Fifth Third Bank, in collaboration with the UNC Kenan Institute of Private Enterprise, has launched the 'Empowering American Cities' initiative, which aims to provide comprehensive economic insights covering 90% of U.S. GDP through analysis of the 150 largest metropolitan areas [28bef8d0]. This initiative was officially introduced in Chicago and has already reached over 1,000 attendees across five city events. Looking ahead to 2025, the program plans to release new economic data, whitepapers, and host events in seven cities, starting with Los Angeles in February [28bef8d0].
The initiative utilizes proprietary economic data to enhance business decision-making, as emphasized by Jeff Korzenik, Chief Investment Strategist at Fifth Third Bank [28bef8d0]. Gerald Cohen, Chief Economist, provided insights into the Greater Chicagoland GDP, highlighting the importance of localized economic data in understanding regional market dynamics [28bef8d0]. The collaboration also employs Kenan's proprietary statistical techniques alongside Fifth Third's regional market expertise to deliver actionable forecasts for businesses [73f7b8de].
Charlotte's economy, for instance, is projected to grow at a rate of 2.7% this year, ranking it eighth among the 50 largest cities, although a slowdown in hiring across major sectors is anticipated, with a net job growth of only 0.7% [73f7b8de]. Furthermore, the initiative's joint forecast predicts a 'short and shallow' recession for the U.S. economy later this year, while also warning of potential labor shortages due to an increasing reliance on foreign-born workers as Baby Boomers retire [73f7b8de].