The University of San Diego hosts the San Diego County 40th Annual Economic Roundtable in partnership with the County of San Diego, San Diego Workforce Partnership, the University of San Diego Knauss School of Business, and the San Diego Regional Policy & Innovation Center, sponsored by C3bank.
Mary Daly, president and CEO of the Federal Reserve Bank of San Francisco, addressed the San Diego community on Friday afternoon at the University of San Diego campus. Daly stated that the national economy is currently in a “really good place.”
“I’m seeing an economy responding to monetary policy, and coming into balance, and inflation coming down, but not falling off a cliff in a worrysome situation, which is good. The other thing that we can do is take a deep breath and say, ‘What are the important work that we can do as communities, as people, as businesses to plan for our future?’”
The president and CEO of the Federal Reserve Bank of San Francisco says she’s naturally optimistic. However, her prediction regarding our economy’s future is not only based on hope but also on evidence she sees on this topic.
Daly says the current economic situation looks brighter than a year ago when her roundtable discussions mainly focused on inflation rates. Now, she senses that people and businesses feel more stable and optimistic about the economy’s future, which is something that changed drastically compared to the recent inflation hikes over a year ago.
Furthermore, the president and CEO of the San Francisco Fed says that the target for the inflation annual rate is 2%, a significant drop from the current 3.9%.
Nora Vargas, chair of the San Diego Board of Supervisors, also spoke at the event on behalf of San Diego County. She says that the diverse impact on the County’s economy plays a pivotal role on San Diego’s overall future.
“I was born and raised in Tijuana, so being a border-town local is very important to me,” said Nora Vargas, Chair of the San Diego Board of Supervisors. “One of the things we can’t forget when we’re talking about business is the power of our binational region and who we are. There are 7 million of us in the Cali-Baja region, and our economic impact on this region is over 20 billion dollars to San Diego in production every year. We are the second largest county in the state of California, and I believe that we have the responsibility to ensure that government, business, and academia come together and become champions for their work.”
Tony Young, Interim President & CEO of the San Diego Workforce Partnership, spoke with El Latino about the most important message to transmit to the San Diego community.
The Interim President says that it’s important to provide local individuals with quality access to the workforce in order to build a stronger economy. The San Diego Workforce Partnership CEO says he’s optimistic about the future of the regional economy, in large part due to the collaborative effort to come together and partner with the economic development corporation and local government to grow all together.
“All regions don’t do this, so we have a good collaboriatve spirit here in San Diego, from local government, to orgnaized labor, to biotech industry among many others,” said Tony Young. “We have a wonderful collection of resources here. I’m thinking about that young kid in Barrio Logan that is in middle school interested in learning about science and possible enrolling at USD when he graduates, and staying here to contribute to our local workforce,” Young added.