Commerce Chenango presents 2014 Economic Forecast
NORWICH – Area business leaders, along with several nonprofit and public officials, gathered at the Canasawacta Country Club in Norwich on Thursday as Commerce Chenango hosted its 16th Annual Economic Forecast Breakfast.
Each year, the Economic Forecast Breakfast gives local leaders in business and politics the chance to discuss the major trials and triumphs of the past years and focus on the challenges for the year ahead.
In spite of slow economic recovery since the worst of the recent recession from 2008-2010, this year's forecast came with a sense of cautious optimism for the local business community.
The event – sponsored this year by NBT Bank, with foods provided by Cascun Farm in Greene – spotlighted the successes and ongoing projects of Commerce Chenango in 2013, and focused heavily on what's still to come. Commerce Chenango President and CEO Steve Craig said many objectives of Commerce Chenango align with what was revealed in Governor Andrew Cuomo's 2014 executive budget, including a proposal to eliminate the corporate income tax rate for Upstate manufacturers
This year's keynote speaker was Kenneth Entenmann, Senior Vice President and Chief Investment Officer for NBT Bank. Entenmann said that forecasting the economy is much like forecasting hurricanes in that sometimes early predictions aren't always accurate.
Entenmann noted that while the economy has shown steady recovery in the past three years, there are still concerns to keep at the forefront – namely, the sharp increase in the national deficit compared to previous recessions.
Topping economic concerns, he added, is a possibility that interest rates could increase down the road. Moreover, the role of the federal government and its impact in the economic equation is a point of contention, he added.
“The government has to get their house in order because that, I think, is holding back the economy,” said Entenmann, citing a now $17 trillion national deficit. “If we do nothing, we're going to see $20 trillion by the end of 2015.”
Several other accomplishments of Commerce Chenango were also pointed out during Tuesday's presentation, including the ongoing railroad revitalization project, Golden Artist Colors expansion to a new facility on Hale Street in Norwich, and $1.8 million recently awarded to Chenango County in Regional Economic Development Grants.
Craig also pointed out upcoming endeavors for Commerce Chenango that include newly acquired interest in use of the Earl B. Clark business park in North Norwich, finishing renovations at the former Salvation Army building in downtown Norwich, and a continuing search for funding for major renovation projects at 42 and 44-46 N. Broad in Norwich.
Each year, the Economic Forecast Breakfast gives local leaders in business and politics the chance to discuss the major trials and triumphs of the past years and focus on the challenges for the year ahead.
In spite of slow economic recovery since the worst of the recent recession from 2008-2010, this year's forecast came with a sense of cautious optimism for the local business community.
The event – sponsored this year by NBT Bank, with foods provided by Cascun Farm in Greene – spotlighted the successes and ongoing projects of Commerce Chenango in 2013, and focused heavily on what's still to come. Commerce Chenango President and CEO Steve Craig said many objectives of Commerce Chenango align with what was revealed in Governor Andrew Cuomo's 2014 executive budget, including a proposal to eliminate the corporate income tax rate for Upstate manufacturers
This year's keynote speaker was Kenneth Entenmann, Senior Vice President and Chief Investment Officer for NBT Bank. Entenmann said that forecasting the economy is much like forecasting hurricanes in that sometimes early predictions aren't always accurate.
Entenmann noted that while the economy has shown steady recovery in the past three years, there are still concerns to keep at the forefront – namely, the sharp increase in the national deficit compared to previous recessions.
Topping economic concerns, he added, is a possibility that interest rates could increase down the road. Moreover, the role of the federal government and its impact in the economic equation is a point of contention, he added.
“The government has to get their house in order because that, I think, is holding back the economy,” said Entenmann, citing a now $17 trillion national deficit. “If we do nothing, we're going to see $20 trillion by the end of 2015.”
Several other accomplishments of Commerce Chenango were also pointed out during Tuesday's presentation, including the ongoing railroad revitalization project, Golden Artist Colors expansion to a new facility on Hale Street in Norwich, and $1.8 million recently awarded to Chenango County in Regional Economic Development Grants.
Craig also pointed out upcoming endeavors for Commerce Chenango that include newly acquired interest in use of the Earl B. Clark business park in North Norwich, finishing renovations at the former Salvation Army building in downtown Norwich, and a continuing search for funding for major renovation projects at 42 and 44-46 N. Broad in Norwich.
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