Wells Fargo senior economist addresses Chamber

Beau Phillips reported to Historic City News that more than 100 business leaders gathered this morning for the St. Johns County Chamber of Commerce’s quarterly Economic Development Council breakfast to hear Wells Fargo Senior Economist Mark Vitner.

Vitner, who is a nationally respected economist, forecast of the local, state and national economies as he sees them; painting a picture of an economy that is sluggish — but still expanding.

“The talk of another recession is a little over the top,” Vitner told the audience. “While news outlets are leading with the prediction there is a one-in-three chance there will be a recession, the flip side is there is a two-in-three chance there will not.”

According to Vitner, in St. Johns County, “We’ve got a long way to go, but here the employment picture is a little bit more positive.” Overall, Vitner predicts that we are going to see slower growth, “but, I don’t think we’ll see a double dip.”

The economist cited St. Johns County’s high standard of living at a comparatively low cost as a big attractor for relocating businesses. Not only should St. Johns County be one of the most attractive sites for business to land, it is home to an industry that is thriving even during the current economic downturn. “Florida’s strength has mainly been tourism,” Vitner said. “Tourism is a big winner.”

“Right now it doesn’t look like we’ll get back to full employment, at least not this decade,” Vitner believes. “That is the cold hard reality.”

His message illustrates the importance of the work the Chamber’s Economic Development Council is doing, competing for industry to create local jobs. “We walked away with a realistic picture of the economy, but I am optimistic Florida and St. Johns county businesses can outperform national trends,” said Norman Gregory CCIM, Vice President of the Economic Development Council.

Bringing Vitner to speak is an example of how the Chamber and Economic Development Council help existing business outperform those averages. “Knowledge is empowering,” commented Chamber President Kirk Wendland. “Programs like this are designed to arm our business community with the information they need to not just survive but to thrive in a challenging economic climate.”

That sentiment was echoed by Economic Development Council Chair, “I think everyone who attended this event walked away with a deeper understanding of today’s business climate,” said Ellen Avery-Smith; who is also a practicing attorney and shareholder with Rogers Towers P.A.

Formerly an economist for Barnett Bank in Jacksonville, Mark Vitner is responsible for tracking U.S. and regional economic trends for Wells Fargo. Based in Charlotte, he also writes for the company’s Monthly Economic Outlook report, the Weekly Economic and Financial Commentary and provides regular updates on the housing markets, commercial real estate, regional economies and inflation. Vitner’s commentary has been featured in The New York Times, The Wall Street Journal, Business Week, MSNBC, CNBC, Bloomberg and many other media outlets.

Photo credits: © 2011 Historic City News contributed photograph by