Economists are predicting reasonably steady growth of in most segments of the U.S. economy throughout 2015. The National Association for Business Economics released a survey which indicated national and global business investments will grow at a faster rate than previously forecast.
Though spending is down amongst Americans and the housing market is still not expected to grow much in 2015, worker’s pay is expected to increase by 2.6% while the unemployment rate continues to fall.
2015 National and Global Market Forecast
Byron Wien, the famous economist, believes that the biotech sector will have a great 2015: “I think there are going to be a lot of new drugs introduced in most of the major diseases,” Wien said. “Not everyone will be a winner, but there are going to be some big winners out there.”
Overall, he believes the economic outlook for the U.S. is pretty favorable for 2015, but depending on global politics, such as the political uprisings in the Middle East and parts of Asia, the U.S. can be subjected to an dire economic impacts.
If your business depends largely on international commerce, you should continue to follow the trends of the world markets and closely watch events in the Middle East that can cause economic uncertainty within your industry.
More Baby-Boomers are Expected to Retire
According to the Morningstar, in 2015, baby boomer retirement rate will continue to increase as they pass the age 50 mark. This will lead to a higher demand of health service providers, an increase in labor shortages (particularly in skilled positions,) and an overall lift in wages as more positions become harder to fill. Finding quality workers to replace the boomers will be a significant challenge to some employers for a short period of time as a result of a lack of skills amongst younger workers.
You should analyze your workforce to see if there might be an increase in baby boomer retirement throughout the next few years and how it might impact your company. If the majority of your workforce is older than 50, you may want to consider providing additional training options to your less seasoned workers to ensure they can perform the tasks of their older counterparts upon their departure.
Is Your Company Ready?
Would you be in a position to sell your company if an amazing offer came along? With the increase in business expansion throughout 2015, you may want to consider meeting with an experienced business attorney to discuss the possibility of selling small parts of your business, or the whole thing. For instance, it is not uncommon for private investors or the bigger companies in your industry to look at many opportunities simultaneously. If you know your company’s value, and have your legal documents in order, you could seize an golden opportunity before your competition does. Even if you are not looking to immediately accept an offer, you should still find out what you need to have in place (legally) just in case.
Sources
Economic Outlook: 2015 Could Bring More of the Same
Economy Expected to Continue Steady Recovery