Economic Outlook Summit - Recapped

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Economic Outlook Summit - Recapped

On March 8th the Schaumburg Business Association hosted its Economic Outlook Summit with the keynote presentation being provided by the Federal Reserve Bank of Chicago. This comprehensive Summit highlighted the economic performance of 2017 and addressed the potential economic ramifications for 2018.

The economic optimism that came in with 2018 was largely built on a “better than expected 2017” in which “everything went right” in the economy. Everything going right last year included unemployment continuing to fall, consumer confidence growing, and the overall World entering into an expansion. These factors, plus others, coupled with the Tax Cuts and Jobs Act that was passed at the end of last year generated the optimistic forecast for 2018’s continued economic growth.

While market confidence has bolstered the economy there are still cause nationally for caution with a tight labor market – both locally and nationally – rising interest rates, and concerning future economic factors are just a few of the reasons that economic optimism is being dampened in the long-run. In the Chicagoland metro those concerns are magnified as rampant out-migration and loss of gross income all factor significantly into the long-term economic health and viability of our region.

To get a comprehensive understanding of the macro-level trends impact on Schaumburg’s Economic Outlook please follow the link to the complete forecast so that your business can plan and adjust accordingly to market place.

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