Your CCCBI weekly newsletter including a legislative update, what's new at CCCBI, events, and more!

WHAT'S NEW AT THE CHAMBER

Welcome New Member!

Chester County Chamber of Business and Industry 2022 General Election Candidates

Seeking Member Perspectives to Support Business

We are seeking members who would like to share perspective on ways to support your business, to feature in our upcoming newsletters for our readers.

If you are interested in sharing subject matter expertise focused on improving the workplace, uplifting neighborhoods in our region, and issues relevant to the changing needs of our business community please email Marguerite DeGrassa, at Marguerite@chescochamber.org

LEGISLATIVE UPDATE

Fed Raises Rates by Another .75 Points

Yesterday, the Federal Reserve raised interest rates by ¾ of a point, as it tries to get a handle on the harmful inflation rates that continue to hamper our economy. The .75-point hike follows a similar increase in July that put the brakes on the housing market amid an overall slowdown in the economy. This additional increase will put further pressure on both consumers and businesses, as borrowing costs rise and the prospect of a recession increases in the next several months’ increases.

Other items of note:

Downgraded its economic forecast, with its median expectation of growth in gross domestic product now at 0.2% for the year, down from 1.7% in June
Unemployment will reach 3.8% this year, up from 3.7% earlier, and 4.4% for each of the next two years
Raised inflation expectations to 5.4% this year from 5.2% in June, while also lifting its inflation forecast for 2023 to 2.8% from 2.6% and for 2024 to 2.3% from 2.2%
Raising rates to a peak of 4.6% in 2023, up from 3.8% in its June summary of economic conditions

Source: Fed Hikes Rates, Sharply Lowers Economic Forecast (msn.com)

What’s next?

Consumers should expect to see higher rates in the next few weeks
As we move into the holiday retail season, consumers may have smaller shopping budgets, while many companies still face workforce shortages
Fed’s Powell moves away from a “soft landing” and toward acceptance of a recession, while gas prices, jobless claims and mortgage rates are rising.
Markets are near a 52wk low, with a potential rail strike

“We have watched interest rates rise in hopes of tamping down inflation for the past year. Unfortunately, it looks like we have a more tumultuous 18 months ahead of us than we had hoped. We look forward to working with Federal, State, and local governments to help our members continue to grow – even with this outlook," said Laura Manion, President of Chester County Chamber of Business and Industry.

MEMBER SPOTLIGHT

East GoshenTownship

Much of the charm of East Goshen Township comes from its historical heritage. The history and development patterns of the Township have defined, in part, current land use patterns, road systems, economics, points of interest and place names. Historic preservation has become an important element in the planning process because it ensures proper care of historic sites as well as an understanding of a community’s past, present and future.

Although the community has changed significantly over the past few decades, the remaining historic sites and districts provide historical context to the Township’s character. How East Goshen Township continues to develop towards build-out and how it responds to future needs for redevelopment will form the framework for the future to protect our natural and historic resources, our transportation and community facilities and services for the next 100 years.

Read more about the history of East Goshen Township here.

East Goshen Township is hosting a big event this weekend! The Chester County Art Walk is taking place on, September 24, 2022 10:00 AM-2:00 PM at East Goshen Township Park. This year's Art Walk will feature 65+ artists, food trucks, live music, and more! East Goshen Township Parks and Recreation, in partnership with the Chester County Art Association, have worked together to ensure this to be a memorable event!

There will be three clusters, one in the park, one along the Paoli Pike Trail leading to the Township Building, and the final cluster at the Municipal Building. Fall weather will surely make this a day to leisurely stroll from artist to artist, making your way from the park to the Township Building and back!

The Chester County Chamber greatly appreciates East Goshen Township commitment to our community and for their membership and involvement with the Chamber.