York County Economy Will Slow Down, Forecast Says
Posted February 19, 1999FOR IMMEDIATE RELEASE
York, Pennsylvania--The York College-York Federal Institute for Regional Affairs had their Institute Quarterly Briefing last night, Thursday, February 18, 1999, and the report was less than optimistic. Dr. Ken Slaysman, the Director of the Institute and an Associate Professor of Economics at York College, presented the report.
Slaysman found the growth in the York County economy will slow down to 1.7 % in 1999, after two years of robust growth in excess of 4.5%. One of the major causes of the predicted slowdown is the emergence of some inflationary pressure in the area. Last year prices in York County rose by 3.2% compared to a national inflation of 1.6%. York also saw an increase in the average annual wage paid by York County employers of 4.5%.
Another indication of a possible slowdown is the year-to-date decline in the York County Business Index. This shares-weighted index, implemented by Slaysman, tracks the movement of the stock prices of 16 businesses with a major presence in York County. Some of the businesses are headquartered in York County, like York International and York Financial. Other are large employers, like AMP and Primex Technologies.
After gaining 25% in the 4th quarter of 1998, the index has lost 2.7% so far in 1999. This compares to a 1.2% gain in the broadly representative S&P 500 index.
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