Your Chamber at Work - December 13, 2021

FROM THE KC CHAMBER'S PRESIDENT AND CEO

Inflation should ease over the next few months, but workforce shortages continue. Those are two of the key findings from the KC Chamber’s economic forecast for 2022 – presented last week.

Inflation is now at levels not seen since the 1980s, with energy prices leading the way. Hopefully, the recent decline in oil prices should help. Even under the most rapid growth assumptions, the forecast doesn’t foresee an extended period of core inflation much above three percent.

Job postings in Kansas City are at record highs, as they are for much of the nation. About 1.2 million workers are missing from the job market, with women making up the majority of those at 56 percent, illustrating the issue of finding quality childcare. Quit rates are also much higher, as workers decide to leave their jobs. Workers seem to be changing their attitudes regarding what kind of job they want to come back to and what it will take to lure them back.

Meanwhile, unemployment rates for Black and Latino workers are disproportionately higher than their white counterparts – from 50 to 80 percent higher respectively.

In Kansas City, employment has recovered more quickly than the nation at first but was flat in recent months until July’s burst of 17,000 jobs. Since then, growth has been modest. Overall, the region has regained 127,900 of the 142,000 jobs lost during the first few months of the pandemic.

With an aging population and limited immigration, even achieving historically normal growth rates will become difficult in later years. This makes unlocking the untapped potential of the existing working-age population a key strategy to increase the future growth, competitiveness, and inclusiveness of the region’s economy.

Our thanks, as always, to the Mid-America Regional Council’s Chief Economist Frank Lenk for preparing the forecast. If you missed it, here’s a link to a recording of the morning session. There’s also a fascinating discussion following Frank’s forecast, featuring Niki DaSilva, Manager of Program & Policy for the U.S. Chamber of Commerce; Dr. Chris Kuehl, Managing Director, Armada Corporate Intelligence and author of the Chamber’s Daily Intelligence Brief; Dr. Angelique Nedved, Director of School Quality, SchoolSmartKC; Mira Mdivani, President & CEO, Corporate Immigration Compliance Institute; and moderator Mary Sanchez of KC PBS.

NEIGHBORHOOD NETWORKING: SHOP LOCAL KC

Enjoy great KC Chamber networking while you support a great small business at our next Neighborhood Networking event. Register now to join us at Shop Local KC, December 17, 8:30 to 10 a.m. at their Midtown location, 3630 Main St. Shop Local KC is a retail gift and flower shop as well as a curated, online marketplace featuring more than 300 Kansas City artisans. Enjoy a great coffee, connection, and pick up some of KC’s best gifts in time for the holidays. Chamber members can register here for free; it’s $15 for non-members. The KC Chamber's 2021 Neighborhood Networking Sponsors are Menlo and Unbound. Our 2021 overall networking sponsors are Blue Cross and Blue Shield of Kansas City, Delta Dental, and Mazuma.

DIVERSITY & INCLUSION WORKSHOP: UNDERSTANDING POVERTY IN KANSAS CITY – AN INTERACTIVE SIMULATION

Get a better understanding of the financial challenges facing thousands of Kansas City families – and as we present United Way of Greater Kansas City’s interactive poverty simulation at our next Diversity & Inclusion Workshop, Tuesday, December 14, 11:30 a.m. to 1:00 p.m. The free workshop is designed to help you better understand the situations of families in low-wage jobs struggling to make ends meet, while working in small groups to complete a series of budget exercises. You’ll leave with ideas and connections to resources to support and empower vulnerable families in KC. Our Diversity & Inclusion Workshop Series Presenting Sponsor is Commerce Bank. Our Diversity, Equity and Inclusion Presenting Sponsors are CommunityAmerica Credit Union, Evergy and Hallmark. This event series is in partnership with: Blue Springs Chamber of Commerce, Grandview Chamber of Commerce, Independence Chamber of Commerce, Liberty Area Chamber of Commerce, Mid-America LGBT Chamber of Commerce, and South Kansas City Chamber of Commerce.

KC CHAMBER HOSTS COMMUNITY BLOOD DRIVE

The KC Chamber is pleased to host an upcoming community blood drive to help the Community Blood Center, Wednesday, January 19, 10 a.m. to 4 p.m. in the Chamber Board Room, located on the first floor of Union Station next door to Pierpont’s. The Community Blood Center has issued a blood emergency as donations lag because of COVID-19. Your donation could save as many as three lives in KC. You can click here to book your appointment. That’s not all. All donors will receive a free Kansas City Chiefs t-shirt. Save a life today.

CENTURIONS APPLICATION WORKSHOP AND INFO SESSIONS

Learn more about the region’s oldest and premier leadership program, the Centurions Leadership Program, at one of our upcoming information sessions. Join us this Wednesday at the T-Mobile headquarters at 6360 Sprint Parkway in Overland Park, 4:00 to 6:00 p.m. Attendees must be vaccinated and by registering for this session, you agree that you are fully vaccinated and must show a copy of your vaccination card when you arrive. Still not ready to be in-person? Our virtual information session is January 6, noon to 1:00 p.m. When you’re ready to begin your application, make sure you’re prepared by attending our application workshop, January 12, 4 to 6 p.m. in the Chamber Board Room.