BCEDC Holds its 61st Annual Dinner and Reorganization Meeting in April
The event was held at Spring Mill Manor, Ivyland, on April 11, 2019. Attendees gathered to get reacquainted with old colleagues, meet new ones and to hear Ryo Tashiro, Regional Economic Advisor, Federal Reserve Bank of Philadelphia speak about the current economic environment and future economic outlook for Bucks County and the surrounding area.
A summary of Mr. Tashiro’s keynote: The employment market in the area is experiencing moderate job growth; however, there are more job openings than available candidates for the open positions. The opioid epidemic has a much greater effect than most of us realize. For example, the increase in opioid prescriptions from 1999 through 2015 may account for 43% of the decrease in male participation in the workforce. Local employers are very concerned about drug use among job applicants.
The overall economic outlook is positive for the upcoming year. Economic growth is estimated to be 2.0% - 2.5% in 2019. Possible negative effects on growth include a possible slowdown in the global economy and uncertainty over trade policies. The tight labor market may be a factor that can cause an increased inflation rate. Finally, the Federal Open Market Committee (FOMC) has not sent any signals indicating an interest rate hike for the remainder of 2019.
Bucks County loan recipients and financial institutions were awarded a wooden engraved plaque for their dedication to Bucks County and BCEDC’s mission to retain and create jobs. The following companies received plaques Trifecta Sporting Club, Cardolite Corporation, American Overhead Door & Dock Inc, Home HealthWorks Inc, Rushabh Instruments, LLC, Imageworx, Farm & Oven Snacks, Inc, Earthborne Inc and Lyophilization Technology, Inc. The following banks participated in one or more deals and also received a plaque 44 Business Capital (Berkshire Bank), Wells Fargo, TD Bank and Univest Trust and Co.
Bensalem Economic Development Corporation received a plaque for working in partnership with BCEDC on the Trifecta Sporting Club project.
BCEDC would like to thank all of those who attended and especially those who have generously supported the event.
Gallery Sponsor: 44 Business Capital; Mezzanine Sponsor: PECO; Terrace Sponsors: Fortress Power, Moore Energy, Republic Bank, EKL Machine, KeyBank, Provident Bank, Univest, Monument Bank, Colliers International; Foundation Sponsors: The Flynn Company, Wells Fargo, Greenbriar Capital, LLC, Lampire Biological Laboratories, Millham Insurance, PennCommunity Bank, Pritchard, Bieler, Gruver & Willison, P.C., Centric Bank, MVM Associates, Krum JSK Financial Consultants, Inc., Curtin & Heefner.