San Diego, CA – May 16, 2023 – The San Diego North Economic Development Council (SDNEDC) hosted its 10th Annual North County Economic Summit last week on the campus of California State University, San Marcos, featuring keynote speaker Charles Dougherty from Wells Fargo Bank. The event brought together North County industry leaders, policymakers, and experts to discuss the latest national economic trends and projections.
Charles Dougherty, Vice President and Senior Economist at Wells Fargo Corporate and Investment Bank, provided the audience of 400 with his insights on the current state of the national economy and his forecasts for the coming months. In discussing the potential challenges ahead, Dougherty emphasized, “We have some turbulence ahead of us, but if you’re going to go into a downturn, you want to go into it within a relative position of strength.”
Dougherty’s analysis shed light on the potential economic landscape for the near term. He outlined his predictions of a mild recession in the latter part of 2023 and the first quarter of 2024. He further emphasized the challenges associated with achieving the Federal Reserve’s target inflation rate of 2% and the implications of a modest uptick in unemployment rates.
“Mr. Dougherty’s expertise and comprehensive analysis provided invaluable insights into the potential economic challenges we may face,” said W. Erik Bruvold, Chief Executive Officer of SDNEDC. “His quote reminds us of the importance of being prepared and leveraging our strengths to navigate through turbulent times.”
Josh Williams, a prominent researcher from BW Research, also addressed the audience, highlighting the significance of North County’s size and economic importance. Williams stated, “North County represents 1/3 of San Diego County’s population and 40% of its economy. It is larger than 8 states in the country.” He outlined three core challenges for North County: the transition to a decarbonized economy, the challenges in building the infrastructure and housing the region requires and ensure that prosperity is widely shared throughout the region.
The 10th Annual North County Economic Summit marked a milestone for SDNEDC, showcasing its dedication to fostering economic growth, collaboration, and knowledge sharing within the region. The event received enthusiastic participation from a diverse range of industry leaders, policymakers, and professionals, solidifying its reputation as a premier platform for economic dialogue and exchange.
About SDNEDC: The San Diego North Economic Development Council (SDNEDC) is a nonprofit organization committed to advancing economic prosperity in North County San Diego through marketing the region for inward investment, helping existing businesses expand and grow and connecting employers and educators to strengthen North County’s workforce pipeline.
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