Good news abounds for the economy, according to John Stumpf, Chairman and CEO of Wells Fargo, whom I had the pleasure of hearing speak at the fourth annual Real Estate & Law (REAL) Symposium, held in Stanford, California.
Mr. Stumpf gave an electrifying presentation about where the economy is headed. He seemed to truly be in good spirits about the recovery, which put the audience at ease.
A few takeaways from his presentation include:
- The U.S. has experienced 50 straight months of job gains.
- Commercial real estate is booming everywhere.
- Q2 2015 will be stronger than Q1 2015.
- The millennial generation views the banking industry differently, but this could be the last generation to use a debit card or credit card.
- Consumer confidence is at a seven-year high.
- Low gas prices are providing a feel-good emotion for consumers.
- Residential real estate is the only area that is not recovering as fast as others.
Mr. Stumpf said he is bullish about the economy, and when asked what keeps him up at night, he replied “cyber risks.”
The REAL Symposium is presented by California State Bar, Real Property Section and Stanford Professionals in Real Estate (SPIRE). Berbay served as a media sponsor for the event, and Account Manager Erica Hess served on the planning committee.