Growth was the buzzword of the day at the Quad Cities Chamber of Commerce’s annual economic forecast.
Held at the Rhythm City Casino ballroom Friday morning, business leaders and executives crowded in to learn how the region faired during the last fiscal year.
Chamber CEO LaDrina Wilson said the region can anticipate more hiring and investments in the new year. In 2023 alone, there were 39 requests for proposals. The Chamber has responded to 50% of those already, Wilson said.
Of the requests, 15 directly named shovel-ready sites and available buildings as the reason for finding the Quad-Cities an attractive area. Wilson said this shows businesses want to expand and grow in the area.
If all those projects come to fruition, it could result in 1,500 jobs and a $2.4 billion impact for the region, she said.
“We are a community that people are finding attractive,” she said.
New business and growth are always positive but retaining existing business is always a big priority. For the six county region the Chamber represents, the GDP for the economic year increased 4.32%. The Chamber covers Henry, Mercer and Rock Island counties in Illinois and Clinton, Muscatine and Scott counties in Iowa.
From October 2022 to October 2023, the region saw a net increase of 700 jobs. Year over year new job growth has increased consistently for 31 months, Wilson said.
Making up about 13% of the payroll in the region are manufacturing jobs. John Deere, the Rock Island Arsenal, Kraft Heinz and Arconic are all top 10 major employers in the Quad-Cities. Bringing in these high-paying jobs and continuing to lean into the success that has already been found is what will help the region continue to grow, she said.
Speaking from a global point of view, Kevin Depew, deputy chief economist for RSM said the chances are a recession are low despite constant reports one is nearing. The chances lie around 30%, he said, meaning there is a 70% chance of a soft landing.
“Economists have successfully predicted 25 of the last eight recessions,” he joked, earning a laugh from the crowd.
Inflation peaked at 9.5% in early 2022 but has been steadily dropping and is expected to sit comfortably around the 2.5% mark.
“The conditions are there for there to be an upside,” he said.
Federal officials are keeping a close watch to ensure inflation does not rise back to the level it was, Depew said, and this leaves a good reputation for the United States economy. In comparison to other global economies, the US is on track for success, with Depew calling it the “cleanest shirt in a basket of dirty laundry.”
Source : Quard City Times
