Staying Focused

Bad economic and geo-political news can slow down economic development. But, this pause might not be for long.

By Seth Mendelson, Editorial Director, Business Facilities

“We are just trying to stay focused on what is happening in our world right now, even though we understand the seriousness of events around the globe and what they could mean for all of us.”

Such were the words of one economic developer when discussing how he is coping with all the bad news these days and how it is impacting his attempt to get corporations and their top executives to continue to focus on business development and growth in his area of the country and across the entire U.S.

economic development
(Photo: Adobe Stock)

Between COVID-19, high inflation rates, a shortage of workers and, most recently, the unfortunate events in Ukraine after Russia’s invasion of that country, many are concerned that the industry will take a break and see how things pan out—at least over the short haul.

Taking a step back may not be a bad idea right now. With gas prices closing in on $5 a gallon in some states (prices have already exceeded that number in California), businesses are growing more concerned that consumer spending will start to slow and, if that happens, a recession is a good bet.

Seth Mendelson Editorial Director Business Facilities
Seth Mendelson
Editorial Director
Business Facilities

But many of those same people stress that any break will be short-lived. Companies in the U.S. are still expanding and still looking for new locations for their offices, data centers, distribution facilities, and manufacturing plants. Even if these companies take a pause, many industry officials predict it will be a short one and a return to business-as-usual for many corporations around the country.

“Listen, it appears we managed to outlast COVID-19,” concluded the economic developer mentioned earlier. “I pray that events in Europe work themselves out and we can have lasting peace that will allow everyone around the globe to prosper. We are prepared for that even though we are continuing to keep one eye on the news while we keep moving forward.”

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