2023 Outlook
Potential Trends for Prince George’s County Have Already Begun. Here are Other Indicators To Be Aware Of
By M. H. Jim Estepp
President & CEO // Greater Prince George’s Business Roundtable & Andrews Business & Community Alliance
Estepp
2023 will have many twists and turns which will ultimately impact the outcomes that will determine our quality of life and wellbeing.
Overall, the economy will, according to most leading economists, be in a bit of a downward trend. Some are even predicting a recession. Identifying a recession is getting harder semantically because the media and the administration have moved away from the old definition of two consecutive quarters of negative growth in the GDP to more favorable descriptions.
The implications of a downturn in the economy will continue to have negative impacts on fuel prices, basic goods and services, the supply chain and the job markets. Although these impacts are often regional, its fairly certain that our county and state will experience some discomfort. Compounding the dollars and cents aspects of the financial picture will be COVID-19 variants, the efficacy of vaccines to curb them and their effects on the workforce.
The political environment will be full of change and uncertainty. First, a new administration at the state level, new elected officials at the county level and the change in leadership in the House of Representatives by the Republican majority will present many challenges. Clearly the President and others at the national level will be pre-occupied with a house that will be less than in sync with their agenda. Prince Georgians should fair well in Annapolis, since there was such strong support for the top elected officials from the county’s leadership and voters. County elected officials are moving forward with their own agendas and hopefully the need to work together for the good of the community will become more and more evident as time goes on. We are doing well on so many fronts that it would be harmful to business and the residents if such a positive dynamic abruptly changes.
The education system in our county and state are crucial to our success and quality of life. The retirement of Schools CEO Monica Goldson, will have a major impact on the system and the positive outcomes that have largely been present during her tenure. The County Executive promises to have a replacement ready to go when the CEO retires at the end of this school year. That action will go a long way toward helping to have a smooth transition and a system that responds first to the needs of the students and their parents. Dr. Goldson deserves our thanks and praise for serving our county and its students so well for so many years. Congratulations!
Many small businesses, especially locally based banks, have begun to return to some progress since the introduction of COVID-19 to our country. We all need to work exceptionally hard to continue building and nurturing these entities in 2023 and beyond, especially with programs that have worked and had a positive impact on the community. Everyone should recognize how unique and successful that our county has become and be proud of our achievements and future as a national, regional innovator and jobs creator.
