November 13, 2012
Economic outlook: Slow but steady growth
The Cincinnati USA Partnership for Economic Development and the Northern Kentucky Chamber of Commerce presented the 2013 Regional Economic Outlook today. The report is prepared by the Cincinnati USA Regional Economic Advisory Committee with the goal of providing value to our members in their ongoing business planning.
For the past two years, the Committee correctly predicted slow growth as the economy recovered from devastating financial turmoil. Again this year, the Committee predicts continued slow but steady movement on the long road to recovery. Both US and regional economies are improving—in many ways the regional economy is outpacing the nation and peer regions—but full recovery will take time as governments and businesses learn to manage the fiscal landscape that was the result of the recent recession.
The economic signs are positive, but still clouded by the uncertainty presented through government and regulatory changes, banking policies, gas prices, unemployment, and real estate issues. These factors constrain the long-term business investments and market demand that lead to sustained gains in the economy. However, the economy is moving into its thirteenth straight quarter of growth, and as we move further from the recession, the lingering fears of a double-dip recession diminish. Going forward, many of the same questions remain:
- Can the Federal Government come together and produce a long term budgetary plan?
- When will unemployment return to “normal” levels?
- What factors will cause enough investment and market demand to create long term growth?
In compiling this report, the Committee intended to examine the positive and negative aspects of the current economic recovery. We are hopeful that you will find this to be a valuable tool as you plan for 2013 and beyond.
Download the full report PDF 2.14 Mb