DAVENPORT, Iowa — It might seem like we're in one of the more unpredictable economies in recent memory, but a recent local report is saying things aren't as bad as one might think.
The Quad Cities Chamber of Commerce hosted its annual economic forecast event Friday morning — breaking things down both nationally and locally to help businesses in the area prepare for the coming year.
"If you're an economic pessimist, and things in the U.S. don't look good to you, we're still the cleanest shirt in a basket of dirty laundry," keynote speaker and local economist Kevin Depew said. "You had 700 new jobs created. That's really a statement to the diversification of the local economy."
Depew added that we're in a resilient economy, one that is working better in some areas than others. "If you were to tell me a couple of years ago, we'd have 5.2% GDP growth, and near 50% low in unemployment, I would be like, why do people feel so bad?" Depew said.
Quad Cities Chamber of Commerce CEO LaDrina Wilson is on the same page. "When you see things that are happening at the national level, you also have to really have a strong sense of what your targeted industries are here at the local level, so that you don't maybe ride the wave of panic that may be happening in other communities that fundamentally look different than ours," Wilson said.
Those industries include advanced manufacturing such as John Deere and an industrial defense base at the Rock Island Arsenal. Although Depew and Wilson share an optimistic outlook, it's no secret some families and businesses are pinching their pennies.
"This is a higher interest rate environment," Depew said. "It's one that's unfamiliar, versus our experience of the last 15 years pre-pandemic. And so that cost of funding for businesses, the cost of capital at the same time that wage costs are going up, has been problematic for many businesses."
Depew added that local businesses should consider offering benefits to potential employees such as offsetting childcare costs or a hybrid work environment to incentivize them to live and work in the Quad City area.
Watch more news, weather and sports on News 8's YouTube channel