Industry experts discuss where N.C.'s economy is headed in 2022
By Staff Report, posted Feb 3, 2022 on BizFayetteville.com
What will North Carolina's economy look like in 2022? Business North Carolina sat down with businesspeople across the state, to include two in GFBJ’s coverage area, to discuss their predictions for the year.
The panel of experts that sat in on the virtual meeting in late January included Mark Steckbeck from Campbell University's Lundy-Fetterman School of Business, Steve Lawler from the North Carolina Health Care Association, Thomas Stith from the North Carolina Community College System, Adam Currie from First Bank in Southern Pines, Tony Copeland from Brooks, Pierce, McLendon, Humphrey & Leonard, LLP, Christopher Chung from the Economic Development Partnership of North Carolina, Doug Edgeton from the North Carolina Biotechnology Center, Bryon Hicks from the Small Business and Technology Development Center, and Andy Fusco from ElectriCities of NC.
"In 2021, our economy saw the looming issues of supply chains, which is a complex system in itself. You're dealing with literally millions and millions of products coming together to go to people all over the world," stated Steckbeck. "It's not something that somebody can come in and try to control."
An example of these supply chain issues in the past year has been seen among automobile companies. Throughout the year, these businesses have seen an increase in production – but the production dipped back down in December.
"We're still going to be dealing with this in 2022 – [as a] matter-of-fact, this could continue until at least 2023," Steckbeck said.
One of the biggest ongoing concerns listed in the discussion was the producer price index and inflation rates increasing and the impact that will have on production.
Another topic discussed with the panel of experts was the demand for jobs and the impact it had on small businesses.
Many small businesses faced positive outcomes at the end of 2021.
"Small businesses are still heavily impacted by the effects of workforce and supply chain shortages after almost three years of COVID," Hicks said.
He further explained that, despite these challenges with new improvements in manufacturing in small businesses, there are going to be great opportunities for small businesses to grow in 2022.
Even with these impactful factors, the efforts that small businesses and companies are producing showcase the amount of resilience that is in the workforce.
Currie elaborated on the resilience he witnessed in the past year at First Bank.
"We had a great year," Currie said. "I feel our business has been resilient, North Carolina's economy has been resilient, and small businesses around North Carolina have been resilient."
Despite many headwinds that the economy has faced over the past year, companies have been able to grow. North Carolina is a great place for people to move to, work, and live, which will lead the economy to surpass these headwinds and continue to flourish.
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