The Main Line Chamber of Commerce Hosts its Annual Economic Forecast Breakfast
The first Signature Event of the year presented by the Main Line Chamber of Commerce bustled with energy and excitement as 200 business leaders came together to connect, network and hear about the economic outlook for the region.
The Annual Economic Forecast Breakfast at the Desmond Malvern featured Federal Reserve Bank of Philadelphia’s Senior Economist Ryo Tashiro, providing insight into the major economic trends, noting that even with some slowdowns, the economy remains strong. Key takeaways:
• “We’re moving in the right direction,” Ryo noted, commenting on inflation, which is down from its high of above 6 percent to just above 3 percent today. The target rate for inflation remains at 2 percent.
• With more than 350,000 jobs added in January, the labor market is robust despite a cooling from the past few years. Firms are continuing to report hiring challenges.
• While it’s higher than pre-pandemic levels, wage growth has slowed down. As the labor market cools, wage growth will follow a similar trend.
Chamber CEO Bernie Dagenais noted that in this tight labor market, talent remains top of mind and encouraged businesses to join the work of the Chamber’s Talent and Education Network to ensure a diverse talent pipeline that can fuel the region’s economic engine. He urged businesses to work together to strengthen Pennsylvania as an economic force.
Travis Rhodes, Executive VP, Truist, added that there was a lot to be optimistic about, noting that what sets a great business apart is “people and the ideas they bring.”
Chamber Board Chair Debbie McCabe provided a glimpse into the housing market and introduced a video spotlighting five economic trends. Guest speakers and highlights include:
• Lee Huang, President, Econsult Solutions, was bullish on the region because of the concentration of talent, with more than 100 Higher-Ed Institutions, to support various industries.
• Angela Val, President and CEO, Visit Philadelphia, talked about the unprecedented opportunity for Philadelphia to shine on an international stage in 2026 with the 250th anniversary of the nation.
• Richard Gottlieb, President and COO, Keystone Development + Investment, shared his outlook that people are coming back to office in the right hubs and right locations
• Anthony Green, Ph.D., Chief Scientific Officer, Ben Franklin Technology Partners, talked about Greater Philadelphia’s effort to secure a tech hub in precision medicine
• Rick Siger, Secretary, PA Dept of Community and Economic Development, shared the economic development strategy unveiled by Governor Shapiro last month and the focus areas for growth: agriculture, energy, life sciences, manufacturing, robotics and technology.
To see the full video, please click here.
The event also serves as the Annual Meeting of the Main Line Chamber Foundation. Board Chair Maureen McAleer provided an update on the Foundation’s activities, sharing that more than $650,000 have been awarded to date in scholarships to local volunteer emergency responders. Tom Hayden, Fire Chief, Merion Fire Company of Ardmore, shared inspiring stories of heroism and selfless service and the impact of the scholarships, assuring attendees that “these scholarships are going to the right place.” For more information about the Foundation and the Emergency Responders Scholarship Fund, click here.
