By Kami Welch, Arvada Chamber of Commerce President
Part of my role as the Arvada Chamber CEO is to keep a close eye on data, trends and business feedback to determine how we can ensure that we are providing the resources our community and economy need to thrive. As we start 2024, I wanted to share my “hot take” on what is ahead and what we can do about it! Sadly, I don’t have a crystal ball and as we have learned in recent years, external circumstances can easily change the course, but based on what we know today this is what I am watching.
Stabilizing Economy
For nearly two years, a prevailing sense of apprehension has gripped business leaders as they maneuver through an unpredictable global economic landscape. Encouragingly, the outlook for 2024 appears to be relatively stable, attributed to a fluctuation of adverse and favorable factors. Notably, consumer spending is decelerating, interest rates are stabilizing, inflation trends are moderating, and there are signs of improvement in the previously problematic supply chain bottlenecks. This collective shift is reason for optimism, aligning with the forecasts of reputable economists who predict a smooth descent in 2024 and opportunity for growth in 2025.
What is the Arvada Chamber doing?
- SizeUp: Data plays a critical role in shaping sustainable business decisions. In Q1, the Chamber and Arvada Economic Development Association will introduce a cutting-edge business intelligence software for our community called SizeUp. This innovative tool aims to empower our businesses, providing them with a deeper understanding of the far-reaching implications of their choices helping them to be more resilient.
- Business Resource Center: The Chamber’s new Business Resource Center is poised to become a cornerstone for business growth, offering an array of resources, training programs, and dedicated expert office hours. Opening in Q2 of 2024!
- Rapid Response Team: Through the Arvada Resiliency Taskforce (ART), the Chamber is supporting a newly formed Rapid Response Team. If your business has a challenge you are struggling to overcome, we can assemble a team of local experts to support you in identifying the necessary solutions.
Political Tension
In 2024, more than half the world’s population will go to the polls in high-stakes elections across 65 countries. Coupled with pivotal state elections, the American election year is poised to be fraught with heightened tensions and hot topics (property tax, housing, workforce, and more). Recognizing the impact of election outcomes on policy decisions, our collective challenge lies in confronting the growing deficiency of respect and civility that disrupts productive discussions on a broad spectrum of political topics. In this critical moment, it is imperative for us to shift our focus towards learning and listening. Elevating our stakeholder engagement and fostering a culture of mutual education and growth can significantly enhance our collaborative efforts, paving the way for improved problem-solving and cooperation.
What is the Arvada Chamber doing?
- Elected Offical Engagement: The Chamber has a robust elected official engagement strategy that includes Advocacy After Hours, Candidate Bootcamps, Candidate Forums, A Voter Guide, and more. By building improved connection between business and policy leaders we can more effectively communicate the implications of policy decisions at the local, state and national level.
- Business Policy Engagement: The pace of policy development at the Capitol can be challenging to keep up with. In an effort to improve efficiencies in how we send and gather information about business bills, we are launching a platform dedicated to ensuring we are able to communicate quickly and make a greater impact.
- Election Forums: In the fall of 2024, we will be hosting a series of election forums so our community can meet candidates across the political spectrum. These forums are founded on the tenet of civility and offer a space for a productive dialogue around the challenges and solutions in our region.
Workforce Woes Continue
The economy of 2024 will be characterized by a reduced workforce, a trend that will emerge as a central economic challenge in the foreseeable future. Employers will continue to struggle to find the skilled talent they need to meet demand. The latest data shows that we have 9.5 million job openings in the U.S., but only 6.5 million unemployed workers. A continued focus on building our own workforce and upskilling current employees is necessary to overcome this immense deficit.
What is the Arvada Chamber doing?
- Work-Based Learning Incentive Program (WBLIP): In today’s talent climate, employers need to think about how they train their own talent to meet their needs. The state program, WBLIP, offers employers up to $10,000 for building and implementing plans that grow their workforce and upskill current employees. The Arvada Chamber has $250,000 remaining to support employers in the first half of 2024.
- Career Coach: In 2023, the Arvada Chamber along with key regional talent partners launched a new platform that allows job seekers to understand the various roles in our region and utilize a data-informed approach to determine how they prepare and engage. The hope is this tool will better align job seekers and employers and reduce labor shortages.
- Family Friendly Workplace Certification: One way that employers can increase their competitive advantage is by considering how they can ensure they are supporting their employees with family friendly policies and procedures. The Arvada Chamber is partnering with Healthlinks to offer employers the opportunity to be Certified as a Family Friendly Workplace in 2024.
In the face of these significant challenges, my stance is one of cautious optimism for 2024. If our community is proactive in addressing these systemic challenges, we stand poised to gain an advantage in the economy and foster greater resilience well into the future.
Learn More
- 2024 economic outlook: 10 considerations for the US economy
- Worker Shortages Impact The Economy In 2024
- Understanding America’s Labor Shortage
The Arvada Chamber of Commerce is a community of businesses, organizations, and local leaders working together to solve challenges, foster meaningful connections, and develop the next generation of talent and leadership. Our work – driving action on conversations, resources, and large-scale initiatives that businesses can’t tackle on their own – is central to the long-term success of our community as a whole. When you play a part, we all thrive.
Learn more about the Arvada Chamber and ways to get involved.
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