HIGHLAND HEIGHTS, Ky. – Two leading business groups brainstormed during the 2010 Regional Economic Outlook asking the question: "Is the economy really making strides toward a recovery?"
Business leaders from the region met up at Northern Kentucky University’s Student Union to talk about the economy’s forecast both on a national and a regional level.
The consensus by the Cincinnati USA Regional Chamber and the Northern Kentucky Chamber of Commerce was that the economy both regionally and nationally, has suffered a "significant amount of mayhem, is finally making strides toward a recovery."
For the region, the committee predicted the current recession is done or nearly done.
The growth for 2010, regionally however, is expected to be slow and non-impressive due to the weak labor market and ongoing recovery of the housing market, said Chris Kemper, spokesman for the Cincinnati USA Regional Chamber.
Nationally, the Chambers discussed the turmoil that the country has experienced over a short amount of time. It will, according to Kemper, take some time before the economy will be back where it was prior to the recession.
"It will be slow, but things are moving in the right direction."
On a national level, the committee said that the economy’s success would be based much on the "entrepreneurial spirit, a key strength of this country."
Kemper said the Chambers agreed that 2010 will be better for the nation than 2009 since it will be easier to achieve more statistically, against a year with such a rapidly declining economy like 2009—especially in retail sales, he said.
Better performance in key categories like retail sales, Kemper said, will help rebuild the country’s economy.
"This could go a long way to rebuilding business and consumer confidence and moving this economy forward."
Participants/speakers during the 2010 Regional Economic Outlook on Tuesday included: Chip Gerhardt, president of Government Strategies Group; Janet Harrah, director of Center of Economic Analysis at NKU; Jim Huff, president of Huff Reality; Brian Richard, operations VP of Economic and Sales for Macy’s; George Vredeveld, director of UC’s Economic Center for Education and Research; and Richard Stevie, managing director of Customer Market Analytics for Duke Energy.
