Perryman Gives 2013 Financial
Outlook at Noon Meeting
by: Bobby McDonald
For the 7th year in a row, nationally known economist, Ray Perryman, made his way to Hopkins County to offer his insight into the economic forecast for both the national and Texas economies, as he brought his 29th Annual Economic Outlook Conference to Sulphur Springs.
Perryman, a local favorite, told the audience of local business leaders that the U.S. economy is growing, but uncertainty is constraining the performance. Firms all across the nation are hiring, though the pace of increase is too slow to make much headway in improving the job market. The major domestice issue for the American economy is the "fiscal cliff" which is set to hit at the end of the year, as well as both long-term debt and deficit concerns, and changes in the health care law.
A number of people had sent Perryman questions that they would like answered in his presentation and Perryman told the audience, "You're a bunch of doom and gloom folks! But, I'll also lend to you that you have many others that have the very same questions, all across the country!"
Perryman stated that some kind of compromise would be made in the U.S. Congress to prevent the "fiscal cliff." There's a lot of political posturing going on in Washington, right now, but they have to reach some kind of compromise and it's most likely going to be a combination of higher taxes for the most wealthy Americans and a cut in entitlements, such as Social Security and Medicare benefits. Perryman stated that the compromise might not be reached by the January 1st, 2013 deadline, but would be reached a week later or a month later, with retroactive effects.
Once this decision is made, people can start planning how to begin structing their businesses accordingly, voiced Perryman.
Perryman told the group that the Texas economy was poised to out-perform the national economy and had many, many bright prospects for financial growth in the state. He also offered that the housing market is showing significant improvement with smaller for-sale and foreclosures and an upward trend in many regions of higher prices for real estate.
In discussing the Texas outlook, Perryman said that the energy sector remains a bright spot in the state's economy, as well as areas of professional and business services, trade, transportation, utilities, and construction.
Perryman also predicted an increase in the Northeast Texas Region, with strong gains in services, trade and durable manufacturing areas, that should help in this section of the state. He said in conclusion that that local region should experience moderate gains over the next four years, if the compromise is made in Washington and without any unforseen things on the horizon.
Sponsors for Wednesday's local Chamber of Commerce/Economic Development Corporation luncheon included: Alliance Bank, City National Bank, Farmers Electric Coop, Grocery Supply, Luminant, Morning Star, Atmos Energy, Bearing General Contractors, Guaranty Bond Bank, Ocean Spray Cranberry, Paris Junior College, Pilgrim Bank, QES, Texas A&M University-Commerce, A.K. Gillis & Sons, Coldwell Banker, Hopkins County Abstract, Legacy Ag Credit, Oncor Electric, Party Gear +, Professional Land & Title, State Representative Dan Flynn, and Town & Country Cleaners.
Thank these sponsors the next time you are in their businesses.
The meal was catered by Birthwright BBQ, Andy and Mary Lou Wright, and several individuals won poinsettias that served as the table decorations. Grand door-prize winner was Scott Brown, who won a crisp $100 bill!