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Kenneth Mayland is one of the upbeat economists.
The former chief economist for Key Corp. and current president of ClearView Economics says a bottom in the recession is in sight. Labor, manufacturing and other data are showing a recovery, aided in great part by government stimulus.
Mayland was in Bonita Springs recently speaking to a group of small-business owners.
But there's one area Mayland is worried about: commercial real estate.
That's because commercial real estate typically lags the business cycle. Commercial real estate hit its peak in the third quarter of 2008 when the economy was already three quarters into the current recession.
“Commercial real estate is only starting to pull back, so much of that problem is ahead of us,” he says. Already, investments in nonresidential structures were down 40% in the first quarter and he forecasts commercial real estate won't hit bottom until next year.
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