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Monthly Digest for April 2021

Monthly Digest for April 2021


Economic Outlook and Preparing for the Post-Pandemic Economy

Our Voice | April Digest 

By Katie Loovis

March 30, 2021


We are entering an economic recovery according to renowned economist Dr. Michael Walden at our Economic Outlook Forum last week.

Image 1: Walden, M. (2021, March 25). Economic Outlook 2021: Welcome to the Post-Pandemic Economy. [Power Point Presentation] NC State University. Retrieved from https://www.slideshare.net/carolinachamber/2021-critical-issues-series-economic-outlook-forum-245059533 

Walden made the case for recovery based on a leading NC index and several key indicators, namely that we are getting vaccinated and Covid cases, hospitalizations, and deaths are trending down; feds are pumping more money into the economy ($6 trillion in total with $48 billion to NC); and jobs and economic activity are trending up at the regional, state, and national level.

Image 2: Walden, M. (2021, March 25). Economic Outlook 2021: Welcome to the Post-Pandemic Economy. [Power Point Presentation] NC State University. Retrieved from https://www.slideshare.net/carolinachamber/2021-critical-issues-series-economic-outlook-forum-245059533 


Image 3: Walden, M. (2021, March 25). Economic Outlook 2021: Welcome to the Post-Pandemic Economy. [Power Point Presentation] NC State University. Retrieved from https://www.slideshare.net/carolinachamber/2021-critical-issues-series-economic-outlook-forum-245059533

Despite concerns about virus variants, Walden says hopes are rising for more normalcy by the fall of this year, but the post-pandemic economy will likely look different from the pre-pandemic economy, especially with disruptions to our labor market. 

Image 4: Walden, M. (2021, March 25). Economic Outlook 2021: Welcome to the Post-Pandemic Economy. [Power Point Presentation] NC State University. Retrieved from https://www.slideshare.net/carolinachamber/2021-critical-issues-series-economic-outlook-forum-245059533

For the Greater Chapel Hill-Carrboro economy, Walden predicts continued and perhaps accelerated growth after the pandemic (Durham-Chapel Hill metro area is the 35th highest in growth since 2000). However, he cautions that more distance learning nationally could result in changes at UNC-Chapel Hill that could impact the local economy.


Image 5: Walden, M. (2021, March 25). Economic Outlook 2021: Welcome to the Post-Pandemic Economy. [Power Point Presentation] NC State University. Retrieved from https://www.slideshare.net/carolinachamber/2021-critical-issues-series-economic-outlook-forum-245059533

As far as local employers, they are generally split into thirds as to how the current economy has affected their business: negatively (32%), not much (39%), and positively (28%), according to Chamber President and CEO Aaron Nelson. 

This insight is from The Chamber’s annual economic conditions survey, which included responses from approximately 100 local employers of diverse sizes. Nelson emphasized that this finding reflects the "we are in the same storm but different boats" analogy in that some industries fared better than others through the economic contraction.

Image 6: Nelson, A. (2021, March 25). Our Local Economy. [Power Point Presentation] The Chamber For a Greater Chapel Hill-Carrboro. Retrieved from https://www.slideshare.net/carolinachamber/2021-critical-issues-series-economic-outlook-forum-245059533

A majority of those Greater Chapel Hill-Carrboro employers surveyed are generally positive in their economic outlook, with most (75%) expecting sales to increase in the next twelve most and a majority (52%) planning to add workers in 2021.

Image 7: Nelson, A. (2021, March 25). Our Local Economy. [Power Point Presentation] The Chamber For a Greater Chapel Hill-Carrboro. Retrieved from https://www.slideshare.net/carolinachamber/2021-critical-issues-series-economic-outlook-forum-245059533


Image 8: Nelson, A. (2021, March 25). Our Local Economy. [Power Point Presentation] The Chamber For a Greater Chapel Hill-Carrboro. Retrieved from https://www.slideshare.net/carolinachamber/2021-critical-issues-series-economic-outlook-forum-245059533


Dive deeper into the data

If you enjoyed this summary and would like to learn more, we invite you to watch the Economic Outlook Forum, read the top takeaways on Chapelboro.com, review the presentations, and listen to the 97.9 FM interview of Walden and Nelson discussing the economy with WCHL News Director Brighton McConnell. 


Register now

The next forum in the 2021 Critical Issues Series is the Regional Economic Development Forum on Thursday, April 22nd from 8:30-10am via zoom. This forum is free for Chamber members, is coordinated by The Chamber For a Greater Chapel Hill-Carrboro, and presented by 97.9 The Hill & Chapelboro.com, Duke Energy, and Durham Technical Community College.


In case you missed it

03/25/2021: Top Five Takeaways from The Chamber’s Economic Outlook Forum

03/17/2021: I-40 Transit Priority Shoulder

03/11/2021: Update on Downtown Chapel Hill

03/01/2021: March Digest: Economic Snapshot, Top Industry Sectors Hiring, and High Demand Jobs


About "Our Voice"

The Chamber regularly advocates for the business interests of Greater Chapel Hill-Carrboro and does so thoughtfully and with sound positions informed by the latest data. The Chamber’s Government Affairs Committee convenes monthly to guide this important work and Chamber Vice President for External Affairs, Katie Loovis, communicates on behalf of the Committee through Our Voice, a dynamic e-platform. Loovis shares share weekly updates and a comprehensive monthly digest with Chamber members and friends on matters that matter to the local business community, ranging from the economy and elections to economic and workforce development. 


Contact

For questions, contact Katie Loovis, Vice President of External Affairs for The Chamber at (919) 696-0781 (cell) or KLoovis@carolinachamber.org.



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