ARTICLE
BETHLEHEM, Pa. - Cautious optimism seemed to fill the air Tuesday at the Greater Lehigh Valley Chamber of Commerce's Economic Outlook Luncheon. About 700 people packed the ArtsQuest Center at SteelStacks, a record audience according to the event organizers. But really, one man dominated the conversation and was largely the cause for both hope and uncertainty among the speakers and business owners in attendance. The elephant in the room: President Donald Trump. Tony Iannelli, the colorful President & CEO of the Chamber, set the tone for the event as he took the stage to the blaring sound of Welcome to the Jungle pumping over the loudspeakers. "I would say this is the biggest crowd we've ever had, but I'm afraid to make that statement in today's world," joked Iannelli, making a reference to the controversy over the size of the crowd at Donald Trump's inauguration. From there, seven speakers painted a picture about the state of the economy in both the Lehigh Valley and the United States at large. "I don't expect the growth of the Lehigh Valley to wane in 2017." Those were the optimistic words of Don Cunningham, the CEO of Lehigh Valley Economic Development Corporation. According to Cunningham, the Lehigh Valley is part of the fastest growing region in Pennsylvania, and with a 37 billion dollar GDP has an economy larger than Vermont and 97 countries in the world. Cunningham focused particularly on manufacturing, which he says comprises 15 percent of the region's total GDP and is still the number one sector of the local economy. "There is no doubt the industrial boom in the Lehigh Valley continues," said Cunningham. Cunningham wasn't the only speaker with positive economic data. Nancy Dishinat, Lehigh Valley Workforce Development Board Executive Director, said plainly, "Our workforce is dynamic. In fact, every day 33.6 percent commute in and 35.7 percent commute out. But job seekers are benefiting from this economy. They have more jobs to choose from. And currently there are fewer unemployed people per job opening." Dr. Kamran Afshar, the Chamber's Chief Economist, discussed a survey of business leaders in the region. He noted a significant spike in positive feeling about the economy among businesses starting in the fall. "There was something that happened during November, I don't remember exactly, but that may have had something to do with it," he joked, making a reference to the election. "Basically, in a nutshell, Lehigh Valley businesses are very optimistic about the economy…and they are optimistic about the future. With a grain of caution." The featured speaker, economist Jay Bryson from Wells Fargo, took a more measured tone about America's economy at large. "It's really too early to know right now," said Bryson as he laid out his forecast for 2017. While Bryson has no recession in the forecast and sees GDP growth continuing at around 2.5 percent, he acknowledges those predictions are based on the current policy path America is set on, which is likely to change. Bryson sees some potential good and some potential bad in the policy proposals put forth by President Donald Trump. While he believes tax cuts and a Trump proposed infrastructure plan could provide a short term economic boost, he casts a skeptical eye at the notion that a boom would be so big it would render those cuts revenue neutral. "That's not gonna happen," he said firmly. His other major concern focused on trade, and the aggressive rhetoric Trump has directed at some of America's largest trading partners, like China. "I would think a trade war would not be a good thing," the economist dryly stated. Turning the focus from raw data to an individual businessperson, Capital BlueCross Lehigh Valley Executive Anne Baum presented the 2017 Community Partner Award to Wells Fargo Senior Vice President Laura Haffner. She accepted the award, which the Chamber says is given to "a successful and esteemed individual that is well known to operate with the utmost integrity", with a grateful thank you to her team which she said volunteered over 2,500 hours in 2016. Haffner also referenced the ongoing scandals surrounding Wells Fargo, which started when the bank was hit with more than $150 million in fines for opening up accounts in their customers names without their permission. "The last few months of 2016 were just a little bit challenging for our Wells Fargo team," said Haffner, "probably for me some of the most challenging times in my 30 year career. But our team members never let the headlines dampen their spirit, or their unwavering commitment to our clients and our community." Dr. Emil DiIorio, the CEO of Coordinated Health, spoke last and gave some stern warnings about health care and the economy. He opened his speech bluntly, stating that "no one knows what the hell is going to happen in 2017." He described the Trump administration as unpredictable, and focused specifically on the cost of pharmaceutical drugs as an issue DiIorio thinks needs to be addressed. "This whole damn thing has gotten so out of control you can't believe it," he said. "We've got price gouging that is definitely there." He went on to emphatically encourage people to talk to their representatives about the issue. With uncertainty still dominating politics and business, it remains to be seen what will be discussed at the Chamber's luncheon next January. But the speakers at the event almost universally agreed there were reasons to be optimistic, while maintaining a watchful and cautious eye toward events happening in Washington. Read the original article here.
BETHLEHEM, Pa. - Cautious optimism seemed to fill the air Tuesday at the Greater Lehigh Valley Chamber of Commerce's Economic Outlook Luncheon.
About 700 people packed the ArtsQuest Center at SteelStacks, a record audience according to the event organizers. But really, one man dominated the conversation and was largely the cause for both hope and uncertainty among the speakers and business owners in attendance. The elephant in the room: President Donald Trump.
Tony Iannelli, the colorful President & CEO of the Chamber, set the tone for the event as he took the stage to the blaring sound of Welcome to the Jungle pumping over the loudspeakers.
"I would say this is the biggest crowd we've ever had, but I'm afraid to make that statement in today's world," joked Iannelli, making a reference to the controversy over the size of the crowd at Donald Trump's inauguration.
From there, seven speakers painted a picture about the state of the economy in both the Lehigh Valley and the United States at large.
"I don't expect the growth of the Lehigh Valley to wane in 2017."
Those were the optimistic words of Don Cunningham, the CEO of Lehigh Valley Economic Development Corporation. According to Cunningham, the Lehigh Valley is part of the fastest growing region in Pennsylvania, and with a 37 billion dollar GDP has an economy larger than Vermont and 97 countries in the world. Cunningham focused particularly on manufacturing, which he says comprises 15 percent of the region's total GDP and is still the number one sector of the local economy.
"There is no doubt the industrial boom in the Lehigh Valley continues," said Cunningham.
Cunningham wasn't the only speaker with positive economic data. Nancy Dishinat, Lehigh Valley Workforce Development Board Executive Director, said plainly, "Our workforce is dynamic. In fact, every day 33.6 percent commute in and 35.7 percent commute out. But job seekers are benefiting from this economy. They have more jobs to choose from. And currently there are fewer unemployed people per job opening."
Dr. Kamran Afshar, the Chamber's Chief Economist, discussed a survey of business leaders in the region. He noted a significant spike in positive feeling about the economy among businesses starting in the fall.
"There was something that happened during November, I don't remember exactly, but that may have had something to do with it," he joked, making a reference to the election. "Basically, in a nutshell, Lehigh Valley businesses are very optimistic about the economy…and they are optimistic about the future. With a grain of caution."
The featured speaker, economist Jay Bryson from Wells Fargo, took a more measured tone about America's economy at large.
"It's really too early to know right now," said Bryson as he laid out his forecast for 2017.
While Bryson has no recession in the forecast and sees GDP growth continuing at around 2.5 percent, he acknowledges those predictions are based on the current policy path America is set on, which is likely to change. Bryson sees some potential good and some potential bad in the policy proposals put forth by President Donald Trump. While he believes tax cuts and a Trump proposed infrastructure plan could provide a short term economic boost, he casts a skeptical eye at the notion that a boom would be so big it would render those cuts revenue neutral.
"That's not gonna happen," he said firmly.
His other major concern focused on trade, and the aggressive rhetoric Trump has directed at some of America's largest trading partners, like China.
"I would think a trade war would not be a good thing," the economist dryly stated.
Turning the focus from raw data to an individual businessperson, Capital BlueCross Lehigh Valley Executive Anne Baum presented the 2017 Community Partner Award to Wells Fargo Senior Vice President Laura Haffner. She accepted the award, which the Chamber says is given to "a successful and esteemed individual that is well known to operate with the utmost integrity", with a grateful thank you to her team which she said volunteered over 2,500 hours in 2016. Haffner also referenced the ongoing scandals surrounding Wells Fargo, which started when the bank was hit with more than $150 million in fines for opening up accounts in their customers names without their permission.
"The last few months of 2016 were just a little bit challenging for our Wells Fargo team," said Haffner, "probably for me some of the most challenging times in my 30 year career. But our team members never let the headlines dampen their spirit, or their unwavering commitment to our clients and our community."
Dr. Emil DiIorio, the CEO of Coordinated Health, spoke last and gave some stern warnings about health care and the economy. He opened his speech bluntly, stating that "no one knows what the hell is going to happen in 2017." He described the Trump administration as unpredictable, and focused specifically on the cost of pharmaceutical drugs as an issue DiIorio thinks needs to be addressed.
"This whole damn thing has gotten so out of control you can't believe it," he said. "We've got price gouging that is definitely there." He went on to emphatically encourage people to talk to their representatives about the issue.
With uncertainty still dominating politics and business, it remains to be seen what will be discussed at the Chamber's luncheon next January. But the speakers at the event almost universally agreed there were reasons to be optimistic, while maintaining a watchful and cautious eye toward events happening in Washington.
Read the original article here.