Harford County Chamber of Commerce issued the following announcement on April 3.
On Thursday, March 28th, the Harford County Chamber of Commerce hosted their annual Economic Outlook Breakfast at Richlin Catering and Events Center. Sponsored by M&T Bank, the event featured speakers Ray Keating, Chief Economist at the Small Business and Entrepreneurship Council; and Len Parrish, Director of the Harford County Office of Community and Economic Development.
Keating gave his observations of the current national economic environment, and predictions for the future. He noted that business investment has grown but expressed concern about the unstable political sphere and lack of growth in trade and housing. Keating believes there is approximately a one in three chance of recession in 2020.
The job market has been tight, he said, with an increase in the number of jobs, but businesses have found difficulty finding skilled labor. It is important to not just look at the unemployment rate, but also consider the job force participation rate, which currently sits around 63%. Before the recession, the job force participation rate was 66%. In order for wages and income to increase, productivity must grow, Keating said. Productivity is beginning to see a slight increase and is expected to continue picking up. On Maryland’s Fight for Fifteen issue, Keating said that most economists agree that artificially raising the minimum wage has various negative impacts on the economy. These include a decrease in available jobs for low skill and/or young workers, and decreased competitiveness with surrounding states with lower minimum wages.
Entrepreneurship and investment are a central, driving force in our economy, Keating continued, and self-employment numbers are problematic. Self-employment rates have been on a downturn since before the recession. To encourage entrepreneurship and investment, legislators and communities should work to create a favorable environment for business. An example of this could be speaking about business in a positive light in schools.
Keating stressed the importance of trade, with around 30% of the national economy being tied to it; and 55% of imports being inputs to American businesses. Tariffs have a negative impact on the economy, he said, with United States consumers and businesses paying the price.
“My office is aggressively working to create a diverse economy. One that brings living wage jobs into our community across many sectors and allows you, our business community, to grow and thrive,” Len Parrish began. He discussed the recent strides Harford County has made, including attracting large companies to the area, the development of new business parks, and growth in agribusiness and healthcare options.
The county has also retained their Triple-A Bond rating, as a result of continued sector development, growth, and workforce access. For growth in the technology sector, The Harford County Office of Community and Economic Development has leveraged connections with Aberdeen Proving Ground, DefTech, and AMMP (Advanced Manufacturing, Materials, and Processes). A major success in the past year was the development of Harford’s first-ever 24 hour, 7 day a week Crisis Center. The center provides mental, behavioral, and addiction health services.
Parrish concluded by recognizing the business community and the three Harford County businesses that were honored at the Baltimore Business Journal’s Family Owned Business Awards: Boyle Buick GMC, Independent Can Company, and McComas Funeral Home. Finally, attendees joined together in a moment of silence for the tragic loss of two members of our Harford County community: Tripp Johnson and Mr. Andy Klein, a philanthropic icon, friend, and business leader.
To stay up to date on issues facing Harford’s business economy and important legislative changes, read Chamber Insider every Friday at http://www.harfordchamber.org/category/blog/ and subscribe to the Chamber’s weekly newsletter at http://harfordchambermd.chambermaster.com/communication/
Original source can be found here.
Source: Harford County Chamber of Commerce
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