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Economic Forecast Of Grand Rapids, Mi, Zachary Fillmore
Economic Forecast Of Grand Rapids, Mi, Zachary Fillmore
Honors Projects
The purpose of this report is to analyze the current state of the Grand Rapids, MI economy, as well as provide a ten-year forecast of the city’s economic condition. Economic forecasting is the process of predicting the future condition of an economy using the combination of several indicators. The indicators being used for this report will include population growth, economic production, wages, industry specific production trends, unemployment rates, home values, occupancy rates, rent forecasts, education, and tourism. From intensive research and data analysis, a snapshot of the economic condition of Grand Rapids in ten years will be displayed. Additionally, several …
The Effects Of The Housing Crisis On Labor Mobility And Unemployment, Kevin Bergy
The Effects Of The Housing Crisis On Labor Mobility And Unemployment, Kevin Bergy
Honors Projects
The recent housing crisis has had drastic effects on the labor market. Falling home values have forced some homeowners to remain in their homes for financial reasons even when a move is desired because they are locked-in. When labor cannot move freely from place to place, employment is affected. The greater the lock-in effect, the more negative the labor market externalities. In this paper, the relationship among homeownership, labor mobility, and unemployment is examined. The lock-in effect, nominal loss aversion, and Oswald’s hypothesis will all be applied to the recent housing crisis in an effort to show the drastic economic …