York County Economy Growing Rapidly
Posted May 18, 1999FOR IMMEDIATE RELEASE
York, Pennsylvania--The York College-York Federal Institute for Regional Affairs will hold their quarterly briefing on Thursday, May 20, 1999 at 7:30 a.m. in the 1770's Room at YCP. The report will detail the rapid growth of the York Economy. Dr. Ken Slaysman, the Director of the Institute and an Associate Professor of Economics at York College, will present the report. In addition, William Shipley III, from Shipley Oil, will be speaking about the impact of deregulation on the economy.
Dr. Slaysman claims that the growth of the economy is rising, "The York County economy continues to grow at a blistering pace. Our latest forecast for economic growth in York County for 1999, as measured by the increase in the inflation-adjusted value of all goods and services produced in the county, is 4.1%. York County continues to track the national growth pattern of 4.5% registered in the first quarter of 1999. Despite recent announcements by AMP, Inc. of a significant reduction in employment in the area, we are forecasting employment growth of 2.3% for the year.
We are continuing to see signs of inflation starting to heat up in the area with nominal wages projected to rise by 4.65% in 1999. We expect to see inflation come in at 3.1% this year, an increase of over one percentage point from last year.
Local business leaders echo our model's forecast. In a recently completed survey of business leaders in York County about 78% of respondents felt the overall condition of the York Area economy would stay about the same over the next six months. Most of the rest, about 18%, felt the economic situation would improve.
Better than half of the respondents, about 52% felt that the net revenue generated from their York Area operations would grow over the next six months. Only 6% expect a decline. This clearly suggests that when York County business leaders say that conditions will remain about the same, they are suggesting that the economy is already doing very well.
By far the most common concern expressed by the respondents to our survey was the difficulty in finding qualified workers. One respondent said that their most significant economic concern was: 'Acquiring qualified personnel and retaining existing personnel. It's definitely difficult to compete with Harrisburg firms for salaries and benefits, and there is simply no available workforce in York County.'
Another said: 'Finding qualified, basically educated and motivated factory workers who are trainable and present a desire to identify with our work culture (is our most significant problem). We are taking this challenge on - directly. We are starting to work with the high schools to educate the teachers about our industry and the benefits associated with a career at our company'."
The survey was sent to 210 business leaders in York County, there was a response rate of 38%.
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