Economist encouraged by RV industry
A leading economist said that the worst of the recession is over and that the recovery has begun for the nation and the RV industry in particular.
New York Stock Exchange Chief Economist Emeritus William Freund recently addressed the industry at the annual National RV Trade Show in Louisville, Kentucky. Freund, who is a world-renowned expert on productivity, the markets and globalization, said that the RV industry serves as a leading indicator for the economy at-large.
"I need not tell you that your industry has been through very trying times," he said. "But the worst of the Great Recession is behind your industry."
Freund discussed what he calls the "new normal" conditions surrounding the economy. It includes greater consumer savings and less spending, higher unemployment, a weaker dollar, and more government regulation. He said this will be the norm for the next three to five years before the economy fully rebounds.
He said the RV industry can adjust to the "new normal" by focusing on producing affordable products for more frugal consumers, and to continuing to embrace innovations in style and products.
In addition, he said that the long-term prospects for the RV industry are good, especially since more baby boomers are retiring.