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Beacon Economics: Contra Costa’s households strong but housing shortage is a systemic risk
Summary
Beacon Economics economist Chris Thornburg told the Board of Supervisors that household finances and consumer spending are unusually strong, but a persistent housing shortage and rising public deficits increase the county’s medium‑term economic risk.
Beacon Economics economist Chris Thornburg told the Contra Costa County Board of Supervisors on the retreat floor that the U.S. and local economies remain stronger than many forecasts predicted but that structural vulnerabilities could lead to a sharper downturn in the future.
Thornburg led a wide‑ranging economic briefing, front‑loading the most important points: consumer balance sheets are unusually healthy and have been supporting growth, but the durability of that strength is being propped up by asset values and federal deficits rather than broad‑based, sustainable gains. “The household finances look about as good as they ever have,” Thornburg said, noting household net worth and real wages had improved for lower‑income workers in…
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