2022 Economic Outlook Recap
The Economy, Austin, and what's to come in 2023
Posted on 11/30/2022 by Diego ValadezView the Digital Program
On Wednesday, November 16th, we looked ahead into 2023 and discussed what our national and local economy might look like. We heard about potential opportunities as well as challenges to be prepared for as the economy continues to evolve and the market changes.
Dr. Mark G. Dotzour
Dr. Dotzour opened up our event by presenting the economic outlook for investors and business decision-makers. He spoke on important factors migration around the country is having on the economic outlook for the region.
"People are coming to Texas and they are going to keep coming. That is going to impact the business community for next year and beyond."- Dr. Mark G. Dotzour
To view Dr. Dotzour's presentation slides click here.
Texas Comptroller Glenn Hegar
Glenn Hegar presented us the 2023 economic forecast. He emphasized Dr. Dotzour's point on increased growth in Texas, but also shared the State has a surplus but that this is unprecedented and cannot be counted on into the future.
"Texas will outperform the national average. We will outperform other states. But we are not immune to the clouds that are gathering." - Glenn Hegar
Our panel discussion was moderated by Community Impact's John Garrett, featuring speaker Dr. Mark Dotzour, PIMCO's Thomas Schuette, and the Austin Chamber's very own Charisse Bodisch.
Q: One of the keys to our success is education. How do we address education funding?
Thomas Schuette: "Important decisions are on the way about how to properly recover from COVID and retain teachers. The same labor shortages in the private sector have hit the public sector."
Q: We've had success recruiting businesses; what are we are seeing now?
Charisse Bodisch: "We have had two banner years in recruiting companies. Multiple large companies with generational investments. Now we have the supply chain to support those businesses coming here"
Q: Why are we seeing so much growth in population, not only in Texas, but in the United States in general?
Dr. Mark G. Dotzour: "There is this huge global funnel of jobs and wealth that are moving back into the United States, which is new and different from the pattern of outsourcing we have seen the last 25 years."
Economic Outlook Event Recording
ICYMI: Watch the event below!
View the full photo gallery here.
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