News and Insights | All posts tagged 'economic'

Posts Tagged 'economic'

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Adapting to Transformational Trends and Economic Challenges

The global banking industry is undergoing a significant transformation in 2024, influenced by changing economic conditions, technological advancements, and evolving consumer expectations. According to Statista, the market is projected to grow at an annual rate of 4.92%, reaching a value of $10.83 trillion by 2029. However, McKinsey & Company notes that sustainable growth presents challenges, particularly as banks face declining net interest margins, expected to shrink from 3.1% in 2023 to approximately 2.7% by 2030. This compression is primarily driven by potential global interest rate reductions that could reverse the profitability gains realized during previous rate hikes.

TAGS: global banking, international bank, economic, Technology, funding, global, cost optimization, income,

The Power of Local Small Business Spending on Community Growth

Shopping locally is not just about finding unique gifts; it’s about strengthening the entire community. Studies from REV indicate that 67 cents of every dollar spent at a local business remains in the local economy, compared to only 43 cents for non-local businesses. This local “multiplier effect” is significant because local businesses often source products from other small businesses, creating a positive economic ripple throughout the community. As stated by Forbes, Small businesses account for 99.9% of all businesses in the U.S. and employ nearly half of the American workforce. In other words, by shopping locally, consumers help maintain and create jobs that sustain their communities year-round.

TAGS: Shop Local, local business, small business, holiday shopping, community banks, Financial Empowerment, economic, holiday season,

The Economic Impact of Veteran-Owned Enterprises

According to the Office Of Advocacy, veteran-owned businesses have made a significant impact on the U.S. economy, with over 1.9 million veteran-owned businesses providing jobs for around 5.5 million people and generating substantial economic output, according to data from the SBA.

TAGS: Veteran-Owned, Small Business, Veteran-owned businesses, Economic Impact, economic, funding, Business Challenges,

How Phoenix Arizona Became a Manufacturing Powerhouse

Phoenix’s manufacturing sector has experienced impressive growth. From 2013 to 2023, the city saw a 14.9% increase in manufacturing jobs, far outpacing the national average of 6.7% during the same period, according to the U.S. Bureau of Labor Statistics. As stated by Jevan Capital In 2023 alone, the city added nearly 15,000 new manufacturing jobs, pushing the total number of manufacturing positions to approximately 180,000.

TAGS: manufacturing, economic, manufacturing jobs, commerce, robotics, automation, wages, phoenix arizona, industrial, tax incentives

News & Insights

Posts Tagged 'economic'

Adapting to Transformational Trends and Economic Challenges

The Power of Local Small Business Spending on Community Growth

The Economic Impact of Veteran-Owned Enterprises

How Phoenix Arizona Became a Manufacturing Powerhouse

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