SARASOTA – We’re just two weeks into the New Year and economists say Sarasota and Manatee County are moving in the right direction for economic growth.
According to economist Henry Fishkind, expect more money flowing in on the Suncoast.
“This is a great period of time and particular a good economic period of time for Manatee County. We’re seeing extremely high levels of population growth and employment and significant amounts of business activity,” said Fishkind.
Investment advisor Lauren Rudd says because of tax cuts, we will see a steady growth and expansion for local businesses.
“The economy will do better; You will have a multiplication effect as more money flows into the economy, people will spend it, the people who get the money they will spend it,” said Rudd.
Rudd cautions policies on immigration and trade will adversely affect the future of economic growth.
“We do not have enough of a population to fill the jobs that we have available. We need immigration. We need the people to go to college, go to graduate schools, get degrees we need them in high tech and we’re starting to build a high tech area in Sarasota and Manatee,” said Rudd.
But the economy is moving towards a bump up in interest rates.
“If tax programs stimulates the economy to the extent that inflation starts to rise at a faster pace than anticipated, they will have to raise rates,” said Rudd.
Fishkind says the economy could suffer in 2020.
“Borrowing and expansion in the stimulus will cause interest raise to rise and a recession.”
Rudd says there are many variables to consider. Fiskkind does not know what will happen.
“You can’t really accurately forecast six months not really a year and in 2020 forget it,” said Rudd.