NOTE: This article shows the Bloomington Business forecast for 2024 and was presented at the Chamber's Futurecast event in November 2023, was published in the Winter 2023 (Volume 98, No. 5) issue of the IBR | Indiana Business Review by Carol O. Rogers, Director and Executive Editor of the Indiana Business Research Center at Indiana University Kelley School of Business.
Recession or no recession? That was the question we posed last year and the answer was: maybe. Our forecast was split due to many factors, not the least of which were the residual effects of the pandemic shutdowns and slowdowns, supply chain bottlenecks and inflation rearing its generally ugly head. Both our forecast models (thanks to Bill Witte, as always), and general consensus among Kelley School economists, foretold a relatively brief recession or extremely slow and low growth. We know now, at least for the nation as a whole, that we did not experience any consecutive quarters of negative growth (as in, GDP shrinking rather than growing) during the first three quarters of 2023. In fact, many were startled by the 5% growth in GDP between the second and third quarters of 2023. So, what does the economy look like for Bloomington in 2024 and beyond? Let's look at the charts.
PRESS RELEASE: IU Kelley School of Business announces Futurecast: Economic Outlook in Bloomington with the Greater Bloomington Chamber of Commerce and Bloomington Rotary Club
The Indiana University’s Kelley School of Business will state-wide tour, Futurecast: Economic Outlook, will come to Bloomington, Ind. on November 9th at the Monroe Convention Center for the 2024 economic forecast in partnership with The Greater Bloomington Chamber of Commerce, and the Bloomington Rotary Club. The tour will begin in Indianapolis, Ind. beginning November 1st, 2023.
The Kelley School of Business based on research its Indiana Business Research Center, has been sharing its economic forecasts throughout the state of Indiana for the past 50 years, which has provided crucial economic information needed by many Indiana businesses, government, and nonprofit organizations. This event, previously known as Business Outlook, gives the audience a chance to hear and interact with several of the state's leading economic thinkers as they discuss how the changing economic environment will affect the local region, Indiana, and the nation in the coming year.
“The annual Futurecast event gives our community an inside look into the leading economic research and data analysis at IU’s Kelley School of Business,” said Greater Bloomington Chamber of Commerce President & CEO Eric Spoonmore. “We are delighted to partner with the Kelley School of Business and the Bloomington Rotary Club to inform our member organizations on the current economic conditions that can guide strategic decision-making in the year ahead.”
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