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Despite an air of uncertainty about the new Trump administration and its impact on Lehigh Valley businesses, speakers at Tuesday's Greater Lehigh Valley Chamber of Commerce's annual Economic Outlook luncheon sounded mostly upbeat notes, with a few words of caution. The two-hour event at SteelStacks' ArtsQuest Center in south Bethlehem drew an audience of about 700 and featured seven speakers, with Wells Fargo global economist Jay H. Bryson providing a macro view of the economy. Bryson, the event's keynote speaker, said tax cuts and calls from President Trump and some in Congress to rebuild America's roads and other infrastructure with additional government spending are a couple of line items that could boost growth in the gross domestic product — the sum of goods and services produced in the U.S. He forecasts GDP growth between 2 and 2.5 percent, at least for the next year or two. But risks lurk, Bryson said, such as a potential trade war with countries that have been major partners, especially China. Expect the Federal Reserve to tighten its policy further this year and possibly next, he said, raising the prime rate possibly to 2 percent by 2018. That's because wages likely will accelerate, leading to an increase in inflation, he said. Paid Post What's This? Psoriasis symptom therapy, with a side of oatmeal? A Message from Alva Amco Believe it. In addition to the FDA-recognized active ingredients, oatmeal rounds out this #1-selling OTC med for treating multiple symptoms of psoriasis. See the full line here. See More "Look for what happens in Washington in terms of policy changes," Bryson said, noting it is still too early to know where the Trump administration's winds of change will shift. At the same time, Bryson said, the economy is entering its eighth year of expansion, and he believes it will continue. 3 takeaways from Lehigh Valley Chamber's Economic Outlook event 3 takeaways from Lehigh Valley Chamber's Economic Outlook event Don Cunningham, CEO of Lehigh Valley Economic Development Corp., said there is reason for optimism with the Valley's growth in major business sectors. Manufacturing is the region's No. 1 sector, representing about 15 percent of the total GDP, he said. "Based on what we are working with in the pipeline in 2017, I do not expect the growth of the Lehigh Valley to wane this year," Cunningham said. Bethlehem economist Kamran Afshar also presented the results of his latest local economic trends survey, which indicates a "significant increase" in Lehigh Valley business enthusiasm on the state of the economy. He did offer one caveat, however. Replay: Lehigh Valley Economic Outlook luncheon Replay: Lehigh Valley Economic Outlook luncheon "Something happened during November; I don't remember," said Afshar, referring to the presidential election. "Most employers are optimistic about the economy and the future, with a grain of caution." The potential Trump imprint on health care also weighed on the mind of Dr. Emil DiIorio, CEO of Coordinated Health, a private hospital network. He singled out spiraling drug prices as a serious problem in the health care industry, and called on Washington to take steps to address it. "This whole damn thing has gotten so out of control, you can't believe it," DiIorio said of prescription costs, noting some drugs under insurance plans exceed in-patient hospital costs. "And you're directly paying for it." Laura Haffner, a vice president for Wells Fargo representing the Lehigh Valley region, was presented with the Chamber's "Community Partner Award." She referenced the "challenging times" the bank has faced in recent months as it deals with the fallout from a phony accounts scandal and resulting $185 million fine from federal regulators. More recently, Wells Fargo announced plans to close about 400 branches in the next two years, but has not yet named specific locations. "But our team members never let the headlines stand in their spirit or in their unwavering commitment to their clients and the community," Haffner said. She noted how local employees at Wells Fargo, the bank with the highest market share in the region, ranked near the highest in customer service scores during the fourth quarter across the bank's market. There were other Trump references. Frank Facchiano, the Chamber's chief operating officer, kicked off the event with this Trump-related ice-breaker: "I think this is a bigger crowd than what was at the Inauguration." The local Chamber, which says it is the largest in Pennsylvania, has about 5,000 members representing more than 200,000 people in four counties and two states. Read the original article here.
Despite an air of uncertainty about the new Trump administration and its impact on Lehigh Valley businesses, speakers at Tuesday's Greater Lehigh Valley Chamber of Commerce's annual Economic Outlook luncheon sounded mostly upbeat notes, with a few words of caution.
The two-hour event at SteelStacks' ArtsQuest Center in south Bethlehem drew an audience of about 700 and featured seven speakers, with Wells Fargo global economist Jay H. Bryson providing a macro view of the economy.
Bryson, the event's keynote speaker, said tax cuts and calls from President Trump and some in Congress to rebuild America's roads and other infrastructure with additional government spending are a couple of line items that could boost growth in the gross domestic product — the sum of goods and services produced in the U.S. He forecasts GDP growth between 2 and 2.5 percent, at least for the next year or two.
But risks lurk, Bryson said, such as a potential trade war with countries that have been major partners, especially China. Expect the Federal Reserve to tighten its policy further this year and possibly next, he said, raising the prime rate possibly to 2 percent by 2018. That's because wages likely will accelerate, leading to an increase in inflation, he said. Paid Post What's This? Psoriasis symptom therapy, with a side of oatmeal?
A Message from Alva Amco
Believe it. In addition to the FDA-recognized active ingredients, oatmeal rounds out this #1-selling OTC med for treating multiple symptoms of psoriasis. See the full line here. See More
"Look for what happens in Washington in terms of policy changes," Bryson said, noting it is still too early to know where the Trump administration's winds of change will shift.
At the same time, Bryson said, the economy is entering its eighth year of expansion, and he believes it will continue. 3 takeaways from Lehigh Valley Chamber's Economic Outlook event 3 takeaways from Lehigh Valley Chamber's Economic Outlook event
Don Cunningham, CEO of Lehigh Valley Economic Development Corp., said there is reason for optimism with the Valley's growth in major business sectors. Manufacturing is the region's No. 1 sector, representing about 15 percent of the total GDP, he said.
"Based on what we are working with in the pipeline in 2017, I do not expect the growth of the Lehigh Valley to wane this year," Cunningham said.
Bethlehem economist Kamran Afshar also presented the results of his latest local economic trends survey, which indicates a "significant increase" in Lehigh Valley business enthusiasm on the state of the economy. He did offer one caveat, however. Replay: Lehigh Valley Economic Outlook luncheon Replay: Lehigh Valley Economic Outlook luncheon
"Something happened during November; I don't remember," said Afshar, referring to the presidential election. "Most employers are optimistic about the economy and the future, with a grain of caution."
The potential Trump imprint on health care also weighed on the mind of Dr. Emil DiIorio, CEO of Coordinated Health, a private hospital network.
He singled out spiraling drug prices as a serious problem in the health care industry, and called on Washington to take steps to address it.
"This whole damn thing has gotten so out of control, you can't believe it," DiIorio said of prescription costs, noting some drugs under insurance plans exceed in-patient hospital costs. "And you're directly paying for it."
Laura Haffner, a vice president for Wells Fargo representing the Lehigh Valley region, was presented with the Chamber's "Community Partner Award." She referenced the "challenging times" the bank has faced in recent months as it deals with the fallout from a phony accounts scandal and resulting $185 million fine from federal regulators.
More recently, Wells Fargo announced plans to close about 400 branches in the next two years, but has not yet named specific locations.
"But our team members never let the headlines stand in their spirit or in their unwavering commitment to their clients and the community," Haffner said. She noted how local employees at Wells Fargo, the bank with the highest market share in the region, ranked near the highest in customer service scores during the fourth quarter across the bank's market.
There were other Trump references. Frank Facchiano, the Chamber's chief operating officer, kicked off the event with this Trump-related ice-breaker: "I think this is a bigger crowd than what was at the Inauguration."
The local Chamber, which says it is the largest in Pennsylvania, has about 5,000 members representing more than 200,000 people in four counties and two states.