COSTA MESA — Chapman University officials predicted a recession in 2008 at their annual economic forecast conference, with drops in construction and consumer spending and a glut of unsold homes on the market.
Chapman President James Doti, in a slide presentation before about 2,000 people, said the United States economy was clearly headed for a slump next year and that the figures for the current year were more discouraging than the university predicted last December.
Exporting, he said, continued to bring in healthy revenues for the U.S., but most other categories were in free fall.
The forum at the Orange County Performing Artscenter’s Segerstrom Hall marked the second event of its kind in Newport-Mesa in the last two days. UCI’s Paul Merage School of Business had a conference on real estate Tuesday at the Island Hotel in Newport Beach, and a number of the panelists also predicted a recession or said the U.S. was there already.