|
| Volume 3, Issue 1 |
President's Update
As we enter the New Year, San Diegans face an uncertain economic period. Spurred by the downturn in the housing market and exacerbated by the global credit crunch, our region has not escaped the economic slow down that has impacted our businesses.
Fortunately, we hold a unique position in the national and global economy. Our physical location on an active international border and on the Pacific Rim gives us a position to take advantage of the inevitable economic recovery. Our trade, tourism and manufacturing sectors remain important elements of our region's economic portfolio. The defense industry has remained relatively stable with its significant positive economic impact on San Diego. And, strategic investment in our dynamic biomedical and growing clean tech sectors continues to place San Diego in a leadership position in two important technology clusters.
We have strong private sector leadership in our region. Here at the Chamber, we have a Board of Directors including executives representing some of San Diego's most successful businesses - Qualcomm, Sempra, SAIC and many others, and our new Chamber Chairman for 2009, Ben Haddad, Partner at California Strategies. With the Board’s active involvement, we will continue the record of success that has lead us to become the largest chamber of commerce on the Pacific West Coast.
As business people, we understand that economic cycles go up and (as we see today) go down. The latest economic indicators and projections from our region's economists anticipate an economic bottom in mid-2009 with a slow recovery and a peak in unemployment (a lagging economic indicator) in early 2010.
Regardless of the ups and downs of the market, our job at the Chamber is to advocate for a pro-business climate that lasts through any particular point in the economic cycle. We continue to work on regional public policy issues that impact local businesses, and strive to keep San Diego a great place to do business, work and live. Throughout the year, the Chamber will be focused on improving the long-term business climate in our region and helping our members during these uncertain economic times. As always, feel free to contact me with your thoughts and suggestions at president@sdchamber.org. I wish you the best for a happy and healthy New Year!
|