Chamber forum offers snapshot of local, regional and nationwide economy

posted on 2/6/2024

The Greater Dover Chamber of Commerce held its annual economic outlook forum on Jan. 31 giving attendees a glimpse of what to expect from the local, state, and national economies in 2024.

Brian Gottlob, director of the state’s Economic and Labor Market Information Bureau and principal of PolEcon Research, gave the keynote address, discussing interest rates, workforce woes, and housing challenges, among other topics. He believes the odds of a recession have declined sharply over the past several months due to much stronger-than-expected GDP growth, a strong labor market, a falling inflation rate, and an easing of credit. He predicts that job growth will be slower in 2024, but households will likely feel more confident about the economy this year due to slowing inflation and a likely mid-year cut in the Federal Funds interest rate.

Gottlob’s presentation included numerous slides of economic data, such as how consumer sentiment tracks with small business optimism and the latest info on year-over-year inflation-adjusted consumer spending. Gottlob also tracked New Hampshire's economy compared with other New England states and private sector job growth in the greater Dover area compared to the state and national averages. Gottlob said the Dover area has favorable demographics, as the area has experienced a much larger percentage increase in the 25-34 age range than the rest of the state.

Following the keynote address, Gottlob was joined by Barbara Duncan Marchetti, founder and president of C-Suite, and David C. Pease, a senior vice president at Bangor Savings Bank. The panel held a deep dive discussion on the state of the workforce.

The Greater Dover Chamber of Commerce is a not-for-profit association of businesses, professionals, individuals, and organizations working together to advance the economic well-being of its members and the community. For information on other programs, please call the Greater Dover Chamber of Commerce at 603-742-2218, email info@dovernh.org, or visit www.dovernh.org.