Q1) You’ve been on the job at the Wenatchee Valley Chamber for less than a year. In those few months, has the Chamber had the time to put together a new strategic plan?
No, it has not been necessary.
October 2021, the Wenatchee Valley Chamber of Commerce created a three-year strategic plan. Therefore, my primary responsibility is leading the efforts, activities, processes, and programs to achieve the strategic plan’s existing goals, objectives, and targets by October 31, 2024.
Q2) With or without a plan, are there some key indicators that you follow from your perch as executive director of the Chamber?
Economic Vitality indexes including Income, Economic Activity, Labor Force, Population, Real Estate, and Housing, plus Transportation are all key indicators that I follow.
Q3) To what degree are those indicators covered by Chelan Douglas Trends?
Each of these indicators are fully presented by Chelan-Douglas Trends.
Q4) As you scan all the Trends, what measures of life in the two counties jump out to you?
The very notable increases in 2.1.1 Per Capita Personal Income, 2.1.2 Median Household Income, and 2.1.3 Overall Average Annual Wage versus the very significant decreases in the 6.3.2 All Buyers Affordability Index and 6.3.3. First Time Buyers Affordability Index.
Although, income and wages have increased notably, the financial capacity to purchase homes in Chelan County has significantly lessened.
This data is borne out by the business community’s ongoing struggles to hire skilled workers from outside the local area. Chamber members constantly share of productive efforts recruiting highly skilled workers being impeded unfortunately when selected candidates cannot afford to relocate and purchase a home whereupon they are recruited to work.
Q5) In your daily interactions with members of the Chamber, how do you see data being used to inform their decisions, whether about their business or public policy questions?
To attract talent, businesses are having to offer higher competitive salaries. The 2.3.1 low Unemployment Rate, 2.3.6 high Labor Force Participation Rate of Population Ages 16+, and the lesser number of available workers compared to jobs available, are some of the factors affecting wage growth.
An inadvertent consequence of a business community’s inability to successfully recruit and hire talent outside the local workforce, results in local businesses hiring predominately local employed skilled workers from other peer local businesses. Peer local employers subjected to the sudden loss of employed skilled workers can experience declines in production, reduced performance measures, and higher operational costs.
This is not a sustainable business community economic model.
The significant decreases in both 6.3.2 All Buyers Affordability Index and 6.3.3. First Time Buyers Affordability Index, highlights the need for a greater broad base of affordable workforce housing options for Generation Z and Millennial employees imminently and currently participating in the labor market.
Highly skilled, knowledgeable, and experienced baby boomers are retiring. Employers are struggling to fill the workforce gap. Having numerous available affordable workforce housing options is a crucial factor that can significantly assist businesses recruiting younger workers to fill job openings.
Policy makers need to continue exploring assorted creative viable policies that induce economic gain building affordable workforce housing.