Region’s Economy Expected to Grow in 2010 – Tech Sector Helps Lead Recovery

The Columbus Chamber released its annual Blue Chip Economic Forecast this week predicting that, while the region may experience a decline in employment during early 2010, these declines will be offset by employment growth later in the year.  The report predicts the strongest labor growth will be in the business and professional services sector which includes IT. 

“While we don’t explicitly forecast the individual components of a given sector,  IT has probably been one of the reasons why business services in the Columbus MSA have so dramatically outperformed the national average over the course of the recession,” says Bill Lafayette, Ph.D., the Chamber’s vice president for economic analysis.

“We also have to realize that IT employment is pervasive throughout the economy.  If you look at all computer occupations in our region, the employment is 64 percent greater than what you would expect in an economy our size,” commented Lafayette.

Economists project that net job growth within the region will be 0.1 percent (800 jobs) as compared to a 1.8 percent decrease in 2009.  It is also worth noting that although the region declined in 2009 it weathered the storm better than most of the nation.  The region’s loss compares favorably to the likely 3.7 percent U.S. decline,” says Lafayette.  “This has been the case throughout the region.” For more on the Blue Chip Economic Forecast for Central Ohio, see the release from the Chamber