Economy Continues to Paint Pleasant Picture for Lincoln’s Future
You don’t have to be a genius. Instead, be ingenius!
The message of author and keynote speaker Scott Steinberg was simple for the hundreds of business leaders at the Cornhusker Marriott Hotel at the 2018 Economic Development Breakfast on May 24. The latest Business Conditions Index compiled by the Lincoln Partnership for Economic Development and the University of Nebraska-Lincoln’s Bureau of Business Research shows that employment continues to grow for the Lincoln area as the population increases according to ongoing long-term trends.
Lincoln Chamber of Commerce President and CEO Wendy Birdsall says Lincoln’s low unemployment rate of 2.6%, coupled with one of the largest increases in Median Household Income in the country at 8.3%, makes the city an attractive destination for those seeking to start or continue their careers.
“The amount of energy we have in Lincoln toward building for the future and attracting young people and their families with great schools, great business opportunities and a high quality of life really shines through in this report.”
“It’s a proven formula that shows once again how our momentum is captured in the Business Conditions Report and how we can continue to make Lincoln stand out among its peer cities.”
Steinberg, who specializes in strategic innovation and future technology trends, brought forth numerous examples of how companies don’t necessarily have to re-invent the wheel when they want to change—they merely need to be more resourceful to grow their markets. The changing philosophies of companies such as Walgreens, who as Steinberg pointed out, merely put their pharmacists in a position to have more interaction with customers, went a long way to help boost the bottom line.
Little things that may seem of little consequence can have a big impact in a rapidly changing business world—and especially on a city such as Lincoln according to Steinberg.
The diversification of Lincoln’s employment patterns also paints a positive picture for the years to come. The Business Conditions & Indicators Report for 2017 found that real gross domestic product in Lincoln grew faster over the past decade than it had nationwide, with Lincoln expanding 18.14% since 2007 while the growth nationwide sits at 14.92%. Non-farm employment in Lincoln also grew by 8.53% in the metropolitan area from 2007 to 2017, compared to 5.82% in Nebraska and 6.25% nationwide.
Ultimately, like a smart poker player who treats each hand as a business decision of sorts according to Steinberg, successful cities and companies will make probing, safe bets before they go “all-in” with a big winner. Birdsall adds that Lincoln has been smart with its assets and remains in a position of strength as they build for the future.
“We are a great city and our national recognition as a progressive place to live is well earned. We will continue to work and make sure that Lincoln provides these ample opportunities and a high quality of life for the years to come.”