January 2024 Luncheon: “The National and Regional Economy in 2024”
Submitted by Ashleigh Mellon, Geo-Hydro Engineers
At the January luncheon, economist Laura Ulrich, with the Federal Reserve Bank of Richmond, delivered an optimistic message, assuring that the current data does not indicate a potential recession in 2024. Despite potential roadblocks, the resilience of consumer spending amid inflation stands out as a key factor in averting an economic downturn. Ullrich noted that the Federal Reserve has concluded its rate increases, and there are signs of rates starting to decline. Global supply chain issues have largely subsided to levels below those seen before the COVID-19 pandemic, although some isolated challenges persist. Housing starts and permits have seen an uptick in recent months, although they remain below 2021 levels, and the pervasive issue of housing shortages persists across communities. Notably, North Carolina emerges as a strong performer in employment recovery, with Raleigh, Durham, and Charlotte leading the way in exceeding the state’s 7 percent job growth. Despite the positive outlook, the tight labor market is acknowledged, and there is a recognition that it may continue to tighten in the future.
For Laura’s full presentation, please click here.