On the morning of January 29, members of the business community gathered at the Matthews, Carter & Boyce (MCB) offices to hear renowned economist Dr. Terry Clower, Ph.D. share insights and perspectives on national and regional economic trends. Dr. Clower is the Director of Regional Analysis at George Mason University’s Schar School of Policy and Government. This is the 3rd year Dr. Clower has been invited to speak at this annual event, which is organized and sponsored by MCB. This year, Access National Bank also joined as a sponsor.
After brief introductory remarks by MCB’s Managing Principal, Jude Covas, and Access National Bank Executive Vice President, David Leudemann, Dr. Clower began his talk, first discussing the national economy. He stated that job growth has remained strong, as has the manufacturing sector, though this sector is having a difficult time finding workers. He also discussed the demographic profile of the workforce, noting that millennials now outnumber boomers. Dr. Clower also shared forecasts regarding the growth of artificial intelligence, stating that by the year 2030 more than 30 million jobs will disappear, replaced by Artificial Intelligence. Programming and design jobs will be key areas of growth.
With respect to the Washington, DC metropolitan area, the job market has experienced solid growth, with the biggest growth happening outside the government sector, in professional and business services. Dr. Clower also spoke about a topic on everyone’s minds: the arrival of Amazon in Northern Virginia. In his estimation the most important, immediate effect is “bragging rights” and optics – the importance of showing the world that DC is not just a “government town.” He also addressed the need for the Washington, DC metro area to be a “bigger regional force”, and to band together to more effectively compete with other regions for business and talent.
“We were delighted to welcome Dr. Clower once again to share his insights with us,” said MCB’s Jude Covas. “The popularity of this event shows us how very interested we all are in coming together to learn more and remain engaged in the most important trends affecting our business community.”