REGION — The San Diego North Economic Development Council hosted its 10th annual North County Economic Summit on May 16 at California State University San Marcos.
The event, featuring keynote speaker Charles Dougherty of Wells Fargo Bank, brought together 400 North County industry leaders, policymakers and experts to discuss the latest national economic trends and projections.
Dougherty, vice president and senior economist for Wells Fargo’s corporate and investment banking, shared insights on the 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 predicted 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 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.”
Speaker Josh Williams, a prominent researcher at BW Research, highlighted the significance of North County’s size and economic importance. Williams said North County represents one-third of San Diego County’s population, is 40% of its economy and is more populous than eight states.
Williams outlined three core challenges for North County: transitioning to a decarbonized economy; building the infrastructure and housing the region requires; and ensuring that prosperity is widely shared throughout the region.
San Diego North Economic Development Council 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.
For profiles on North County business leaders, check out San Diego North Economic Development Council’s Meet North County Stewards.
