15th Annual Groundhog Day Economic Forum Predicts Growth and Prosperity for Greater Monroe
The City of Monroe and Union County Chamber of Commerce proudly hosted the 15th Annual Groundhog Day Economic Forum on February 4, forecasting growth and prosperity for Greater Monroe in the year ahead.
More than 200 business and community leaders, executives, and professionals gathered at the historic Dowd Center Theatre in Downtown Monroe for the morning event to network, gain insight into the regional economic outlook, and explore economic development opportunities.
“We are not here to repeat the past. We are here to build on the momentum that's been created,” said Mayor Robert Burns in his opening remarks. “We're going to take the strengths of our City and expand them, ensuring that Monroe remains the best place to live, work, and do business."
Mayor Burns announced the creation of Monroe's Economic Development Department, emphasizing the City's extensive infrastructure, resources, and business-friendly environment that drive sustainable growth, job creation, and innovation.
“This office allows us to be more strategic, more focused, and more aggressive in bringing new opportunities, ensuring that every development benefits the people of Monroe first and foremost,” said Burns.
Walter “Buddy” Sprouse will serve as Interim Economic Development Director while the City's leadership team recruits a permanent director. Sprouse, a retired Monroe native, spent more than 15 years as executive director of the Augusta Economic Development Authority, where he facilitated more than $4.4 billion in investments, creating over 48,000 jobs. He also served twice as the executive director of the Randolph County Economic Development Corporation.
“Were in the process of building the best economic development department in the state of North Carolina. I look forward to working with the Mayor, the City Manager, and their outstanding City team,” said Interim Economic Development Director Walter Sprouse.
The Groundhog Day Economic Forum featured expert speakers Ian Wyatt, Director of Economics and Commercial Market Strategist - Commercial Bank for Huntington National Bank, and Ben Kinney, Publisher of Business North Carolina and SouthPark magazines.
Wyatt provided his regional economic outlook, stating that the Carolinas - particularly Monroe and Union County - are experiencing significant population and job growth not seen in other parts of the country.
“If you're not growing, you're dying as a city. Having a real growth strategy takes real planning and effort, but it also makes a lot of your problems easier when you're budgeting,” said Wyatt.
He also predicted solid economic growth for the U.S. economy in 2025, with largely unchanged interest rates from the Federal Reserve.
Kinney reported that consumer spending remains strong and total employment is booming across North and South Carolina. He expects stable interest rates and low unemployment in the year ahead.
“Many forecasts expect economic growth in 2025 to be even stronger than in 2024. The pace of job growth has been impressive nationally, but some states are faring better than others. North Carolina is faring better than others,” said Kinney.
The speakers concluded their presentations with a Q&A session, followed by a special announcement. Mayor Burns presented a $250 donation in each speakers honor to South Piedmont Community College to support workforce development. Additionally, he recognized Union County Chamber President and CEO Pat Kahle, who recently announced her retirement after 11 years of leadership, with a special donation in her honor.
As Monroe continues to experience economic expansion, the City remains committed to fostering a thriving business environment through strategic investment, workforce development, and pro-business initiatives.
To learn more about Monroe's economic growth and business opportunities, visit Monroe Economic Development.
