Anika Khan: Commercial Real Estate and Construction, Turning the Corner

Commercial Real Estate and Construction Turning the Corner
Anika R. Khan, Senior Economist
August 12, 2014

Real GDP Long-Run Trend Real GDP Forecast
2
Economic Growth
We are now more than five years into the recovery and economic growth should reach a trend
pace of growth by 2015. However, demographic shifts may take a toll in the long-run
14%
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
Real GDP
Year-over-Year Percent Change
Real GDP: Q2 @ 2.5%
1950-2008 Average Growth: Q3 @ 3.5%
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
14%
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-6%
50 55 60 65 70 75 80 85 90 95 00 05 10
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
-10%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
-10%
U.S. Real GDP
Bars = CAGR Line = Yr/Yr Percent Change
GDP - CAGR: Q2 @ 4.2%
GDP - Yr/Yr Percent Change: Q2 @ 2.5%
Forecast
2000 2002 2004 2006 2008 2010 2012 2014

Business Fixed Investment Cash on Sidelines
3
GDP Components
Businesses still have a considerable amount of cash on the sidelines. We expect some of this
money to be redirected into capital spending
30%
20%
10%
0%
-10%
-20%
Capital Spending by Type
Intellectual Property: Q2 @ 3.9%
Equipment: Q2 @ 7.0%
Structures: Q2 @ 9.0%
30%
20%
10%
0%
-10%
-20%
-30%
-30%
2000 2002 2004 2006 2008 2010 2012 2014
5.5%
5.0%
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
5.5%
5.0%
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
U.S. Nonfin. Corporate Cash Holdings
Total Assets Market Value, U.S. Nonfinancial Corporations
Cash Ratio: Q1 @ 4.3%
4-Q Moving Average: Q1 @ 4.4%
80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14

Federal Reserve Balance Sheet vs. S&P 500 Index
Agencies & MBS: Aug @ $1,725.8B (Left Axis)
Treasuries: Aug @ $2,433.6B (Left Axis)
Other Securities: Aug @ $216.5B (Left Axis)
S&P 500 Index: Sep @ 2,000.8 (Right Axis)
4
2,200
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
$5.5
$5.0
$4.5
$4.0
$3.5
$3.0
$2.5
$2.0
$1.5
$1.0
$0.5
$0.0
Trillions, Index
2007 2008 2009 2010 2011 2012 2013 2014
Fed Balance Sheet
The Fed has begun the process
of normalizing its balance sheet
and absent a material change in
the economic outlook, tapering
is expected to end in October
Source: Federal Reserve Board and Wells Fargo Securities, LLC

Nonfarm Employment Unemployment Rate
5
Employment Situation
Job growth appears to have ratcheted up a bit in recent months. Wages are now behaving the
way they have when the economy began to approach full employment
600
400
200
0
-200
-400
-600
-800
Nonfarm Employment Change
Change in Employment, In Thousands
Monthly Change: Aug @ 142K
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
600
400
200
0
-200
-400
-600
-800
-1,000
-1,000
2007 2008 2009 2010 2011 2012 2013 2014
12%
10%
8%
6%
4%
2%
0%
12%
10%
8%
6%
4%
2%
0%
Unemployment and Wage Rates
Wages for Production & Nonsupervisory Workers, SA
Unemployment Rate: Aug @ 6.1%
Hourly Earnings - Yr/Yr % Change: Aug @ 2.5%
65 70 75 80 85 90 95 00 05 10

Commercial Real Estate Vacancy Rates
Office Vacancy Rate: Q2 @ 16.8%
Industrial Vacancy Rate: Q2 @ 7.2%
Retail Vacancy Rate: Q2 @ 10.3%
Apartment Vacancy Rate: Q2 @ 4.1%
7
24%
20%
16%
12%
8%
4%
0%
24%
20%
16%
12%
8%
4%
0%
Percent
1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
CRE
Vacancy rates are declining in
apartments and industrial space
but remain high elsewhere
Source: Reis, Inc., CoStar Realty Information, Inc. and Wells Fargo Securities, LLC

CRE Cap Rates vs. 10-Year Treasury Yields
Industrial: Q2 @ 7.1%
Retail: Q2 @ 6.8%
Office: Q2 @ 6.9%
Apartment: Q2 @ 6.0%
10-Year Yield: Q3 @ 2.5%
8
12%
10%
8%
6%
4%
2%
0%
12%
10%
8%
6%
4%
2%
0%
Percent, Yield
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
CRE
Cap rates remain well above 10-
year treasury yields, although
the spread has narrowed
Source:. RCA , IHS Global Insight and Wells Fargo Securities, LLC

Apartment Net Completions: Q2 @ 34,431 Units (Right Axis)
Apartment Net Absorption: Q2 @ 35,539 Units (Right Axis)
Apartment Vacancy Rate: Q2 @ 4.1% (Left Axis)
9
100
75
50
25
0
-25
-50
-75
9%
8%
7%
6%
5%
4%
3%
2%
Apartment Supply & Demand
Percent, Thousands of Units
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Apartments- Fundamentals
On a national level, apartments
have seen the strongest recovery
in commercial real estate thus
far. However, demand is
showing signs of slowing
Source: Reis, Inc. and Wells Fargo Securities, LLC

Projected Apartment Supply & Demand
Apartment Net Completions: 2015 @ 146,461 Units (Right Axis)
Apartment Net Absorption: 2015 @ 113,652 Units (Right Axis)
Vacancy Rate: 2015 @ 4.6% (Left Axis)
10
225
200
175
150
125
100
75
50
6.5%
6.0%
5.5%
5.0%
4.5%
4.0%
3.5%
3.0%
Percent, Thousands of Units
2014 2015 2016 2017 2018
Apartments- Fundamentals
Based on Reis projections,
completions are expected to
peak this year with the vacancy
rate trailing higher in the
coming years as demand
moderates

Population Growth Employment Growth
1111
Millennial Population & Employment
Millennials are a main driving force for apartment demand. We expect apartment activity to
remain robust as there is still pent-up demand as well as increased job growth for this cohort
2.0%
1.5%
1.0%
0.5%
0.0%
-0.5%
-1.0%
-1.5%
2.0%
1.5%
1.0%
0.5%
0.0%
-0.5%
-1.0%
-1.5%
Millennial Population Growth Rate
Adults Ages 20 to 34 Years Old, Year-over-Year Percent Change
Forecast
Change in U.S. Population: 2013 @ 1.2%
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18
4%
2%
0%
-2%
-4%
-6%
Adults Ages 20-34 Years Old, Year-over-Year Percent Change
Year-over-Year Percent Change: July @ 2.2%
Source: U.S. Department of Commerce, U.S. Department of Labor, Moody’s Analytics and Wells Fargo Securities, LLC
4%
2%
0%
-2%
-4%
-6%
-8%
-8%
Millennial's Rate of Job Growth
00 02 04 06 08 10 12 14

12
250
200
150
100
50
0
250
200
150
100
50
0
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
Thousands
Apartment Completions
In Thousands
Apartment Completions: 2014 @ 191.4
REIS
Forecast
National Apartment Supply
On a national level, supply is
expected to peak in 2014

Apartment Completions as a Percent of Stock
Orlando
New York
Raleigh-Durham
Palm Beach
Charleston
Suburban Virginia
Charlotte
Austin
New Haven
13
4.9%
2.9%
3.2%
3.6%
3.7%
4.0%
4.0%
4.0%
4.1%
3.3%
0% 1% 2% 3% 4% 5% 6%
District of Columbia
Top-Ten Markets
As of Q2 2014
Completions as a Percent of Stock
Although most markets are
seeing completions as a percent
of stock below the market and
long-run average, there are still
concerns in a few markets

2014-2016 Projected Cumulative Completions, Top 30 Markets
Chicago
San Diego
Fort Worth
Atlanta
Tampa
Columbus
Portland
Phoenix
Baltimore
Mineapolis
OrlandoH
ouston
San Francisco
14
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
-0.5%
-1.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
-0.5%
-1.0%
Los AngelesP
hiladelphia
Miami
Dalas
Seatle
Nashvile
Boston
Jacksonvile
Salt Lake City
D.C.
Denver
New York
San Jose
San Antonio
Charlote
Austin
Raleigh-Durham
Individual Market Long-Run Average
2014-2016 Projected Average Completions as a Percent of Stock: 1.2%
Apartment Completions
Looking ahead, Austin,
Washington, D.C. and San Jose
could be red flags

Employment to Completions Ratio
2014-2016 Projected Cumulative Apartment Completions
Baltimore
Charlote
Nashvile
Portland
Fort Worth
San Antonio
Philadelphia
San Diego
15
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
-6.0
-8.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
-6.0
-8.0
Washington D.C.
Austin
Orlando
Jacksonvile
DenverD
urham
Seatle
Tampa
New York
Boston
Dalas
Miami
Chicago
Los Angeles
San Jose
Columbus
Phoenix
Atlanta
Houston
Mineapolis
San FranciscoS
alt Lake City
Job-to-Completions Ratio
Employment growth is
improving for most markets, but
overall moderating apartment
demand will be an issue for
some markets

Supply & Demand Employment
1166
CRE – Office
Office fundamentals have been improving for more than three years, but the recovery has been
modest
21%
18%
15%
12%
9%
6%
3%
Office Supply & Demand
Percent, Millions of Square Feet
Office Net Completions: Q2 @ 4.3M SF (Right Axis)
Office Net Absorption: Q2 @ 3.0M SF (Right Axis)
Office Vacancy Rate: Q2 @ 16.8% (Left Axis)
Source: Reis, Inc., U.S. Department of Labor and Wells Fargo Securities, LLC
30
20
10
0
-10
-20
-30
-40
0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
Office Employment
Seasonally Adjusted
Year-over-Year Percent Change: Jul @ 2.4%
91 93 95 97 99 01 03 05 07 09 11 13

17
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
Office Completions
As a Percent of Stock
Dashed Line Represents Historical Average of 1.8 percent
REIS
Forecast
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17
Office Completions
A low level of supply has helped
to keep office fundamentals in
balance

Supply & Demand Real Personal Consumption
1188
CRE – Retail
Retail demand has followed the pattern of the real economy as consumer spending has
increased only modestly during the recovery
14%
12%
10%
8%
6%
4%
2%
Retail Supply & Demand
Retail Net Completions: Q2 @ 1.4M SF (Right Axis)
Retail Net Absorption: Q2 @ 2.5M SF (Right Axis)
Retail Vacancy Rate: Q2 @ 10.3% (Left Axis)
Source: Reis, Inc., U.S. Department of Commerce and Wells Fargo Securities, LLC
20
16
12
8
4
0
-4
-8
0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
Real Personal Consumption Expenditures
Bars = CAGR Line = Yr/Yr Percent Change
PCE - CAGR: Q2 @ 2.5%
PCE - Yr/Yr Percent Change: Q2 @ 2.3%
Forecast
2000 2002 2004 2006 2008 2010 2012 2014 2016

In-Store vs. Non-Store Retail Sales
3-Month Moving Average, Year-over-Year Percent Change
Non-Store Retailers: Jul @ 7.4%
Retail Sales ex. Non-Store Retailers: Jun @ 4.2%
19
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
94 96 98 00 02 04 06 08 10 12 14
E-Commerce Effect
Online sales growth is expected
to continue to outpace brick-and-
mortar stores for some time

Supply & Demand Rent Growth
2200
CRE – Industrial
Fundamentals in the industrial space continued to improve in 2014. Although net absorption
remains solid, supply is expected to pick up in the coming quarters
12%
11%
10%
9%
8%
7%
6%
5%
Industrial Supply & Demand
Industrial Net Completions: Q2 @ 20.2M SF (Right Axis)
Industrial Net Absorption: Q2 @ 30.7M SF (Right Axis)
Industrial Vacancy Rate: Q2 @ 7.2% (Left Axis)
Source: CoStar Realty Information, Inc. and Wells Fargo Securities, LLC
80
60
40
20
0
-20
-40
-60
-80
4%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
3.0%
2.0%
1.0%
0.0%
-1.0%
-2.0%
-3.0%
3.0%
2.0%
1.0%
0.0%
-1.0%
-2.0%
-3.0%
Industrial Asking Rent Growth
Quarter-over-Quarter Percent Change
Industrial Asking Rent Growth: Q2 @ 1.2%
2006 2007 2008 2009 2010 2011 2012 2013 2014

Demand vs. Nominal GDP Demand vs. Nominal GDP
2211
Industrial Demand
Industrial demand is closely correlated to a number of macroeconomic indicators including
overall economic activity
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
Industrial Demand vs. Nominal GDP
Nominal GDP: 2013 @ 3.7%
Industrial Demand: 2013 @ 1.4%
82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12
8%
6%
4%
2%
0%
-2%
Source: CoStar Realty Information, Inc., U.S. Department of Commerce and Wells Fargo Securities, LLC
Industrial Demand vs. Real GDP
y = 0.4115x + 0.3908
R² = 0.6208
-4%
-4% -2% 0% 2% 4% 6% 8%

Phoenix
22
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
-0.5%
-1.0%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
-0.5%
-1.0%
Dalas-Ft. Worth
Inland Empire
Indianapolis
2014-2016 Projected Average Completions as a Percent of Stock: 1.3%
Edison
Atlanta
Memphis
Seatle
Houston
Denver
Portland
Chicago
CincinatiS
aint Louis
Baltimore
Kansas City
Columbus OH
Miami
Charlote
Mineapolis
Boston
Detroit
East Bay
Philadelphia
N. New Jersey
Los Angeles
Washington D.C.
Cleveland
New York
Orange County
2014-2016 Projected Cumulative Completions, Top 30 Markets
Individual Market Long-Run Average
Long-Run Average: 1.7%
Industrial Completions
Supply has been fairly muted but
is expected to ramp up,
especially in markets near large
population centers and
intermodal hubs
Source: CoStar Realty Information, Inc. and Wells Fargo Securities, LLC

Housing Starts Sales Activity
2244
Housing Market Metrics
As supply starts to level out, we continue to look for a gradual recovery in homebuilding as
multifamily starts are forecasted to remain robust
Thousands Housing Starts
2.4
2.1
1.8
1.5
1.2
0.9
0.6
0.3
0.0
2.4
2.1
1.8
1.5
1.2
0.9
0.6
0.3
0.0
Millions of Units
Multifamily Starts
Multifamily Forecast
Single-family Starts
Single-family Forecast
Forecast
80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18
Source: U.S. Department of Commerce, CoreLogic Case Shiller and Wells Fargo Securities, LLC
70%
69%
68%
67%
66%
65%
64%
63%
62%
24%
18%
12%
6%
0%
-6%
-12%
-18%
-24%
S&P Case-Shiller National Home Price Index vs.
Homeownership Rate
National Home Price Index: Q1 @ 10.3% (Left Axis)
Homeownership Rate: Q2 @ 64.7% (Right Axis)
88 90 92 94 96 98 00 02 04 06 08 10 12 14

Median Sale Price: Jul @ $223,900
Median Sales Price 3-M Mov. Avg.: Jul @ 4.4%
FHFA (OFHEO) Purchase Only Index: Jun @ 5.1%
S&P Case-Shiller Composite 10: Jun @ 8.1%
25
24%
16%
8%
0%
-8%
-16%
-24%
-32%
24%
16%
8%
0%
-8%
-16%
-24%
-32%
Home Prices
Year-over-Year Percentage Change
04 05 06 07 08 09 10 11 12 13 14
Home Prices
Most regions are starting to see
improvement in home prices,
but the recovery will be slow in
areas with significant amounts
of distressed transactions
Source: Federal Housing Finance Agency, National Association of Realtors, S&P Corp. and Wells Fargo Securities, LLC

26
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
U.S. Distressed Home Sales
Percent of Total Sales
Total Distressed: Jul @ 9.0%
2009 2010 2011 2012 2013 2014
Distressed Home Prices
Distressed sales comprise a
smaller portion of home sales,
which have helped boost home
prices
Source: National Association of Realtors and Wells Fargo Securities, LLC

Single-Family Home Inventory
New Homes: Jul @ 0.21M
Existing Homes: Jul @ 2.09M
27
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Millions of Units
04 05 06 07 08 09 10 11 12 13 14
Housing Inventory
The low level of inventories is
helping to boost home prices
Source: NAR, U.S. Department of Commerce and Wells Fargo Securities, LLC

28
70%
69%
68%
67%
66%
65%
64%
63%
62%
61%
4.0
3.0
2.0
1.0
0.0
-1.0
-2.0
-3.0
Household Formation
In Millions, Rate
New Renters: 2013 @ 1.1 Million (Left Axis)
New Owners: 2013 @ 0.3 Million (Left Axis)
H.O. Rate: 2013 @ 65.1% (Right Axis)
77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13
Household Formation
Rental demand has surged over
the last eight years. In addition,
the household formation rate is
at its lowest level in 19 years

29
36%
33%
30%
27%
24%
36%
33%
30%
27%
24%
First-Time Home Buyers
Share of Existing Home Sales
Share of Total Existing Home Sales: Jun @ 28%
Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14
First-Time Home Buyers
The share of first-time home
buyers continues to remain low,
as buyers in this segment are
choosing to rent instead of own
a home
Source: National Association of Realtors and Wells Fargo Securities, LLC

Homeownership Rate – All Ages Homeownership Rate – Under 35
3300
Homeownership Rate
The homeownership rate has declined across all age groups but the lowest levels are seen in the
35 and below bracket
70%
69%
68%
67%
66%
65%
64%
Homeownership Rates
Total, Percent
All Ages: Dec. 2013 @ 65.1%
70%
69%
68%
67%
66%
65%
64%
63%
63%
95 97 99 01 03 05 07 09 11 13
45%
43%
41%
39%
37%
35%
45%
43%
41%
39%
37%
35%
Homeownership Rates
Adults Under the Age of 35, Percent
Under 35: Dec. 2013 @ 37.2%
95 97 99 01 03 05 07 09 11 13

32
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
Florida Gross State Product & U.S. GDP
U.S. GDP: 2013 @ 1.8%
Florida GDP: 2013 @ 2.2%
Florida Gross State Product
Growth in Florida saw a great
decline during the recession but
has now started to outpace the
nation

Florida Employment:Percent of Previous Peak
Percent of Previous Peak: Jul @ 96.8%
33
102%
100%
98%
96%
94%
92%
90%
88%
102%
100%
98%
96%
94%
92%
90%
88%
Percent
69 73 77 81 85 89 93 97 01 05 09 13
Florida Employment Picture
After experiencing the largest
drop in payrolls in more than 40
years, employment levels are
steadily rising

Employment Unemployment Rate
34
Florida – Labor Market
Florida’s labor market is still showing signs of improvement
6%
4%
2%
0%
-2%
-4%
-6%
-8%
-10%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
-10%
Florida Nonfarm Employment
3-Month Moving Averages
3-Month Annual Rate: Jul @ 1.9%
Nonfarm: Yr/Yr Pct. Change: Jul @ 3.0%
Household: Yr/Yr Pct. Change: Jul @ 3.0%
90 92 94 96 98 00 02 04 06 08 10 12 14
12%
10%
8%
6%
4%
2%
0%
12%
10%
8%
6%
4%
2%
0%
Florida vs. U.S. Unemployment Rate
Seasonally Adjusted
Florida: Jul @ 6.2%
United States: Aug @ 6.1%
90 92 94 96 98 00 02 04 06 08 10 12 14

Florida Employment Growth by Industry
3-Month Moving Averages, July 2014
Recovering Expanding
Educ. & Health Svcs.
-2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 3-Month Anualized Percent Change
35
Employment by Industry
Government
5%
4%
3%
2%
1%
0%
-1%
-2%
Information
Leisure and Hospitality
Prof. & Bus. Svcs.
Financial Activities
Trade, Trans. & Utilites
Manufacturing
Construction
Other Services
-3%
Percent of Total Employees
10% to 25%
5 % to 10%
Less than 5%
Contracting Decelerating

Florida Employment Growth: July 2014
Year-over-Year Percent Change, 3-Month Moving Average
Recovering Expanding
Pensacola
-1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 3-Month Moving Average Percent Change
36
Metro-Level Employment
Sebastian
Panama City
Ocala
Gainesville
Naples
Tallahassee
Palm Bay
Lakeland
Cape Coral
Sarasota
West Palm Beach
Jacksonville
Fort Lauderdale
Port St. Lucie
Orlando
Miami
Tampa
Deltona
Punta Gorda
2.0%
1.5%
1.0%
0.5%
0.0%
-0.5%
-1.0%
Population Size
Less than 200,000
200,000-500,000
More than 500,000
Contracting Decelerating

Home Prices Housing Permits
3377
Florida – Housing Market
Growth in the housing market is slowly picking up, especially for single-family homes
260
220
180
140
100
60
260
220
180
140
100
60
CoreLogic HPI: FL vs. U.S.
Index, 2000=100, Not Seasonally Adjusted
United States: Jul @ 175.4
Florida: Jul @ 173.2
90 92 94 96 98 00 02 04 06 08 10 12 14
Source: CoreLogic, U.S. Department of Commerce and Wells Fargo Securities, LLC
250
200
150
100
50
0
250
200
150
100
50
0
90 92 94 96 98 00 02 04 06 08 10 12 14
Thousands
Thousands
Florida Housing Permits
Thousands of Permits, Annual Rate
Single-Family: Jul @ 65,064
Single-Family, 12-MMA: Jul @ 55,528
Multifamily, 12-MMA: Jul @ 28,591
Single-Family Average (1998-2003): 116,250

A Sampling of Our Recent Special, Regional & Industry Commentary
38
Recent Special Commentary
Wells Fargo Economics Group Publications
To view any of our past research
please visit:
http://www.wellsfargo.com/
economics
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distribution lists please visit:
http://www.wellsfargo.com/
economicsemail
Date Title Authors
September-03 New CBO Numbers Suggest Shift in Treasury Issuance Silvia, Vitner & Brown
September-03 The Great Inflation: Once in a Lifetime? Silvia, Iqbal, House & Nelson
September-03 Alabama Economic Outlook: September 2014 Vitner, Wolf & Moehring
September-02 Commercial Real Estate Chartbook: Q2 Vitner & Khan
September-02 Housing Data Wrap-Up: August 2014 Vitner & Khan
September-02 Swiss Economy Stalls Unexpectedly in Q2 Bryson & Griffiths
August-29 Interest Rates, Credit and Policy Inconsistency in the Post-Great Recession Silvia Era: Parte Três
August-29 Brazil Q2 Growth: As Bad as It Gets Alemán
August-29 Solid Second Quarter GDP Growth in Canada Quinlan
August-29 Implications of a House Price Collapse in China Bryson
August-29 India GDP Growth Pics Up in Q2 Bryson & Griffiths
August-28 Nonresidential Construction Recap: August Khan
August-28 Implications of a House Price Collapse in China Bryson
August-28 Perspective on Interest Rates: Numbers Not Anecdotes Silvia, Vitner & Brown
August-27 Pennsylvania Eocnomic Outlook: August 2014 Vitner & Wolf
August-26 Rocky Mountain High in Colorado Vitner & Wolf
August-26 Is the Tide Turning for Small Business Lending? Silvia, House & Nelson
August-25 Texas Economic Outlook: August 2014 Vitner, Wolf & Miller
August-25 Why is Global Trade Growing So Slowly? Bryson & Griffiths
August-21 Mexican Economy Improves in Q2 2014 Alemán
August-20 Treasuries Feel Effects of Tight Supply & Geopolitical Risks Silvia, Vitner & Brown
August-18 California Employment Conditions: July 2014 Vitner & Wolf
August-18 Florida Employment Slips in July But Trend Remains Up Vitner & Wolf
August-18 Chile Hit by Weak World Demand Alemán
August-18 Texas Emplyoment: No Signs of Slowing Down Vitner & Wolf
August-15 When Will the Bank of England Hike Rates? Bryson
August-14 Economic Activity in Eurozone Stagnated in Q2 Bryson
August-13 What to Watch for at Upcoming Bank of Korea Meeting Quinlan
August-13 Japanese Consumption Tax Takes a Bite out of GDP Quinlan
August-12 The Changing Face of Retail Sales Alemán, Brown & Griffiths
August-11 Russian GDP Growth Remained Lackluster in Q2 Bryson
August-08 The Chilean Economy Slows Down Considerably Alemán
August-08 Mexican Economy in H1 2014: Very Little to Show So Far Alemán
August-08 Alternative Measures of Core Inflation Are Looking Up House
August-08 Did They Separate? Yield Spreads and GDP Silvia, Iqbal, & Miller
August-07 Housing Chartbook: July 2014 Vitner & Khan
August-06 Wells Fargo Small Business Survey :Q3 2014 Vitner
August-06
Interest Rate Weekly: Slower Growth Continues to Weigh on
Interest Rates Silvia, Vitner & Brown
August-06 Inflation: Rising - Yes, Runaway - No Bullard & House
August-05 Taiwanese Real GDP Growth Strengthened in Q2 Bryson
August-05 Slow Growth in Sweden Equals Risk of Deflation Bryson
August-01 Hot or Not? Metro Areas Across the U.S. Vitner & Wolf
August-01 Signs of Firming in Canadian Economy Quinlan
August-01 Argentina Elected for Default Again Alemán
July-31 Interest Rate Weekly: Notes on the Fed's Exit Strategy, Part 1 Silvia, Vitner & Brown
July-31 The State of Agriculture Vitner
July-29 Florida Consumer Sentiment Rises Solidly in July Vitner & Wolf
July-25 British GDP Growth Remained Strong in Q2-2014 Bryson
July-24 Russian Economic & Financial Leverage on the West Bryson
July-24 Are American Wages About to Accelerate? Bryson & House
July-23 Will Credit Help the U.S. Consumer in H2-2014? Alemán & Griffiths

Wells Fargo Securities, LLC Economics Group
39
Global Head of Research and Economics
Diane Schumaker-Krieg ………………… ……….diane.schumaker@wellsfargo.com
Global Head of Research & Economics
Chief Economist
John E. Silvia … ....................... … john.silvia@wellsfargo.com
Senior Economists
Mark Vitner, Senior Economist……………....………. . .mark.vitner@wellsfargo.com
Jay H. Bryson, Global Economist …………………....…… ….jay.bryson@wellsfargo.com
Sam Bullard, Senior Economist sam.bullard@wellsfargo.com
Nick Bennenbroek, Currency Strategist ……nicholas.bennenbroek@wellsfargo.com
Eugenio J. Alemán, Senior Economist… ………….eugenio.j.aleman@wellsfargo.com
Anika R. Khan, Senior Economist … . anika.khan@wellsfargo.com
Economists
Azhar Iqbal, Econometrician………………… ……………azhar.iqbal@wellsfargo.com
Tim Quinlan, Economist …………………… ……………..tim.quinlan@wellsfargo.com
Eric J. Viloria, Currency Strategist eric.viloria@wellsfargo.com
Sarah Watt House, Economist …………… …………sarah.house@wellsfargo.com
Michael A. Brown, Economist ……………… … michael.a.brown@wellsfargo.com
Michael T. Wolf, Economist ………………… … .michael.t.wolf@wellsfargo.com
Economic Analysts
Zachary Griffiths, Economic Analyst zachary.griffiths@wellsfargo.com
Mackenzie Miller, Economic Analyst mackenzie.miller@wellsfargo.com
Erik Nelson, Economic Analyst erik.f.nelson@wellsfargo.com
Alex Moehring, Economic Analyst alex.v.moehring@wellsfargo.com
Administrative Assistants
Donna LaFleur, Executive Assistant. donna.lafleur@wellsfargo.com
Cyndi Burris, Senior Administrative Assistant cyndi.burris@wellsfargo.com
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