Madison chamber VP touts strength of region’s economy

The vice president of the Greater Madison Chamber of Commerce says “the value of the ecosystem is as strong as ever” despite business challenges like inflation and the labor shortage. 

In an interview yesterday, Kevin Little offered an optimistic perspective on the future of the region’s economy and the industries that fuel its growth. 

“Despite the challenges we face, despite the gaps that still exist … I think there’s reason for encouragement and optimism with what’s going on in our economy right now and how we’re positioned for the future,” he told WisBusiness.com. 

The chamber yesterday convened leaders in business and economic development to discuss the path ahead for south central Wisconsin. These included representatives of Madison Development Corporation, Epic Systems, the State of Wisconsin Investment Board, Forward BIOLABS, University Research Park and others. 

“If last year was about recovery … I think this year we’re talking a lot about return,” Little said. “Can we return to pre-pandemic levels of employment growth, workforce mobility? And the conversation shifted a lot to how we talk about return may need adjustments, as businesses consider rising costs, interest rates, their own space needs.” 

While he said “there might be a recalibration … in the short-term” about what that new normal looks like, he noted the Madison region remains highly competitive in tech-heavy industries. He said the region continues to have one of the highest concentrations in the country of occupations in computer-related industries and the life sciences. 

The Madison metro area’s unemployment rate was 2.2 percent in October, according to the latest Department of Workforce Development report. That’s among the lowest in the state, and below the state unemployment rate of 3.3 percent for the month. 

“We’ve had continued growth among scientific research and development, pharmaceutical medicine manufacturing, software — among others,” he said, noting that growth continued through the COVID-19 pandemic. 

But along with that continued growth, Little underlined the importance of expanding transit infrastructure and providing workforce housing and child care options in the region. 

He also said yesterday’s discussion touched on prioritizing workforce diversity, specifically in technology-related jobs, “and the work that still has to be done” to ensure further economic growth is inclusive. 

–By Alex Moe