From the Economic Development Desk of the
March 18, 2020
You are receiving this email because your organization is at one of the economic development tiers  with the Alpena Area Chamber of Commerce. As always, we encourage your comments and questions.
This week’s economic development update is an easy one to write. It is all about Coronavirus. In my adult life I have never encountered anything like this. I am in Arizona and just left a grocery store and there is no toilet paper on the shelves. People are moving into irrational behavior mode. Every conversation you hear in the aisle centers around this illness. At present everything is being impacted by this pandemic. The postponement of essentially all major sporting events will have a huge economic impact all around the country. If we look at what is happening on Wall Street it is a blood bath. We are in bear territory with a nearly 30% decline off the highs reached since the start of the year. I think we understand the financial impact of this virus on many companies will be significant such as the airlines, travel and entertainment related businesses. The declines in underlying stock value for those industries/companies make sense but has the pendulum swung too far? From where I sit it would seem so. Should a company lose a third of its market value for what might amount to a three or six month disruption to cash flow? Like most of you I hope that six months from now we see the mindset of people return to pre COVID-19 thinking. The other piece of this that is hard to measure is the disruption to the supply chains with so many products produced in China. How will this impact the automobile sector which impacts our entire state? I think there is a lesson here which I hope many of us will learn from. Our reliance on overseas (China) products including drugs makes us vulnerable as a nation. Enough on the philosophical stuff for now.

The question remains on how this will impact the psyche of the investor (from an economic development point of view). For some among us this clearly represents a buying opportunity. Some investors will look to take advantage of the situation and bargain hunt. What remains unclear is whether will this cause companies to put “on hold” any planned capital expansion until such time as things settle down. I have been dealing with investor folks up until now that were very interested in looking to expand into Alpena. We will see over the next couple of months how strong their commitment is. I will push forward and keep you posted. Onward and remember to wash your hands thoroughly.


Mark your calendar -
Invites for the 2020 Annual Economic Development Meeting on April 14 have been mailed. Contact us to register for the event. We are monitoring the closure situation and will notify you if we decide to postpone this event.
We here at the chamber and economic development are still focused on our missions and continue to work for you.
Chairman Level ($3,201+)
Alpena Agency, Inc.
Alpena Alcona Area Credit Union
Alpena Community College
Alpena County
Alpena Power Company
Bannan Funeral Home
Blue Cross Blue Shield of Michigan
Charter Township of Alpena
City of Alpena
Edward Jones - Eric M. Ferguson, Marc K. Ferguson, Charles Ingle,
Pamela Kirchoff, Andrew Kowalski, Bryan Strong
H.P.C. Credit Union
Huntington Bank
Lappan Agency
MidMichigan Health
Presque Isle County
Presque Isle Electric and Gas Co-Op
Wolverine State Credit Union

Leader Level ($3,200)    
Partner Level ($1,500) 
Alpena Community Credit Union
Alpena Public Schools
Bedrock Contracting and Excavating
Besser Company
Builders First Source
Chemical Bank
Clearview Car Wash
Community Foundation for Northeast Michigan
Downtown Development Authority
Decorative Panels International (DPI)
DTE Energy
Employment Services Inc. (ESI)
ITC Holdings, Corp.
Keystone Rental Equipment
LeFave Pharmacy
Northland Area Federal Credit Union
Pennzoil Ten Minute Oil Change Center of Alpena
PNC Bank
Propane Plus Inc., MI Stop Citgo, MI Stop Deli
Star Staffing Alpena
State Street Auto Wash
Tier4 Technical Support
Timm Construction Company, LLC
Sponsor Level ($475)
Alcona Health Center 
Alpena Area Convention & Visitors Bureau
Alpena Beverage Company
Alpena Biorefinery
Alpena County George N. Fletcher Public Library
Alpena Events Complex
Alpena Glass Company, Inc.
Alpena News Publishing Company
Alpena Supply Company
Austin Brothers' Beer Company
Ball Tire
Banner Realty
Besser Foundation
Besser Senior Living Community, Inc.
Boldrey, Senchuk, Rouleau & Williams, CPA's, PC
Bolenz Jewelry
Building Express Inc.
Capital One Spark Business
Cardell and Sons Landscaping
Century 21 Crow Realty
Clark Construction Company
Cliff Anschuetz Chevrolet Inc.
Cocoa Capital Corp
Compassus Hospice
Consumers Energy
Control Solutions Inc
Cutting Edge Construction
Dean Arbour Ford Lincoln
Devere Industrial, LLC
Downtown Union 76 LLC
Everett Goodrich, Inc.
Fiber Char
H&R Block
Holiday Inn Express & Suites
Huron Engineering & Surveying
Industrial Image, Inc.
Lewis & Lewis Professional Surveying, Inc.
McDonald's Restaurant
Meridian Contracting Services, LLC
Michigan Works Center
Neiman's Family Market
Northern Abstract & Title Agency
Northern Eye
Omega Electric & Sign Company Inc.
Ossineke Industries
Plowman's Collision Service
Pompeyos Mexican Grill
Presque Isle Township
R.A. Townsend Company
R.S. Scott Associates, Inc.
Ramada Alpena
RE/MAX New Horizons
Real Estate One of Alpena
ServiceMaster Home & Office
Sherwin Williams
Sixty Minutes to Freedom
Skiba Insurance Service
SkyWest Airlines
Specification Stone Products
Straley Lamp & Kraenzlein P.C.
Stratford Group Ltd.
Sunrise Behavioral Health Clinic
Switzer Veterinary Clinic
Tarkington Family Dentistry
Team Elmer's
The Drug Store/Northern Exposure Framing & Matting
The Home Depot
Thunder Bay Accounting
Thunder Bay Electric, Inc.
Thunder Bay Eye Care
Thunder Bay Family Dentistry
Thunder Bay National Marine Sanctuary
Thunder Bay Therapy & Sports Medicine
Thunder Bay Tree Services, LLC
Time to Shine Carwash
True North Radio Network
W.G. Benjey Inc./S&A Company
Weinkauf Plumbing & Heating, Inc.
Werth Development, LLC
White, Wojda and Curtis
Wolf Family Dentistry
Wolgast Corporation
Young Appliance, Electronics, Furniture & Mattresses
Zen 24 Hour Fitness Center