“The federal reserve has a mandate of several things, to
promote a healthy economy, full employment, stable prices. The US economy
continues to expand.”
That according to Jim King, president and chief
information officer of National Penn Investors Trust Co., based in Wyomissing.
King was the first expert-speaker this morning at Lehigh Valley Business’ Real
Estate & Development Symposium 2015, an event that drew 530 professionals
to University Center on the campus of Desales University in Center Valley.
The event included breakfast, networking, exhibits and
expert panels on major projects in the Greater Lehigh Valley and what’s hot in
commercial and residential real estate.
Speaking at the event King also said he thinks employers
are going to start feeling pressure to raise wages and that the Federal Reserve
wants to see at least 3 percent annual wage growth
“It’s kind of the last step in building the US economy,”
King said. “The one area we have not improved on is wage inflation.”
Though he did say there was some improvement in that
area.
“Wages are starting to increase,” he said.
King also said the Federal Reserve is likely to continue
raising interest rates, but it would likely take more than a year to get to 3.7
percent.
In the third quarter of this year, probably in September,
is when he feels the reserve will take a measured approach to raise interest
rates.
Panelists at the symposium included Jon Scott, president
and CEO of the Greater Reading Economic Partnership; Don Cunningham, president
and CEO of the Lehigh Valley Economic Development Corp.; Ryan Conrad, CEO of
Greater Lehigh Valley Realtors; and John Crampsie, principal of NAI Summit,
South Whitehall Township.
The four discussed the warehousing boom in the region, as
well as trends in the commercial, industrial, office and residential real
estate markets.
Earlier, a separate panel talked about significant
projects in the region, including The Waterfront of Allentown, the revival of
downtown Easton and the FedEx Ground distribution project in Allen Township
near Lehigh Valley International Airport.
Those panelists were Zachary J. Jaindl, principal at The
Waterfront; Mark Mulligan, CEO of VM Development Group of Easton; Clark
Machemer, senior vice president of The Rockefeller Group of New York City; and
Joseph A. Fitzpatrick Jr., shareholder and founder of Fitzpatrick Lentz &
Bubba PC of Upper Saucon Township.
During the panel, Machemer said construction should begin
on the FedEx project this summer.
Source: LVB.com
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