the British economy contracted in the third quarter.
  • Similarly, Germany, the largest EuroZone economy, has fallen victim to the weakened global climate. Largely dependent on exports to the rest of Europe, Germany has been weakened by both falling domestic and foreign manufacturing orders. However, the German government is working on a targeted stimulus package that is expected to shore up the economy.
  • Unfortunately, a sharp recession in Eastern Europe now seems inevitable since most countries there have been running huge deficits and financing the deficit is almost impossible. That doesn't bode well for the EuroZone as a whole since 30 percent of EuroZone exports are destined for Eastern Europe, more than twice those bound for the U.S. Germany and the Netherlands are the most exposed - their exports to Eastern Europe account for 3.5 percent of their GDP.
  • Moody's says several Eastern European and Baltic countries face financial meltdowns akin to Asia in 1997. Across the region, the private sector, including consumers, had borrowed heavily in foreign currency at relatively low interest rates. However, much of the borrowing was short term, and few, if any borrowers hedged against currency fluctuation. Now, foreign currency is unavailable and currency exchange rates are in a freefall. Sadly, these countries have little foreign reserves to back their currencies.
  • In times of stress, emerging economies have historically turned to the IMF, but there are worries that even the IMF might not have the resources to bailout all the countries in trouble. The IMF has approximately $250 billion in reserves - enough to provide 15 or so bailouts similar to the ones it provided for Ukraine ($16.5 billion) and Hungary ($15.7 billion).
  • Moody's says EuroZone and Swiss banks are most exposed to the travails of Eastern Europe and other emerging markets. They loaned $3.5 trillion to emerging economies, compared with $500 billion from the U.S. and $200 billion from Japan.


  • While 2009 is expected to be a tough year for the U.S. and EuroZone, most Asia-Pacific countries will still see positive growth, albeit slower than the past few years. However, some Asian countries including Japan will actually fall into a recession.
  • Unlike the U.S. and the EuroZone, Asia-Pacific's slowdown cannot be blamed on the financial crisis. In fact, most experts agree that the region got off pretty lightly compared to the rest of the world. The bank failures and write-downs that have bedeviled the U.S. and Europe have largely ignored the Asia-Pacific region, despite the large portfolios of U.S. assets that Asia has built in recent years. As of mid-November, Asia has yet to see a bank failure, or a bailout, related to the U.S. credit crisis.
  • Indeed, Asia holds the largest piece of U.S. mortgage-backed securities - roughly $795 billion of mortgage debt consisting almost entirely of securities issued by Fannie Mae and Freddie Mac. But these securities are of high quality and not supported by subprime mortgages. Moreover, Asian investors have not taken a hit because of mark-to-market losses because international accounting rules do not require this type of mark downs for investments expected to be held to maturity.
  • While Asia-Pacific is largely unscathed from the mortgage meltdown, the credit crisis has taken a bite out of the region's export activity. That's a big problem because exports make up a higher share of the region's GDP than in any other region in the world, according to Moody's Any decrease in overseas demand will have a marked impact on the region's economic growth (see related story on U.S. seaport activity).
  • China, which has become the world's manufacturing center for everything from shoes to soap, has already seen its exports decline precipitously as demand from the U.S. and Europe withers. The country expects to post growth of around 9 percent over the next few years compared with 11.9 percent in 2007. Interestingly, anything below 8 percent GDP growth in China is considered a recession by the Chinese government.
  • The rest of the Asia-Pacific region will likely follow China's lead, and countries that have come to rely on China to drive their economies will also see their growth rates decline. That means the next 12 months will be the toughest the region has seen in years, with growth at 10-year lows.
  • However, the slowdown can be mitigated by government action. "In India and China, the government controls the major financial institutions," Zandi says. "It can keep the wheels of the real economy greased by simply ordering state-owned banks to provide liquidity to targeted markets."
  • China, for example, recently unveiled a massive fiscal stimulus package, pledging spending of 4 trillion yuan through 2010. The government will focus on 10 major areas: affordable housing; rural infrastructure; expansion of transport networks; improvement in health and education systems; environmental protection; industrial innovation; post- earthquake reconstruction; raising average income; reform of value-added tax; and strengthening the role of the financial industry. The stimulus package is expected to help the entire Asia-Pacific region.
  • Unfortunately, it won't help the regions that are really suffering, specifically the U.S., says Richard Green, Ph.D. and director of University of Southern California's Lusk Center for Real Estate. "There's no real chance that strength in other parts of the world will boost the U.S.," he says. "We forget that China, as massive as it is, is still much smaller than the U.S. economy. We're going to have to pull ourselves out of this."

Source: NREI, December 2008


2009 Global Economic Outlook

Industry trends in the downturn

  • Who will be up?
  • Who will be down?


Economic Notes

Economic Development Leads

  • Industry trends in the downturn - A snapshot
  • Consumer Goods

    Recessions have affected spending on different categories of consumer goods in different ways. An analysis of consumer spending during the 1990-91 and 2001-02 downturns shows that US consumers changed their priorities instead of making across-the- board cuts. Daily amenities-eating out, personal- care products and services, and apparel-tended to suffer. But categories such as groceries and reading materials, which substituted for more expensive options, actually benefitted from higher spending, as did less discretionary items, like insurance and health care. Spending on education showed the biggest increase. While these historical trends are instructive, they may not tell the whole story this time around: tighter consumer credit, low personal-savings rates, and declining home values may cause individuals to cut spending faster and further across more categories. Even so, some categories will weather the storm better than others. Companies that react to the downturn with an understanding of their categories' likely performance will have a better chance.

    • Education (eg. tuition, textbooks) +90%
    • Reading (eg, newspapers, magazines) +53%
    • Health care (eg, health insurance, services) +29%
    • Food at home +28%
    • Entertainment -6%
    • Housing -10%
    • Tobacco products -13%
    • Cash contributions -28%
    • Apparel and services -45%
    • Transportation -70%
    • Personal-care products and services -78%
    • Food away from home -110%
    • Total -10%

    Source: McKinsey & Company, December 2008

  • Economic Notes:
    • International Business Confidence
    • Global business confidence has been shattered. Sentiment is equally negative in North America, South America and Europe. Asian business confidence is not quite as dark, but it is falling rapidly. Responses to questions regarding sales strength, hiring, and the demand for office space fell to new lows last week. Pricing power is quickly evaporating and approaching that which prevailed in 2003, the last time deflation was a concern. The global economy is suffering a severe recession according to the business confidence survey results.
    • ABC News/Washington Post Consumer Comfort
    • Confidence edged 2 points higher this week, coming off last week's record low. According to the ABC News/Washington Post consumer confidence index, sentiment was -52 for the week ended December 7. Despite the slight moderation in consumer sentiment, the index remains at an extended, extremely weak level.
    • Treasury Budget
    • The unified budget deficit for October was $164 billion, smaller than the CBO's estimate of $171 billion. Through the first two months of fiscal 2009, the budget deficit was more than $400 billion, and 160% larger than at the same point in fiscal 2008. Purchases of stock in banks as part of the TARP program have greatly added to spending this fiscal year.
    • International Trade (FT900)
    • The U.S. trade deficit widened to $57.2 billion in October. The consensus had expected a narrowing to $53.5 billion. This marks the third straight month of declining gross exports and gross imports.
    • Import and Export Prices
    • Import prices notched a record decline in November, falling a larger than expected 6.7%. This marks the fourth consecutive decline in import prices. Sharp declines in petroleum prices are the major catalysts driving import prices lower. The financial panic and abrupt slowdown in the global economy have frozen inflationary pressures. With import prices declining, the Federal Open Market Committee can lower interest rates below 1%.
    • Wholesale Trade (MWTR)
    • Wholesale inventories declined by 1.1% in September, well below consensus expectations of a modest decline, following a downwardly revised 0.4% decline in September. Sales also surprised on the downside, falling by 4.1% in October compared with a downwardly revised 2.1% decline in September. The inventory-to-sales ratio rose by four-hundredths of a point from an unrevised 1.12 to 1.16 in October.
    • Quarterly Services Survey
    • In the third quarter of 2008, professional, scientific and technical services industry revenues increased by 7.0% on a year-ago basis. The hospital and nursing care industry expanded revenues by 5.6%, administrative and support services industry revenues grew 2.4%, and information industry revenues increased by 2.0%.
    • Employment Situation
    • The labor market took a sharp turn for the worse in November. Employment fell by 533,000, far more than had been expected and the largest one-month drop since December 1974. Losses were broad- based across both service- and goods-producing industries. As a result, the unemployment rate rose to 6.7%, a rate last seen in September 1993. The economy is in recession, and the severity will far surpass that of the last two recessions
    • Job Openings and Labor Turnover Survey
    • The October JOLTS report, which straddles the October and November payroll reports, confirms that the labor market has weakened, but the decline is less dramatic than last Friday's payroll report. In October, the economy created 4.1 million jobs, while 4.2 million workers left their jobs. More importantly, the number of available positions has plummeted by 1 million jobs over the past year, from 4 million to 3 million. This bodes ill for future hiring.
    • Jobless Claims
    • Initial claims for unemployment insurance benefits increased by 58,000 to 573,000 for the week ending December 6. This was well above expectations and is in part a rebound from the drop during last week's Thanksgiving holiday. Claims this high suggest severe weakening in the labor market.
    • Manpower Employment Outlook Survey
    • Global employment conditions continue to deteriorate. Most employers expect to slow their pace of hiring in the three months to March 2009. However, employers in 25 countries still expect on net to add workers, while in eight others they expect to cut, according to the Manpower Employment Outlook Survey of firms in 32 countries around the world. Employers in 21 countries report the lowest hiring demand since the Manpower survey began in their respective countries. On the positive side, employers in three countries-Canada, the United States, and Switzerland-report improved hiring conditions from the fourth quarter of 2008.
    • MBA Mortgage Applications Survey
    • In the week ending December 5, the MBA composite market index fell 7.1% to close the week at 796.8. The refinance index modestly fell to 3,767.3, down 0.9% for the week. The purchase index decreased 17.4% to 298.1. The market index is just below year-ago levels. The refinance index remains above year-ago levels.
    • MBA Delinquency Rates
    • For the third quarter, the national delinquency rate on all loans rose to 6.99%, nearly 60 basis points higher than last quarter. Meanwhile, the foreclosure rate fell to 1.07%, a 12-point decrease over last quarter. Tightening credit, rising unemployment, a slowing economy, and the poor lending standards of the past few years have all taken their toll on the housing market and pushed up delinquency rates.
    • Pending Home Sales
    • The pending home sales index fell 0.7% in October to 88.9, a smaller decline than had been expected. The index value for September was revised upward slightly. The index fell 1% below its year-ago level in October. The relatively modest decline in pending home sales in October suggests that buyer demand for existing homes could remain relatively stable in the near term.
    • Consumer Credit (G19)
    • Consumer credit balances fell for the second time in the past three months. Credit decreased by $3.5 billion in October, slipping to a total of $2.578 trillion. Nonrevolving credit balances accounted for most of the decline, driven lower by poor vehicle sales.
    • Chain Store Sales
    • Chain store sales were unable to maintain the momentum from Black Friday, falling 0.8% in the week ending December 6. Year-over-year growth fell to 0.4% from 1.3% the previous week. The ICSC noted that consumers again appear to be delaying holiday shopping until late in the season.
    • Prices for sacrificial lambs skyrocket as Iraqis honor dead
    • BAGHDAD - The sheep markets looked different this year: They were packed with customers buying animals to sacrifice in memory of recently lost relatives, but many people went home empty-handed due to the enormous demand and steeply rising prices.

      There's an ancient tradition in Iraq of honoring deceased loved ones during the annual Eid al Adha religious holiday by donating part of a slaughtered lamb to neighbors and part to Baghdad's poor.

      However, the demand for lambs has soared as Iraqis this week remember tens of thousands of people who died during the war.

    • Oil and Gas Inventories
    • Crude oil inventories rose by 400,000 barrels during the week ending December 5, according to the Energy Information Administration, falling short of expectations of a 1.3 million barrel build. Gasoline inventories rose by 3.8 million barrels, contrasting with expectations of a 400,000 barrel decline. Distillate supplies surged by 5.6 million barrels, far surpassing expectations. Refinery operating capacity soared to 87.4% from 84.3%. Total domestic petroleum demand fell for the first time in three weeks. This report points to lower oil prices.
    • Natural Gas Storage Report
    • Working gas in underground storage decreased by 67 billion cubic feet during the week ending December 5. The consensus estimate was for a draw of 83 billion cubic feet.

  • This Weeks Leads:
    • Susie's Deals
    • Hyman Family, LP trades as Susie's Deals at 90 locations throughout AZ, CA, NV and UT.
    • The stores, offering men's, women's and children's apparel and accessories priced below $6, occupy spaces of 5,000 sq.ft. to 7,000 sq.ft. in strip and value centers.
    • Plans call for 15 openings throughout the existing markets during the coming 18 months.
    • Typical leases run five years with two, five-year options.
    • A vanilla shell and specific improvements are required.
    • Preferred cotenants include Target, Wal*Mart and grocery stores.
    • Preferred demographics include a population of 100,000 within three miles earning $50,000 as the average household income.
    • For more information, contact
      • Gail Jeffery,
      • Hyman Family, LP,
      • 620 South Wanamaker Avenue,
      • Ontario, CA 91761;
      • Web site:
    • Country Waffles
    • Country Waffles, Inc. trades as Country Waffles at 38 locations throughout CA and internationally.
    • The full-service restaurants, offering breakfast and lunch, occupy spaces of 3,200 sq.ft. to 3,500 sq.ft. in specialty and strip centers.
    • Growth opportunities are sought throughout CA during the coming 18 months.
    • Typical leases run 10 years.
    • Specific improvements are required.
    • Preferred demographics include a population of 30,000 within three miles earning $50,000 as the average household income.
    • The company is franchising.
    • For more information, contact
      • Hervey Brooks,
      • Country Waffles, Inc.,
      • 720 East North Avenue, Suite 108,
      • Fresno, CA 93725
    • Hardee's
    • Hardee's Food Systems, Inc. trades as Hardee's at 1,900 locations throughout the southeastern, mid- Atlantic and midwestern regions of the U.S.
    • The fast food restaurants occupy spaces of 3,000 sq.ft. to 3,500 sq.ft. in freestanding locations.
    • Growth opportunities are sought throughout the existing markets during the coming 18 months.
    • Preferred demographics include a population of 20,000 within two miles earning $40,000 as the average household income.
    • A land area of one acre is required.
    • The company is franchising.
    • For more information, contact
      • Don Glosier,
      • Hardee's Food Systems, Inc.,
      • 100 North Broadway, Suite 120,
      • St. Louis, MO 63102
    • Daphne's Greek Café
    • Fili Enterprises, Inc. trades as Daphne's Greek Café at 85 locations throughout AZ, CA, CO, OR and WA.
    • The fast casual restaurants occupy spaces of 2,000 sq.ft. in entertainment and specialty centers, in addition to urban/downtown areas.
    • Growth opportunities are sought throughout AZ, CA and CO during the coming 18 months.
    • Specific improvements are required.
    • Preferred cotenants include movie theaters, Trader Joe's and Whole Foods.
    • Preferred demographics include a population of 50,000 within two miles earning $100,000 as the average household income.
    • For more information, contact
      • Ed Hoban, Fili Enterprises, Inc.,
      • 6125 Cornerstone Court East,
      • San Diego, CA 92121
    • Good Times Burgers & Frozen Custard
    • Good Times Restaurants, Inc. trades as Good Times Burgers & Frozen Custard at 54 locations throughout CO, ID, ND and WY.
    • The restaurants occupy spaces of 2,400 sq.ft. in freestanding locations.
    • Growth opportunities are sought throughout CO, IA, MO, NE and SD during the coming 18 months.
    • Typical leases run 15 years.
    • A vanilla shell and specific improvements are required.
    • Preferred demographics include a population of 10,000 within one mile earning $50,000 as the average household income.
    • Major competitors include Dairy Queen, Sonic Drive-In and Wendy's.
    • A land area of 25,000 sq.ft. to 30,000 sq.ft. is required.
    • The company is franchising.
    • For more information, contact
      • Boyd Hoback,
      • Good Times Restaurants, Inc.,
      • 601 Corporate Circle,
      • Golden, CO 80401- 5622
    • Farmer Boys Restaurants
    • Farmer Boys Food, Inc. trades as Farmer Boys Restaurants at 61 locations throughout CA.
    • The fast casual restaurants occupy spaces of 3,000 sq.ft. in freestanding locations.
    • Growth opportunities are sought throughout CA and NV during the coming 18 months.
    • Typical leases run 20 years with four, five-year options.
    • Preferred cotenants include home improvement centers.
    • The company is franchising.
    • For more information, contact
      • Don Tucker,
      • Farmer Boys Food, Inc.,
      • 3452 University Avenue, Riverside, CA 92501

  • Grants:
  • Housing Choice Vouchers (HVCs) for Individuals with Disabilities!

    • Rental Assistance for Non-Elderly Persons With Disabilities in Support of Designated Housing Plans
    • POSTED: 12/1/2008
    • ELIGIBILITY: PHAs that currently administer a HCV program
    • $ AVAILABLE: $15,000,000
    • DEADLINE: 1/30/09
    • DESCRIPTION: Grants to provide additional HCV funding to non-elderly disabled families.

    Housing Choice Vouchers (HVCs) for Section 8 Developments!

    • Rental Assistance for Non-Elderly Persons With Disabilities Related to Certain Types of Section 8 Project-Based Developments
    • POSTED: 12/1/2008
    • ELIGIBILITY: PHAs that currently administer a HCV program
    • $ AVAILABLE: $15,000,000
    • DEADLINE: 1/30/09
    • DESCRIPTION: Grants to provide additional HCV funding for non-elderly disabled families in support of Certain Developments that provide preferences for, or restrict occupancy to, certain units for occupancy for elderly families only.

  • BONNEVILLE RESEARCH - Working with clients to make things happen!

    Bonneville Research is a Utah-based consulting firm providing economic, financial, market and policy research to public and private sector clients throughout the intermountain west.

    Helping Clients Succeed

    Our services include:

    • Financial Analysis
    • Business License Studies
    • Impact Fee analysis
    • Urban Renewal & Redevelopment Analysis and Budgets
    • Strategy and Policy Analysis
    • Economic and Fiscal Impact Analysis
    • Statistical and Survey Research
    • Public Sector Mission Effectiveness

    Each of our studies is tailored to address the unique needs of our clients and their communities.

    Successful client work requires a superior team of outstanding people working fluidly together.

    Bonneville Research is the one firm with the experience and expertise to help businesses, governments and nonprofit organizations solve their toughest problems.

    We work to help clients achieve enduring results and improve the communities in which we live.

    If we can help, please call or email us at:

    • Bob
      • 801-364-5300
    • Jon
      • 801-746-5706

    :: 801-364-5300

    Email Marketing by