Uncertainty About National, State Economy to be Addressed at 2009 Economic Outlook Conference, Presented by UA

TUSCALOOSA, Ala. – The current economic recession now has an official beginning date—December 2007—according to the Business Cycle Dating Committee of the National Bureau of Economic Research. At 12 months, it has already been longer than the recessions of 2001 and 1990-91.

Real gross domestic product is expected to decline significantly in the current quarter, and with the recession continuing into 2009, GDP growth next year is expected to be meager or nonexistent. Businesses are now facing what is likely to be the longest U.S. postwar recession.

Those concerns, along with other economic issues, will be addressed during the 2009 Economic Outlook Conference, presented by The University of Alabama’s Center for Business and Economic Research, known as CBER.

Nathaniel Karp, chief U.S. economist for BBVA Compass, will be a featured speaker along with Samuel Addy, director of CBER; Nigel Gault, managing director, North American Macroeconomic Group, IHS Global Insight; and Neal Wade, director of the Alabama Development Office.

The Economic Outlook Conference is scheduled for Friday, Jan. 23, from 9 a.m. to 1:30 p.m. at the Renaissance Montgomery Hotel.

Conference sponsors this year include the Alabama Department of Economic and Community Affairs; Alabama Industrial Development Training; Alabama Power; BBVA Compass; BlueCross BlueShield of Alabama; Boeing Co.; Business Council of Alabama; Hyundai Motor Manufacturing Alabama; Mercedes-Benz U.S. International; Sterne Agee; and Vulcan Materials Co.

The conference registration fee is $150, which includes the Alabama Economic Outlook 2009, conference materials, and lunch. The registration deadline is Jan. 15.

The Center for Business and Economic Research is Alabama’s source for economic and demographic research and data. Since its creation in 1930, CBER has engaged in research programs to promote economic development in the state, while continuously expanding and refining its broad base of socioeconomic information. To forecast the level of activity in Alabama, CBER developed an econometric model of the state. Beginning in 1980, output from the model has been published in the annual Alabama Economic Outlook series.

Visit CBER on the web at: http://cber.cba.ua.edu