2017 Regional Economic Forecast

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The Naperville Area Chamber of Commerce and Calamos Investments recently hosted their annual Regional Economic Forecast.

On the 30th anniversary of Black Monday experts at the regional economic forecast gave a much more positive outlook overall, saying the global economy is in a synchronized economic growth phase.

“We think that the US economy continues to be positioned for expansion, and we’re seeing that grow,” said John P. Calamos, Sr., founder of Calamos Investments. “And the economy is really or the markets are really reflecting earnings and positive earnings.”

On hand to give their perspectives were Gus Faucher, chief economist for the PNC Financial Services Group, Caroline Harris, vice president of tax policy with the U.S. Chamber of Commerce, and Calamos.

The experts pointed to job creation, higher wages, and an improving housing market as signs of recovery for the economy.

But they did point to some concerns for the Chicagoland area.

“Longer term I think the biggest concern for the greater Chicago economy is population,” Faucher said. “We’ve actually seen declining population in the Chicago area over the past few years. Business want young, skilled people, and if Chicago doesn’t have them, they’re going to look elsewhere to hire.”

Faucher said we can expect average GDP growth to continue at about 2 or 2.5 percent over the next few years.

Naperville News 17’s Beth Bria reports.