Economy
172 articles · Page 10 of 18
CITY OF SALEM AND 2023 GO BONDS RETAIN AA2 RATING FROM MOODY'S
Moody’s Investor Service has assigned an Aa2 rating to Salem, Oregon, for its 2023 General Obligation Bonds following the approval of a $300 million bond measure for community improvements. The funding will support various projects over ten years, enhancing infrastructure, emergency services, and affordable housing in the city.
Local teachers awarded grant money through Maps Teacher Grant program
Maps Community Foundation grants $25,000 to K-12 teachers in the Mid-Willamette Valley for classroom projects. A total of 25 teachers received recognition for their significant contributions to students' education. This initiative aligns with the foundation's commitment to supporting education and promoting lifelong learning in the region.
Fuego Latin Club Opens Up in Keizer
Fuego Latin Club, the Mid-Willamette area's first Latin dance club, opened in October in Keizer, founded by Jose Luis Pantaleon. With a focus on Latino music and themes each night, the club aims to provide a welcoming space for the local Latino community. Enhanced security and parking are also prioritized.
Hotel to Bring 127 New Rooms to Salem, Oregon
Coast Hospitality Management announced the completion of the structural framework for the Holman Riverfront Park Hotel in Salem, Oregon, a 127-room Hilton Tapestry Collection hotel set to open in January 2023. The hotel will offer modern accommodations and amenities, celebrating Salem's history while providing a vibrant urban experience for guests.
Small Business Holiday Report
American Express's Small Business Holiday Report reveals that 53% of small businesses are adjusting budgets for the holiday season, focusing on cash flow management and strategies to retain employees and attract customers. Many anticipate economic challenges and plan to increase marketing efforts, with social media playing a crucial role in holiday sales.
NFIB STUDY: SMALL BUSINESSES STRUGGLE WITH INFLATION, LABOR SHORTAGES
The NFIB’s Small Business Optimism Index fell 0.8 points to 91.3 in October, marking ten months below the 49-year average. Inflation remains a primary concern for 33% of owners. Despite challenges, 90% of hiring owners reported a lack of qualified applicants, while 54% acknowledged capital expenditures, indicating a cautious business outlook.
OREGON PART OF $391 MILLION GOOGLE SETTLEMENT
Oregon Attorney General Ellen Rosenblum announced a $391.5 million settlement with Google for misleading users about location tracking. This historic settlement, the largest of its kind, mandates Google to improve transparency and user controls starting in 2023. Oregon's role secures $14.8 million, as privacy legislation efforts continue.
REVENUE FORECAST RAISES KICKER QUESTIONS
Economists project that Oregon's tax revenue will exceed expectations by $4.97 billion, resulting in a $3.7 billion personal kicker for taxpayers in 2024. Some lawmakers are discussing suspending the kicker due to future budget concerns, but the high threshold for suspension and ample cash reserves make tax increases unlikely.
Holiday Growth up 6-8%
The National Retail Federation anticipates a 6% to 8% increase in holiday retail sales, reaching up to $960.4 billion, despite inflation concerns. Online sales are expected to rise by 10% to 12%. Consumers are adapting spending habits by shopping earlier and incorporating savings, while retailers face challenges including hiring seasonal workers and weather impacts.
How a looming rail strike would affect businesses, consumers
A potential freight rail strike could significantly disrupt the U.S. economy, costing $2 billion daily and affecting various industries, including food, chemicals, and automobiles. Essential supplies might run low, leading to increased prices and job losses. Passenger services would also be impacted, stranding commuters and worsening service delays.