The Center for Business and Economic Research, a branch of UK’s Gatton College of Business has released the most optimistic forecast for Kentucky’s economy in years.
CBER Director Chris Bollinger says the forecast is generally upbeat, but there are still challenges when it comes to spending. “There’s a huge issue of not just consumer trust, everybody who has to make a decision about what to do with their dollar right now are still holding back and that’s part of what’s holding the economy back. Banks, corporations and consumers are sitting on cash when they can because they’re worried.”
Bollinger says we need to focus on the good news and believes this report could be the oil needed to grease Kentucky’s economic wheel. “There’s a lot of positives in the economy and 2015 should be the year when we all say “ok it’s over…let’s move on!”
Bollinger believes a lot was learned in the last several years and that pursuing education excellence as well as economic innovation is essential for Kentucky to improve its per capita income and achieve broad prosperity.