Business Forecast: Good, Looking Better
by February 14, 2005 12:00 am 75 views
Panelists at the 11th annual Business Forecast lunch agreed the economy is fine for the current business cycle. In Benton and Washington counties, the pundits said, it’s better than fine.
The Jan. 21 luncheon was held by the University of Arkansas’ Walton College of Business at the Northwest Arkansas Convention Center in Springdale. About 1,100 attended.
Jeff Collins, director of the UA’s Center for Business and Economic Research, said personal earnings of more than $67 million were added to Benton County from the second quarter of 2003 to the second quarter of 2004, a 10 percent increase. Washington County saw about $44 million, a 7.6 percent increase, he said.
Collins warned that the Northwest Arkansas region — which includes Fort Smith and points south in his estimation — should try to grow its way out of fiscal problems, rather than tax its way out.
On the national front, Gene Huang, chief economist for FedEx Corp. of Memphis, said the nation should see continued industrial growth, and that overall economic growth is “above trend.”
John Menzer, president and CEO of the International Division of Wal-Mart Stores Inc. of Bentonville, spoke of international concerns. He said his company continues to see solid growth outside the United States and that China will be the nation to watch.