Your Chamber at Work - December 12, 2022

FROM THE KC CHAMBER'S PRESIDENT AND CEO

Expect a second recession in mid-2023 (though this one will be milder) with a rebound beginning in 2024. That’s the prediction in the Chamber’s Economic Forecast for 2023 compiled by the Mid-America Regional Council’s Senior Research Director Frank Lenk. (Last Thursday, by the way, marked Frank’s 32nd year delivering the forecast. It was a sell-out crowd, with a full Board Room and another 65 tuning in via Zoom.)

The trajectory of KC’s unemployment recovery is much shallower than the nation’s – we’ve only recovered 91 percent of our lost jobs while the US has recovered all of them. Our unemployment rate is .6 percent below its pre-pandemic low, suggesting labor supply issues may be biting here more than elsewhere.

A couple of things struck me as I listened to Frank and economist Chris Kuehl of Armada Corporate Intelligence at last week’s forecast event. The rate of immigration into our area remains historically low and that’s a problem. We need the workforce. The Dallas Federal Reserve Bank noted immigrants and their children contributed more than one-half of workforce growth in the past two decades. Yet, in recent years, we’ve seen a sharp decline in the number of immigrants coming to the United States. Congress is currently looking at long-overdue immigration reform. And the Chamber continues to spearhead our Welcoming Plan designed to ensure immigrants and refugees feel welcome when they arrive here.

As Frank said, the region’s future economic growth is likely to depend on its ability to upskill its workforce so that it can be more resilient in the face of future disruptions, which appear to be occurring more frequently than in the past. Yet, as he noted, our two states pay little attention to funding education.

Finally, while Kansas City doesn’t fall as hard as the rest of the nation, the gap between us and the rest of the country is greater. We don’t stack up well against our peer cities.

There is some reason for optimism, however. Despite experiencing slower growth than national and benchmark markets in the past, today KC is engaged in transformation, attracting new visitors thanks to the new KCI terminal the 2023 NFL Draft, and the 2026 World Cup; growing new industries like the Panasonic battery plant and the investment in life sciences; and creating a new, higher quality of life with the streetcar extension and the possibility of a new downtown baseball stadium. These investments have the potential to change the region’s trajectory and accelerate its progress.

If you’d like to see the complete Economic Forecast, click here.

DOING BUSINESS WITH TAIWAN

Learn what kinds of opportunities could be available for your business at Doing Business with Taiwan, this Tuesday, December 14, 11 a.m. to 1 p.m. The World Trade Center Kansas City welcomes Bill. S.C. Huang, Director General of the Taipei Economic and Cultural Office (TECO) office in Denver, to share industry outlooks with you, why Taiwan could be a good fit for your company, and learn best practices for business success between KC and Taiwan. This will take place in the World Trade Center Conference Room on the second floor in the southwest corner of Union Station, 30 W. Pershing Rd. The event is free but please register here.

GENKC’S JINGLE MINGLE

You bring the jingle; we’ll help you mingle. Join us for genKC’s Jingle Mingle, this Friday, December 14, 5:30 to 7:30 p.m. in the Chamber Board Room, located in the Southeast corner of Union Station. Not only is it a great way to get together with early career professionals and celebrate the season, but it’s also an opportunity to help support Newhouse, a community catalyst for survivors of domestic violence. The cost of entry for this event is a donation to Newhouse's Holiday Boutique or a $10 gift card to any major retailer within the Greater Kansas City region. While genKC is geared for early career professionals, the Jingle Mingle is open to all. Register now!

SMALL BUSINESS SUPERSTARS ARE COMING!

Get this on your calendar for January – it will be here faster than you know! Small Business Superstar Submissions open the week of January 3! This is the third year for this fast-growing program that recognizes and honors YOUR favorite small businesses. Is your electrician so good you have to let everyone know? Does your favorite coffee shop go above and beyond? Have a stylist that leaves you with a fresh cut every time? Whatever the business, start getting your list ready to submit to our Small Business Superstars. You’ll also want to save the date on January 27, for a special Neighborhood Networking at Startland News, our media partner for the Superstars program. Keep an eye on your inbox and start getting your submissions ready!

KC CHAMBER SOUTHWEST^® BUSINESS PARTNERSHIP

How about starting off the new year by getting the most out of your business travel? The KC Chamber and Southwest® Business are partnering to offer you exclusive travel discounts through Rapid Rewards^® Business. You can earn free flights for your team, get the most out of your business travel, and enjoy even more Southwest^® perks. It’s not just about the points. This partnership gives you access to the Southwest Business self-service account management tool, Southwest Business Assist™, and unlocks additional benefits when you book travel for groups of 25 or more. And of course, you enjoy the great Southwest travel amenities you already love. Whether you have 5 employees or 105, Southwest Business has a plan for every type of business. Connect with Southwest Business today!