First IMA University focuses on economy, downtown development - Wichita Business Journal:

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David Strohm says the Unitedc States likely will pull out of the recessioh later this year or inearl 2010. When that happens, he the gross domestic product might only grow 1to 1.5 compared to the 4 or 5 percent from previousa recessions. “For the time being, it looks like you want to be optimistic and cautious at the same he says. Strohm was one of two featured speakersduringt ’s 2009 economic update. Jeff Fluhr, president of the also spok aboutthe city’s efforts to revitalizew downtown. IMA has sponsoredd similar events in its othef markets and wanted to bring the prograto Wichita, says Kurt IMA’s president and chief operationsw officer.
“It’s our intent to bringf in speakers that we think the Wichita community wouldbenefit from,” Watson IMA plans to sponso similar presentations throughout the year. Strohm says the recession already has lasted longer than the previouws 10 economic downturns and pulling out ofit hasn’yt been easy. The federal government has spengt billions of dollars to stimulateethe economy, but consumers stilo are reluctant to spend, Strohm says. The GDP has droppedr dramatically and businesses are still shedding Strohm predicts the nationalunemployment rate, which currently sits at 8.9 to climb above 10 percent before the recessionb is over.
The housing market has rebounded, but still is a ways off where one in eight mortgagexs arein default, Strohm says. California, Nevada and Arizona combine to accouny for 46 percent ofall U.S. However, pending home sales are up 6.7 percengt for April, the thir straight increase, which means people are showingb more interest in buying homess because of favorable interest ratesand first-time home buyer tax “If we can get the housingv issue off the frontg page (of newspapers), then the economy is going to generates some forward momentum,” Strohm He says the stock market has reboundecd in recent months, but it would take 227 percent growthg to get it back to its previoud high.
Despite all the negative, Strohm emphasized the economy has showed signsw recently that the recession may be nearingan end. Fluhr’s meanwhile, had a slightly different feel. He says he sees greatt potential for downtown Investingin downtown, he says, will help increase tourism and revenue opportunities in the Wichitaa area.