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Economist: Winter weather hampering economy

While the horrible winter weather has been a drag to deal with, it is also hampering the economy, economist Diane Swonk told about 500 business leaders at an economic breakfast in Lake County this morning.

"We are suffering a terrible winter, we've had snow in every single state," and that will affect the economy, including construction, housing and retail spending as consumers hibernate, said the chief economist and senior managing director at Mesirow Financial in Chicago. "The chill that we feel is having an impact on economic growth," said Swonk, who was one of a several experts who spoke at the Lake County Partners' "Big Event" at the Marriott Lincolnshire.

As the temperatures rise, she said we have to play catch up. She is optimistic this will happen. "Consumer spending again is going to be robust this year," she said, adding that the decrease in oil prices at the pump is a positive, along with increases in employment. "Wages are still stagnant," she said, but said there are signs of improvement as retailers begin increasing wages.

Swonk believes housing is coming back. While Millennials may be delaying getting married and having children, she believes they want to buy homes and are educated.

The economist is upbeat about the future. "At the end of the day, we are going from a Wall Street to a Main Street economy."

Lake County Board Chairman Aaron Lawlor addressed improvements being made on a local level in terms of business growth, governments working together and infrastructure improvements.

Economic Architect Mark Lautman then told participants that the county is in a good place when it comes to economic development. The author and founding director of the Community Economics Lab, a think tank that innovates new approaches to economic development, said the industry is changing and leaders must keep up.

For example, demographics are changing and there is a "looming shortage of qualified workers. There is a disconnect between schools and employers about the labor market," he said.

He said leadership must be aware that Millennials are not participating in rotary clubs and similar organizations and the speaker challenges those over 50 to bring in someone under 35 to the board.

Lautman, who speaks across the country, said Lake County has the right pieces in place to make economic development work. "You should be proud and optimistic about the future," he said, cautioning that the economic development game is changing and must be recognized.

Lake County leaders attending the event said it was a positive, informative session.

"I think it was a great event. It reinforced that you have to keep current and look to the future to keep the engine going," said Frank Deuel of Comcast.

"I thought the program was outstanding," said Rick Scardino, retail director at Lee & Associates. "This county has an outstanding image and they are trying to shrink government," the Hawthorn Woods resident said. "I think it's also clear that we need help from the State to keep our companies here and not move over the border to Wisconsin," he added.

Michael Stevens, president & CEO of Lake County Partners, said he thought the event was informative. "The support we got from the community was great," he said, adding that it was the largest turnout the annual event has had in years.

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  Author and economic architect Mark Lautman talked about how economic development is changing during an economic breakfast Wednesday at Lincolnshire Marriott. Gilbert R. Boucher II/gboucher@dailyherald.com
  About 500 Lake County business leaders listen to Lake County Board Chairman Aaron Lawlor during The Big Event held by Lake County Partners at Lincolnshire Marriott. The business breakfast featured speakers Diane Swonk, chief economist with Mesirow Financial, and author and economic architect Mark Lautman. Gilbert R. Boucher II/gboucher@dailyherald.com
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