Fall Regulatory Summit

Internal Use Only

Tale of 4 Recessions

-9.0% -8.0% -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0%

1990 2001 2008 2020

-11.0% -10.0%

Peak

Q1

Q2

Q3

Q4

Q5

Q6

(Source: Bureau of Economic Analysis )

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023

Internal Use Only

Contributions to GDP Growth (source: Bureau of Economic Analysis)

GDP = 7.00% 2.70% 7.00% -1.60% -0.60% 3.20% 2.60% 2.00% 2.10%

Consumption

Gross Investment

Government Net Exports

2021: Q2 2021: Q3 2021: Q4 2022: Q1 2022: Q2 2022: Q3 2022: Q4 2023: Q1 2023: Q2 2021: Q2 2021: Q3 2021: Q4 2022: Q1 2022: Q2 2022: Q3 2022: Q4 2023: Q1 2023: Q2

7.84% 1.98% 2.14% 0.91% 1.38% 1.54% 0.70% 2.79% 1.14%

0.30% 1.78% 5.14% 0.98% -2.83% -1.80% 0.79% -2.22% 0.57%

-0.60% -1.08% -0.16% -3.13% 1.16% 2.86% 0.42% 0.58% -0.22%

-0.54% -0.02% -0.16% -0.40% -0.29% 0.65% 0.65% 0.85% 0.58%

Gross Investment

Nonresidential

Residential

Inventory

0.3%

1.29% 0.10% 0.17% 0.98% 0.01% 0.80% 0.52% 0.08% 0.80%

-0.24% -0.29% -0.05% -0.15% -0.93% -1.42% -1.20% -0.16% -0.14%

-0.75% 1.96% 5.01% 0.15% -1.91% -1.19% 1.47% -2.14% -0.09%

1.78% 5.14% 0.98% -2.83% -1.80% 0.79% -2.22% 0.57%

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023