(Keynote presenter Brian Beaulieu, CEO and chief economist at ITR Economics | Photo courtesy of EDCO)
Last week, nearly 800 business leaders and community members packed the Riverhouse Convention Center for the Annual Luncheon hosted by Economic Development for Central Oregon (EDCO). ITR Economics CEO and Chief Economist Brian Beaulieu presented his forecast for the local, national and global economy including how business owners could best prepare for the future.
Sherm Bloomer, chancellor of OSU-Cascades, a title sponsor of the event, said, “OSU-Cascades is proud to be a longtime lead supporter of the EDCO Annual Luncheon. We are honored to serve as a valued partner in the community and appreciate the collaboration with EDCO as they work to advance the region’s economy to benefit all Central Oregonians.”
The event began with a panel discussion of regional employers discussing their strategies in attracting and retaining talent. Leaders from Sisters-based Personalized Nutrients, Redmond-based BASX Solutions and Bend-based Seran Bioscience, who have collectively added over 200 employees over the past year, discussed how they have leveraged Central Oregon’s outdoor amenities to attract talent to the area and focused on company culture and employee benefits to retain those employees.
The panel was moderated by Evan Dickens, CPA and shareholder at Jones and Roth CPAs & Business Advisors, a keynote sponsor of the event, who said, “It was a pleasure to be part of this discussion with three excellent companies of different sizes, hearing their wisdom and experiences related to an issue that affects all employers in Central Oregon. No matter how small or large a company, there were great and relevant takeaways to be found in the panelist responses. The panel continued EDCO’s proud history of producing an outstanding and valuable annual luncheon.”
The keynote, presented by Brian Beaulieu of ITR Economics, started with a call to business leaders. “Do not let the fear that is out there sway you from investing in yourselves, your people and your growth…you’ve got to put your pedal to the metal and keep on keeping on,” he said.
Based on his research, there will be a mild economic slowdown in the second half of 2023 being pushed primarily by actions of the Federal Reserve and supply chain issues related to the pandemic and the ongoing war in Ukraine; however, the economy will be mostly recovered by 2025 and there will be a time of economic growth for the United States through 2029.
Despite concerns over inflationary pressures and foreign threats, the United States economy was predicted to retain its strength as the global leader for the next 100 years. Beaulieu explained that historic and future longevity is due to a growing population, abundant natural resources and rule of law with an independent judiciary system, independent property rights and functional bankruptcy laws.
“When you read some headline or hear some news that makes you question America’s future, I want you to stop, take a breath and thank God you are an American because we own this future,” said Beaulieu.
Following these predictions, the economist suggested Central Oregon business owners should look for opportunities to onshore their supply chains and investments and focus on their margins by leveraging the producer price index as a guide for customer pricing inflations. Beaulieu emphasized, “You can actually make money and improve your margins by inflation.”
Other suggestions included building relationships with local and regional bankers because as credit tightens and the economy slows in late 2024 and early 2025, access to capital will be key. Beaulieu noted that he predicts the labor market will be tight through 2032 and that businesses need to automate processes wherever possible in order to remain competitive. Last, but certainly not least, Beaulieu ended the presentation with a focus on driving appreciation and education of the sciences, engineering and trades.
ITR Economics publishes regular free economic updates. To receive these emails, visit their website.
About Economic Development for Central Oregon:
EDCO is a non-profit corporation supported by private and public members and stakeholders, whose mission is to create middle-class jobs in Central Oregon by: recruiting new employers to move to the region; helping entrepreneurs start new, scalable businesses; and working with businesses that are already here to grow their operations.
