Dr. Michael Walden, well known NC State Economist and author of 11 books and 300 articles and reports, delivered the keynote address at the 2024 Triangle East State of the Region Breakfast, presented by Lumos.
Dr. Walden discussed the economic outlook in Johnston County in a post pandemic world. He reported signs of slower growth but no recession. His forecast: the Federal Reserve will slowly lower their key interest rate through 2025; consumer purchasing power will return in 2025; the economy will grow in the 1.5 percent to 2.5 percent annual range; and the jobless rate will stay in the 3 percent to 4.5 percent range.
In Johnston County, he predicts that I-540 will be a growth generator and remote work will add to the County’s growth. He advised preparing for land use shifts, increase in use of public services like schools, and an increase in traffic and higher housing costs.
Following Dr. Walden’s keynote, guests at the breakfast had table discussions regarding workforce housing and finding a talented workforce.
Workforce Housing:
Guests at the breakfast suggested looking at zoning policies to allow for additional housing options like apartments for entry level workers, finding ways to repurpose existing buildings in downtown areas to create “live, work, play” communities, and increasing the number of multifamily residences in the County.
Finding available talent:
It was shared that Johnston County Public Schools and Johnston Community College do a good job preparing young people for the workforce. However, even if every graduate stayed in the county there are not enough available workers.
Suggestions for finding talent included pursuing former military, retraining those over 50 that are underemployed for current open positions, and educating the business community about programs that employ formerly incarcerated, at-risk youth, and those with learning differences.
The Chamber will continue to communicate with its members about these issues, possible solutions and strategies.
Triangle East Chamber of Commerce
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Christa Phillips Office and Events Manager
- September 12, 2024
- (919) 934-9166
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