Shortages in electronics, stainless steel and wood have driven price hikes, Harry said, although he remains broadly bullish for the next 12 months. Harry explained that CardioQuip, which produces heating-cooling devices used in cardiothoracic surgery, increased significantly from 2017 to 2020, and that this growth continued last year despite the general economic climate.
Kait Jones, BVEDC’s corporate outreach and engagement coordinator, said survey responses indicate that most local businesses anticipate further growth and success in the future.
“A lot of the participants I spoke with… they see a quality of place and life coming back, and students coming back – museums are opening, travelers are coming back to town – as well as a number of businesses coming in. also, ”Jones said.
Katherine Kleemann, franchise owner / president of Spherion Staffing in the Brazos Valley, said two of the biggest stories in economic recovery are jobs and wages. Kleemann said wage growth in the region rose more than usual last year, although she explained that the loss of a significant chunk of hospitality jobs has skewed overall wage figures . In 2021, local wage growth is up about 2.7% year-over-year, she said, which is slightly lower than national averages.
“Especially if we’re talking about short-term jobs, salary expectations have increased and the incentive to take those jobs has to be there. Salaries are a big part of it, ”Kleemann said.