Annual Economic Summit Brings Business Experts and the SJSU Community Together
At the 2023 Economic Summit, about 400 business and community leaders, students, faculty and staff gathered at San José State’s Morris Dailey Auditorium to gain a comprehensive analysis and forecast of economic activity at local, state and national levels.
On June 15, approximately 400 business and community leaders, students, faculty and staff gathered at San José State’s Morris Dailey Auditorium for the 2023 SJSU Economic Summit.
Attendees were provided a comprehensive analysis and forecast of economic activity at local, state and national levels.
Interim Dean of the Lucas College and Graduate School of Business Marco Pagani commenced the event by extending a warm welcome to this year’s sponsors, panelists and moderator, Jay Ross from Hopkins & Carley’s Litigation Department. Christopher Thornberg, founding partner of Beacon Economics, and Matt Mahan, San José’s 66th mayor, served as the event’s two panelists.
From left to right: Lucas College and Graduate School of Business Interim Dean Marco Pagani, CEO of Bridge Bank Bob Curley, Founding Partner of Beacon Economics, LLC Christopher Thornberg, San José Mayor Matt Mahan, and Jay Ross of Hopkins & Carley. Photo: Robert C. Bain.
Mahan spoke about the present and future outlook for San José’s local economy. He shared that the city is focusing on economic development by hiring project success managers for key permit types, upgrading the San José permits portal and hiring a dedicated downtown manager.
Thornberg, an expert in economic and revenue forecasting, regional economics, economic policy, as well as labor and real estate markets, presented an analysis of the economic activity at state and national levels. He covered topics such as recession, inflation, housing and the labor market. Thornberg believes that a recession is highly unlikely to occur in the near term.
“If the [Federal Reserve] inverts the yield curve and the economy is otherwise fine, will it cause a recession? The answer is probably no. There’s no reason to,” said Thornberg. He continued, “[A] broken narrative creates a big imbalance in our economy and, belatedly, the federal reserve realizes we have an imbalance and tries to cool off the economy [by] yanking up interest rates, hence inverting the yield curve.”
“Attending the Economic Summit was an inspiring event that left me motivated to contribute positively to the economic future,” said first time attendee Pengfei Guan ’25 Business Administration, who is concentrating in hospitality, tourism, and event management. “It was a unique experience, filled with knowledge-sharing and networking opportunities, making it truly worthwhile.”
Stoyu Ivanov, finance professor and director of the Center for Banking and Financial Services, has attended 13 Economic Summits and enjoyed that this year’s event was fully back in person. “It was great to feel the positive energy of gathering together again, to see old friends and make some new ones,” Ivanov said. “The presentations forecasted continued growth and success for our region.”
The Economic Summit is hosted each year by the Center for Banking and Financial Services (CBFS), a partnership between local financial institutions and SJSU’s Lucas College and Graduate School of Business, and is made possible through the financial support of sponsors. Sponsors this year included Bridge Bank, Hopkins & Carley, the San José Chamber of Commerce and the Silicon Valley Business Journal.
