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Taking Stock in our Regional Economy
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Taking Stock in our Regional Economy
BY TOM EDD WILSON
CHAMBER PRESIDENT AND CEO |
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Anyone who has ever witnessed a rumor rip the bottom out of a promising stock knows what a large role psychology plays in economics. | |
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Groundless scuttlebutt and misinformed opinion can sink the market’s estimation of a company regardless of its actual ability to generate revenue.
The same is true of a regional economy. People aren’t prosperous (no matter how much they earn) until they feel prosperous. Everyone knows that over the last few decades Chattanooga’s regional economy has lagged behind other cities, but what many have not noticed is that we are beginning to move in a very positive direction.
Since July 2003, when the Chattanooga Chamber launched the region’s first comprehensive economic development initiative, companies have added more than 13,900 new jobs to our area’s overall job count, and last year our total number of manufacturing jobs increased.
Better yet, the economy is creating more and more good-paying jobs. The Chattanooga region has experienced a 10.4% increase in average wages since 2003.
The area unemployment rate for December was at 3.8%, well below both the state and national averages, and private developers and commercial real estate brokers report that business is very brisk (see "Three at 401" on page 25).
Outside experts have taken note of these trends. A recent survey of site selection consultants resulted in Chattanooga being named one of the 50 Hottest Cities in the U.S. by Expansion Management Magazine (see pages 16 and 17). This is particularly important since these site selectors play a critical role in determining where major job creation projects will locate.
Unfortunately,much local media talk and community conversation is stuck in the rut established while Chattanooga’s economy was stagnant.
Not long ago, a local journalist erroneously reported that the area economy was losing jobs. When we contacted him, we pointed out that one of his colleagues had just released government numbers showing that Chattanooga had added thousands of jobs over the last year. We asked the reporter why he thought the area was losing jobs, and he responded, “Everyone says so.”
That response is a glaring example of something that happens all too often: perception trumps facts, and media reports and street talk echo back and forth without a reality check.
As business leaders, we must recognize opportunity early enough to capitalize on it before everyone else gets in the game. I challenge you to use those skills to help others understand the clear signs that Chattanooga is a city on the rise.
After all, you’ve bought stock in the Chattanooga market through your company. Your ability to succeed is dramatically enhanced when area residents feel prosperous enough to spend, optimistic enough to learn 21st Century skills, and successful enough to recommend the area to people considering a move to our region.
Trend Magazine is designed to arm you with the facts about the Chattanooga area economy, so the next time you hear someone spouting the same old gloom-and-doom, challenge them to consider the positive trends and help us change the community conversation to a more constructive focus on what is currently happening in our market. |
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