Daniel Blake, professor of economics at Cal State Northridge and director of its San Fernando Valley Economic Research Center, forecast that the Valley will win back some of the jobs it has lost in the current downturn but won't recover the high-paying manufacturing jobs it has lost. Blake cited "continued vibrancy in real estate and related businesses," but pointed out that the retail climate will stay sluggish this year and pick up in 2004. He sees minimal population growth in the Valley over the next two orthree years and added migration will be greater out of the Valley than into it through 2006.

Blake cited fears of a housing price bubble in the Valley, but said those fears are unfounded. He foresees new housing development continuing at roughly its current pace, with a shift toward condominiums and apartments.

Mark Schniepp, director of the California Economic Forecast and senior economist in the California State Controller's Office, provided a Los Angeles County overview that showed Southern California outpacing the northern half of the state economically. Sung Won Sohn, executive vice president and chief economic officer for Wells Fargo Bank, led off the presentation with an overview of the national economy that expressed optimism while pointing out businesses need to increase capital spending and hiring before there will be an appreciable improvement in the economy, which has been sustained until now by consumer spending.