Our Voice | April Digest 

By Katie Loovis

March 30, 2021

We are entering an economic recovery according to renowned economist Dr. Michael Walden at our Economic Outlook Forum last week.

_{Image 1: Walden, M. (2021, March 25). Economic Outlook 2021: Welcome to the Post-Pandemic Economy. [Power Point Presentation] NC State University. Retrieved from https://www.slideshare.net/carolinachamber/2021-critical-issues-series-economic-outlook-forum-245059533} 

Walden made the case for recovery based on a leading NC index and several key indicators, namely that we are getting vaccinated and Covid cases, hospitalizations, and deaths are trending down; feds are pumping more money into the economy ($6 trillion in total with $48 billion to NC); and jobs and economic activity are trending up at the regional, state, and national level.

_{Image 2: Walden, M. (2021, March 25). Economic Outlook 2021: Welcome to the Post-Pandemic Economy. [Power Point Presentation] NC State University. Retrieved from https://www.slideshare.net/carolinachamber/2021-critical-issues-series-economic-outlook-forum-245059533} 

_{Image 3: Walden, M. (2021, March 25). Economic Outlook 2021: Welcome to the Post-Pandemic Economy. [Power Point Presentation] NC State University. Retrieved from https://www.slideshare.net/carolinachamber/2021-critical-issues-series-economic-outlook-forum-245059533}

Despite concerns about virus variants, Walden says hopes are rising for more normalcy by the fall of this year, but the post-pandemic economy will likely look different from the pre-pandemic economy, especially with disruptions to our labor market. 

_{Image 4: Walden, M. (2021, March 25). Economic Outlook 2021: Welcome to the Post-Pandemic Economy. [Power Point Presentation] NC State University. Retrieved from https://www.slideshare.net/carolinachamber/2021-critical-issues-series-economic-outlook-forum-245059533}

For the Greater Chapel Hill-Carrboro economy, Walden predicts continued and perhaps accelerated growth after the pandemic (Durham-Chapel Hill metro area is the 35th highest in growth since 2000). However, he cautions that more distance learning nationally could result in changes at UNC-Chapel Hill that could impact the local economy.

_{Image 5: Walden, M. (2021, March 25). Economic Outlook 2021: Welcome to the Post-Pandemic Economy. [Power Point Presentation] NC State University. Retrieved from https://www.slideshare.net/carolinachamber/2021-critical-issues-series-economic-outlook-forum-245059533}

As far as local employers, they are generally split into thirds as to how the current economy has affected their business: negatively (32%), not much (39%), and positively (28%), according to Chamber President and CEO Aaron Nelson. 

This insight is from The Chamber’s annual economic conditions survey, which included responses from approximately 100 local employers of diverse sizes. Nelson emphasized that this finding reflects the "we are in the same storm but different boats" analogy in that some industries fared better than others through the economic contraction.

_{Image 6: Nelson, A. (2021, March 25). Our Local Economy. [Power Point Presentation] The Chamber For a Greater Chapel Hill-Carrboro. Retrieved from https://www.slideshare.net/carolinachamber/2021-critical-issues-series-economic-outlook-forum-245059533}

A majority of those Greater Chapel Hill-Carrboro employers surveyed are generally positive in their economic outlook, with most (75%) expecting sales to increase in the next twelve most and a majority (52%) planning to add workers in 2021.

_{Image 7: Nelson, A. (2021, March 25). Our Local Economy. [Power Point Presentation] The Chamber For a Greater Chapel Hill-Carrboro. Retrieved from https://www.slideshare.net/carolinachamber/2021-critical-issues-series-economic-outlook-forum-245059533}

_{Image 8: Nelson, A. (2021, March 25). Our Local Economy. [Power Point Presentation] The Chamber For a Greater Chapel Hill-Carrboro. Retrieved from https://www.slideshare.net/carolinachamber/2021-critical-issues-series-economic-outlook-forum-245059533}

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