Economists anticipates continued job growth and strong regional economy
The Chamber’s economic development arm, the Springfield Business Development Corporation (SBDC), hosted its 20th annual Economic Outlook event on August 24, at the Oasis Hotel and Convention Center. With over 425 attendees, the annual event once again proved to be a pivotal platform for gaining insights into the Springfield region’s economic trajectory.
Highlighting some of the SBDC’s recent successes, Brad Erwin, president of Paragon Architecture and 2024 SBDC vice president, remarked, “In 2024, SBDC announced a new manufacturer to the community coming soon to PIC West, along with a groundbreaking of the Erlen Group’s first above ground construction project with the expansion of Cold Zone Storage.”
This year’s keynote speaker Charles Gascon, senior economist in the Research division at the Federal Reserve Bank of St. Louis focused on the economic landscape of 2023 and the first half of 2024, particularly in the Springfield region. He highlighted that in 2023 the region saw strong economic growth, healthy job gains and moderate inflation. In the first half of 2024, businesses reported challenges like the impact of illness, household burdens, a focus on labor productivity, supply chain easing and increased competition.
Despite these challenges, economic growth remained healthy, though inflation pressures persisted. The labor market stayed strong, with low employment rates and there were early signs of improvement in manufacturing and housing construction.
Looking ahead, Gascon anticipates continued job gains, low unemployment and a gradual return to long-run trend growth rates. He emphasized that anchored inflation expectations are crucial for economic stability, noting that policy makers project a gradual decline in inflation. He concluded by highlighting the strengths and risks of the regional economy, emphasizing the importance of addressing current barriers to affordable housing. Overall, his presentation offered a cautiously optimistic outlook, acknowledging both the region’s economic strengths and potential challenges.
“The Chamber and SBDC, led by the private sector, act as the catalyst for this community to be the state’s trailblazer in economic growth and job creation,” said Erwin. “We have a unique moment in our hands. No outside entity is coming to propel us into the next forty-year chapter, we must leverage our own assets and advantages to make the community we want.”
Armed with the insights from the 2024 Economic Outlook, the Chamber and SBDC are poised to develop local strategies that empower businesses, attract investments and foster economic success in the Springfield region.
*The views expressed by the speaker (8/14/2024) do not reflect the official positions of the Federal Reserve Bank of St. Louis or the Federal Reserve System.*
