Despite threat of possible recession, Eastern Shore economy looking up
SALISBURY, Md. – The risk of the United States heading into yet another recession is causing a lot of concern for Americans across the country.
“We’re reading a lot of things in the media about an impending recession. Will it bad? When’s it hitting,” said Salisbury Chamber of Commerce president, Bill Chambers.
And if the predictions are true, that could mean bad news for the Eastern Shore.
“Most economists believe there’s going to be an economic slowdown, and historically when we have economic slowdowns, the Eastern Shore gets hit a little bit harder than the rest of the country,” said BEACON director Memo Diriker.
Which is why members of the Salisbury-Wicomico Economic Development Corporation (SWED) spent their Friday morning comparing Wicomico County’s current economy to the United States. And the results were better than expected.
“It looks better locally than it does nationally on a national basis which is a positive thing and it’s nice to see once in a while that’s not always the case. Right now we’re growing at a rate unemployment wise faster than the state of the nation,” said SWED executive director David Ryan.
And they say the future of the county’s economy is also looking up with a growing labor market for education and healthcare, new construction opportunities, and a steady profit in agriculture.
“That gives us economic resiliency because all of our eggs are not in one basket. There are parts of the United States that are doing well agriculturally but they don’t have anything else,” said Diriker.
But community leaders tell 47 ABC there’s still room for improvement in the county including filling jobs and addressing the housing shortage.
“That’s a challenge that the city and the county are constantly battling and working on,” said Chambers.
And officials say by providing this critical information to county leaders, they’ll be able to make decisions that could protect the Eastern Shore from the potential hit of the recession.
“We’re trying to do everything we can do now to mitigate that. So that we don’t get hit as bad as the rest of the nation,” said Diriker.