By Ms Jheri Worldwide
Staff Writer
On Tuesday, January 7, 2025, Raleigh’s business community gathered at the Martin Marietta Center for the Performing Arts for “Economic Forecast: Launch 2025,” presented by Wells Fargo. the highly anticipated event drew a crowd eager for insights into the economic outlook for the coming year. Business leaders seeking a competitive edge in 2025 found what they were looking for: “Launch 2025” provided a comprehensive overview of the national and local economic outlook, commercial real estate trends, and the local business landscape. The event began with a networking breakfast at 7:00 AM, followed by the main program from 8:00 AM to 10:00 AM, where attendees were treated to presentations and a panel discussion from leading economic experts and local business leaders. Participants gained actionable insights and connected with key figures shaping the future of Raleigh’s economy, setting the stage for a successful year ahead.
The discussions covered a wide range of topics, including the local economy, potential policy changes, the impact of tariffs, and the effects of the new administration. Jay Bryson, Managing Director and Chief Economist for Wells Fargo, asserted that the American consumer would ultimately bear the cost of any tariffs imposed. “The domestic country pays for the tariff,” he stated. “We could get a little bit of an inflation shock if that happens, taking a hit to consumer spending growth.” Bryson also touched upon the AI revolution, stating, “Any technology revolution is job-creating. Net, net tech changes are job creating, increasing income for somebody. More productive employees increase their income, or that of the company. With more real income, we have more resources to spend on goods and services somewhere else in the company. It will create other jobs in other industries that people can’t even dream of today. Revolution is a positive thing for society.”
Additional panelists highlighted how our region’s extensive economic development programs and focus on innovation have attracted an educated and sophisticated consumer base. This influx of new residents from across the country and beyond has fueled demand for stronger housing, restaurants, sports, and other amenities.
Calvin J. Crosslin, VP, Chief Diversity Officer, and President of the Lenovo Foundation, described his projections for 2025 with the phrase “optimism and uncertainty.” He emphasized the significant opportunities in the area, noting it is considered one of the top places to do business and to live. Crosslin also stressed the importance of collaboration with area educational institutions: “Having a relationship with area institutions so when people come out of school they have the skills to be successful. We are competing, but how do we collaborate in our community?”
“Economic Forecast: Launch 2025” was undoubtedly informative and well-organized. Interestingly, the most impactful moment of the event occurred towards the end during the Q&A session. A question was raised about childcare, the panel’s response was a prolonged, telling silence. This stark pause underscored a critical issue: despite all the innovation and leadership in the area, the youngest and our future leaders remain among our most vulnerable. This reflection on our societal priorities resonated more deeply than any statistic or projection shared during the presentations. While the forecast offered many predictions, the uncomfortable truth about the unaffordable and unclear path for our children revealed a fundamental gap in our planning for the future, showing that there should be more thought and care put into our future generations. The Raleigh Chamber facilitated another important and impactful event, see you next year!
