What is on the horizon for businesses in 2025? Growth potential, and with it, preparing for changing tech and labor markets, the need for more affordable housing and childcare, and navigating the impacts of new legislation, for starters.
The Bend Chamber of Commerce recently released our Horizon Report. It included feedback from several months of interviewing more than 160 regional businesses and business leaders to ask what was affecting the market today, what changes they expect in the next ten years, and how they plan to prepare for what’s to come. We learned that the high cost of living, technology, customer expectations, supply chain disruption, climate change impacts, and workforce evolution are top of mind.
The Chamber aims to understand these opportunities and challenges and help businesses prepare for an evolving workplace and marketplace. In the coming year, our focus will be on the top issues facing Central Oregon businesses, from continued work on affordable workforce housing and childcare to our steadfast representation of Central Oregon to the state legislature. We will explore how to assist businesses with addressing the deepening integration of technology, the changing skill sets needed by the workforce, and making Bend and Central Oregon a more affordable place to live.
Economic factors also shape how businesses make decisions. Interest rates have caused a great deal of caution and pragmatism in whether and how companies expand. Now that these rates may be lowering, Bend may see a resurgence in construction and expansion. Yet the increased leasing, building, labor, products, and transport costs are also considerations for businesses as they develop their 2025 strategies.
High housing, childcare, and other costs in Central Oregon have impacted employers’ ability to attract and retain talent. The Chamber’s new low-interest revolving loan is now being used to build new, attainable housing for Bend’s workforce. In partnership with Habitat for Humanity, and other area housing non-profits and builders, the chamber is adding new stock for middle-class folks who work in Bend and need a pathway to home ownership.
Another significant impact on business is digital transformation. Artificial Intelligence (AI) negatively impacts some sectors but benefits many others, improving revenue and productivity. Since AI is in its early stages, businesses are scrambling to understand new tools emerging in the market and how they may be useful. Many businesses are investing time and resources to begin integrating AI into operations and the Chamber is exploring ways to assist with this transition.
The Oregon legislature enters its long session this month. It will likely begin with more than 3,000 bills, and the Bend Chamber’s advocacy team will monitor which ones will impact Central Oregon and represent our region’s interests. The session will include transportation, infrastructure, education funding, housing, regulatory reform, and discussions around revenue. Watch for updates from the Chamber from January until session close.
There is much to do in 2025. We at the Bend Chamber look forward to working with you on what matters most to your business, our economy, and our community.
