Home prices are rebounding and wages are beginning to rise, but job growth is starting to slow. What does this mean for you and your business?
Join us Oct. 1 at the Bend Chamber’s Economic Forecast Breakfast to purge perception and hear more about the reality of what’s going on in our economy.
Although many in the community feel we’re out of the “The Great Recession,” there are new market forces at play that will impact business in Bend. There continues to be a very high demand for labor. The challenge is recruiting and retaining good, qualified workers.
“This looming labor crisis is further intensified by low housing inventory and high rental costs,” said state economist and panelist Damon Runberg. “We are at a crossroads. The struggles of the recession are now in our rear view mirror, however we are facing a future with a shrinking labor force that has the potential to stymy our current job growth.”
During the economic forecast, Runberg and economy expert Mark Kralj will give an overview of the local and global economy. Dino Vendetti, managing director of Seven Peaks Ventures will dive into the diversification of our economy and Charley Miller, president of The Miller Lumber Company, will share how his company, which has been in Bend for nearly a century, has ridden the waves of change.
At one time, construction was the key industry in Bend, but with the influx of people relocating to Bend for our amazing quality of life, the economy is starting to diversify. We’re now less dependent on natural resources, tourism and construction and have a thriving startup community. In fact, Oregon ranks 33rd according to startup density by state. One of the key groups relocating to the area are tech transplants, which help stabilize the economy. There’s also the emerging industries of bioscience, renewable energy and aviation. With the new OSU-Cascades four-year university being built, the job market is going to change even more.
Join us at the Economic Forecast Breakfast to hear more about the origin and implications of this labor crisis and what actions a number of Bend employers are taking to find quality workers.