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If Fresno Can Solve its Housing Crisis, Economy Will Boom: Expert

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Fresno County EDC held its annual Real Estate Forecast on April 20 with keynote speaker Christopher Thornberg, economist and founding partner of Beacon Economics, discussing the local market and what the future holds for the region.

“Overall the core part of our economy is doing very well. Consumer demands remain very strong, wages are up, particularly wages for lower scale workers.” — Christopher Thornberg, founding partner, Beacon Economics

In addition, Fresno EDC board chair Nick Audino moderated a panel discussion in which the audience heard from real-estate specialists (Brian Domingos (residential), Robin Kane (multi-family), Buk Wagner (industrial), and Sullivan Grosz (ag).

The Fresno economy is vibrant and strong, according to the experts.

GVWire asked Thornberg about the state of the Fresno economy and the issues that might crop up.

“While there is no doubt that parts of our economy are dealing with the big increase in interest rates, overall the core part of our economy is doing very well. Consumer demands remain very strong, wages are up, particularly wages for lower scale workers.”

According to Thornberg, the local real estate market has a lack of supply as opposed to a lack of demand. If more new housing is built, he said, the labor force will grow in Fresno and further strengthen the local economy.

The local experts said that real estate prices are increasing across the board because of the short supply. Demand for properties continues to grow, and in order to ease inflation, developers must build houses as quickly as possible, they said.

Brian was born and raised in Lemoore, CA where he grew up working on his grandfather's dairy. He attended CSU Fresno and graduated with a degree in Agriculture Education and Agribusiness. Newly engaged, Brian resides in Clovis with his fiancé and cat, bingeing the latest Netflix series, or cooking new meals every weekend. He is also always looking for great book suggestions and loves to experience new restaurants around the city. Brian is eager to join the Granville family and is excited to grow connections!

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