As our community continues along a pattern of growth, I want to refresh a few main thoughts of economic expansion and some of the positives and negatives when these cycles occur. The Chamber fully understands the cycle that is occurring not only in our community, but our country through economic expansion. This basically means companies are growing, building, buying equipment, advertising more, researching, shipping more goods and using more energy. This leads to hiring growth which leads to labor pains as all companies expand at once. Is this good or bad? In my job, it is good. Companies now will pay more to attract better talent and retain talent they have. It can and will be tough on some companies at the lower end of pay and benefit scales, but in the end, this is the goal of everyone, to raise the lowest ships in the water.
Economic expansion also results in capital growth through these expansions and locations. This is good for the economy pre opening of any industry or retailer. Money is being spent on trades and services that stimulate the community’s economy. This economic expansion also allows for lower taxes within the community which allows companies more capital to reinvest in labor and facilities. This extra cash flow frees up capital for projects that previously may have been a second thought in the past, but now may be front burner. As our employment base grows and companies expand, this requires new labor skill sets in the community that may not be here today. This assists with housing and real estate growth and allows us to expand the tax base of the entire community.
All things considered, growth is good if paced properly and planned for correctly. Everyone has and will experience growing pains as our community is on a pace like never before. As we look forward to the coming months, expect more growth and excitement in our community, and plan to be an active participant in solving issues that arise during this time. It is almost playoff football time, so there will be enough armchair quarterbacks, we want leaders!