More than 100 business leaders gathered this week to hear nationally respected economist Mark Vitner of Wells Fargo offer insights and a forecast of the local, state and national economies at the St. Johns County Chamber of Commerce’s quarterly Economic Development Council (EDC) breakfast. Vitner painted a picture of an economy that is sluggish but still expanding.

“The talk of another recession is a little over the top,” Vitner said. “While news outlets are leading with the prediction there is a one-in-three chance there will be a recession, the flip side is there is a two-in-three chance there will not be. We are going to see slower growth, but I don’t think we’ll see a double dip.”

For St. Johns County, Vitner painted a slightly brighter economic picture. The economist cited St. Johns County’s high standard of living at a comparatively low cost as a big attractor for relocating businesses. During the EDC’s Quarterly breakfast the economist spoke about how difficult it will be to get people back to work.

“Right now it doesn’t look like we’ll get back to full employment, at least not this decade,” Vitner said. “That is the cold hard reality.”

This message illustrates the importance of the work the Chamber’s EDC is doing. Bringing Vitner to speak is an example of how the Chamber and EDC help existing business outperform those averages and thrive in a challenging economic climate. More information about the St. Johns County Chamber of Commerce is available here.

(Left to right) Kirk Wendland, Norm Gregory, Mark Vitner and Ellen Avery-Smith