The Chamber’s annual Horizons Economic Forecast event took place on Wednesday, January 31, 2024, and saw over 400 guests in attendance! The program featured expert economists, industry executives, and local business leaders to candidly discuss the economic outlook of 2024, as well as offer insights and advice to business owners. Some of the top topics on everyone’s mind this year were workforce, interest rates, and community investments. The event speakers covered these topics and more through presentations and live discussions. Take a look at the top 10 takeaways from this year’s Horizons Economic Forecast: 1. Pierce County: A Hub of Investment & Growth The program commenced with an address from Bruce Dammeier, Pierce County Executive, during which he underscored Pierce County's reputation as an attractive destination for both investment and employment opportunities. Highlighting two notable investments within the county, encompassing over seven million square feet of leased property, he emphasized the success of these ventures, with one property achieving full occupancy and the other surpassing the 70 percent mark. This emphasizes Pierce County's enduring appeal as a robust investment hub and vibrant community that continues to attract new residents.
3. Legislative Initiatives Aimed at Tackling Economic Challenges Congresswoman Marilyn Strickland of Washington's 10th District began her address by acknowledging the significant developments witnessed by the South Sound and Washington State at large over the past year. She further acknowledged widespread concerns voiced regarding labor shortages, supply chain disruptions, infrastructure needs, and the evolving marketplace dynamics necessitating continuous adaptation. In response to these challenges, she highlighted key federal legislative initiatives aimed at addressing these pressing issues:
While acknowledging the positive strides made through these legislative efforts, Congresswoman Strickland emphasized the ongoing commitment to further legislative action, promote continuous progress, and advocacy to address emerging challenges.
6. Collaboration & Progress in the South Sound Congressman Derek Kilmer of Washington’s 6th District delivered a memorable address focusing on the power of community collaboration and shared progress in the South Sound region. He highlighted a few significant achievements, including the $54 million investment in the Husky Terminal at the Port of Tacoma, enhancing the region's global economic standing. He also emphasized the tangible impact of federal investments in areas such as affordable housing through the Tacoma Housing Authority and expanded services at the Tacoma Rescue Mission, addressing crucial needs ranging from addiction recovery to workforce development. Furthermore, Kilmer celebrated the secured funding for the preservation and enhancement of Puget Sound, a vital environmental and economic resource for the region. Concluding his address, he urged continued innovation, partnership, and a steadfast commitment to preserving the spirit of collaboration, as he believes that through collective action, there are boundless opportunities for progress and prosperity.
8. Housing Activity to Decline in 2024 Dr. Johnson also delved into the analysis of housing activity outlined in the PCEI Report. Throughout 2023, housing activity notably underperformed initial projections, with new listings and closed sales experiencing declines of 30 percent and 27 percent, respectively. Moreover, the Pierce County Housing Affordability Index witnessed a substantial 28.7 percent decrease by the conclusion of 2023. Looking ahead to 2024, the housing market is expected to maintain its subdued trajectory, contingent upon potential reductions in mortgage rates. Projections indicate that the Pierce County Housing Activity Index is poised to decline by 9.5 percent by the culmination of 2024.
10. JBLM Addresses Recruitment Challenges
JBLM serves as a significant economic driver within the South Sound region and Washington State at large. As part of the local panel, Lt. Col. Dane Franta of the 62nd Airlift Wing at JBLM provided invaluable insights into the military community's resilience amidst global uncertainties and ongoing challenges in labor and recruitment. A key emphasis by Lt. Col. Franta was the revitalization of community outreach initiatives, recognizing the importance of re-establishing connections lost during COVID. JBLM is actively engaged in attending hiring fairs, organizing air shows, and participating in Armed Forces Days to reinforce their commitment to engagement and recruitment efforts. Remarkably, statistics for 2023 indicate that JBLM currently hosts the smallest military personnel presence in its history. Consequently, recruitment efforts have been intensified to meet operational requirements. As part of their recruitment messaging, JBLM fosters a sense of camaraderie and shared purpose, emphasizing the unique benefits of a military career path. Comments are closed.
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