Experts say 2022 was very eventful year for the U.S. economy but will that trend continue into 2023?
War, inflation, and the declining stock market had troubling impacts on affordable housing, interest rates, and gas prices.
Associate dean and professor at IU’s Kelley School of Business Phil Powell said the state budget session beginning next week can put Indiana on the right path for long-term economic development. He said the most important things the state should invest in include education, infrastructure, placemaking and public health.
“I think if we come out of this budget session with some really good stories on what the state is doing in those four areas, it’s gonna help us leap ahead in terms of a prosperous Indiana,” Powell said.
LISTEN TO: The business landscape has seen many changes in 2022
Powell referred to placemaking as a general term used to attract talent and expand businesses. He also said Indiana ranks among the lowest of states in percentage of the state’s GDP allocated to public health.
Director of the Indiana Business Research Center and the Governor's Census Liaison Carol Rogers emphasized the need for funding childcare and affordable housing. She said that is hindering the ability for residents to work in Indiana.
Budget hearings begin Wednesday, Dec. 7.
