Will Holmes discussed his vision as the new Chairman of the Baltimore City Chamber of Commerce and his outlook on the economy.
When asked about the national and local economy, Will remarked, “Under President Barack Obama we began the upward trend out of the recession. We saw improvement in jobs, spending and consumer confidence. That started around 2010 or so… That growth has continued under current President Trump. But that’ll be 10 years of growth as of next year. Normally long economic growth lasts at the most a decade or so. And local Economists seem to be positive about our economy through 2020, but after that… Not so much. Plus, my banking partners seem to share that short term optimism, but concern after 2020. So, I think we are due for a recession. BUT, one thing I can say about this President, is that he seems to understand how to affect the market. So, its very possible, if he wants continued growth he could extend the growth period.
Remember, our local economic strength is tied to a strong port, government jobs and spending, the health care industry, tourism, higher education, the rise of technology, cyber security and high tech manufacturing. But there is a major skills gap for many Baltimore residents. The will still be a large percentage of jobs for those with a high school diploma or less, but those are low wage jobs. So, there needs to be investment in them to ensure that all parts of the city benefit economically. We pull people out of poverty, crime will decrease. And we need to do more to find ways to help minority and women businesses access capital.”
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