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Addressing the Needs of High Country Businesses Through Financial Awareness and Regional Advocacy · Mind Your Business - A Podcast Series produced by the Boone Area Chamber of Commerce

• 0:01
  SPEAKER_02: The markets have plenty of pressure and yet they continue to perform.
• 0:06
  SPEAKER_02: This week we sit down with Jonathan Allen of Allen Wealth Management for our quarterly economic check-in.
• 0:12
  SPEAKER_02: From the Moon Area Chamber of Commerce, this is Mind Your Business.
• 0:19
  SPEAKER_01: Mind Your Business.
• 0:20
  SPEAKER_01: Brought to you by Appalachian Commercial Real Estate, providing professional commercial real estate services.
• 0:26
  SPEAKER_01: Visit Appalachian CRE.com.
• 0:30
  SPEAKER_02: Hello and welcome into Mind Your Business.
• 0:32
  SPEAKER_02: I'm David Jackson, president and CEO of the Boone Area Chamber of Commerce.
• 0:36
  SPEAKER_02: Thanks for joining us once again this week, whether through the airwaves of WATA here in Boone, or as a subscriber to the podcast version of this program, which of course is made possible each week by our good friends at Appalachian Commercial Real Estate.
• 0:50
  SPEAKER_02: If you are not yet a subscriber, just search for Mind Your Business wherever you get your podcast.
• 0:55
  SPEAKER_02: There you will find full archives, occasional bonus content, extended episodes, and plenty more connecting you with the business news that you can use from right here in the mountains of Western North Carolina.
• 1:12
  SPEAKER_02: Here is a word that is used quite a bit in the business conversation these days: resilience.
• 1:19
  SPEAKER_02: Framed properly, resilience can be the buzzword when things are going well.
• 1:24
  SPEAKER_02: The real test is whether you can hold that frame when the global picture is unsettled.
• 1:29
  SPEAKER_02: And right now, the picture is about as unsettled as we've seen it in a while.
• 1:34
  SPEAKER_02: We're watching the conflict in Iran and the rattled energy markets that have sent a ripple effect through the global supply chains that eventually shows up at the gas pump, right?
• 1:44
  SPEAKER_02: And for a community like ours, that matters more than people might think.
• 1:47
  SPEAKER_02: Boone's area summer tourism economy runs on decisions that visitors make weeks in advance.
• 1:53
  SPEAKER_02: And when gas prices creep up, so does the calculus on whether to make the drive up the mountain.
• 1:59
  SPEAKER_02: It's not always a deal breaker, though.
• 2:01
  SPEAKER_02: Many times when flying or long road trips cost more, our region benefits because of our proximity to so many major metropolitan areas.
• 2:10
  SPEAKER_02: Still, we watch this pattern and take it seriously as we anticipate our next seasonal change.
• 2:17
  SPEAKER_02: Add to that a Federal Reserve that is navigating a leadership transition, with a new Fed chair and Kevin Walsh now at the helm, and the market watching every word for any signal about the direction of interest rates.
• 2:31
  SPEAKER_02: Historically, Fed chair transitions create a period of uncertainty in the markets, not because of policy necessarily, but because investors are reading a new voice and new communication style for the very first time.
• 2:45
  SPEAKER_02: And then, of course, there's the midterm election on the horizon, which, whether we like it or not, already casts a shadow over market behavior.
• 2:53
  SPEAKER_02: History tells us that midterm election years carry their own market personalities, and we'll get into that with this week's guest in just a few minutes.
• 3:02
  SPEAKER_02: With all of that as context, I want to remind you that we have been here before as a community.
• 3:09
  SPEAKER_02: This economy has absorbed Hurricane Helene, a pandemic before that, and countless market swings in between.
• 3:16
  SPEAKER_02: We do not gloss over these challenges here at the Boone Area Chamber of Commerce.
• 3:21
  SPEAKER_02: We instead meet these issues head on, especially as we are inching closer to the midpoint of 2026.
• 3:28
  SPEAKER_02: Summer is arriving here in the high country, and there are smart moves to be made if you know where to look.
• 3:34
  SPEAKER_02: Jonathan Allen has been walking clients in this community through markets like this for years, and he joins us this week for our quarterly update to give us all kinds of grounded practical perspective that this moment calls for.
• 3:48
  SPEAKER_02: His firm, Allen Wealth Management, right here in Boone on Highway 105, committed to fiduciary standards and a process they call the trail system, helping clients find and stay on the right financial path wherever life's journey takes them.
• 4:03
  SPEAKER_02: AllenWealthmanagement.com, that's your starting point.
• 4:06
  SPEAKER_02: We look forward to our conversation with Jonathan as we check in on many points that make up this high country economy.
• 4:14
  SPEAKER_02: Also on this week's episode, a recap of a productive trip to the state capitol as we continue our advocacy efforts for the Boone area and beyond.
• 4:25
  SPEAKER_02: All of this and plenty more as we come back, we'll take a quick break first.
• 4:30
  SPEAKER_02: You are listening to mind your business.
• 4:32
  SPEAKER_01: Appalachian Commercial Real Estate provides professional commercial real estate services in the Boone area.
• 4:38
  SPEAKER_01: They provide sales, leasing, consulting, and appraisal services to owners and users of commercial real estate.
• 4:45
  SPEAKER_01: For more information, go to their website at Appalachian CRE.com.
• 4:51
  SPEAKER_02: Welcome back to Mind Your Business.
• 4:53
  SPEAKER_02: I'm David Jackson.
• 4:54
  SPEAKER_02: Before we get into the markets, let's take a moment to recognize the local resource that has been helping businesses navigate the market of commercial space right here in the high country for quite some time.
• 5:05
  SPEAKER_02: That's James Milner and Appalachian Commercial Real Estate.
• 5:08
  SPEAKER_02: They solve simple and complex commercial real estate problems in and around the Boone area and beyond.
• 5:13
  SPEAKER_02: Whether you own or lease commercial real estate, regardless of the property type, have an advocate on your side, along with the expertise and experience to assist you and your business.
• 5:23
  SPEAKER_02: For more information, check out their website at AppalachianCRE.com.
• 5:28
  SPEAKER_02: Jonathan Allen leads Allen Wealth Management, headquartered right here in Boone on Highway 105.
• 5:34
  SPEAKER_02: His firm operates as a fiduciary, meaning they are required to act in your best interest, and they work with clients through what they call their trail system, a proprietary financial planning process designed to help individuals and families stay on the right path, no matter what the markets happen to be doing at the time.
• 5:52
  SPEAKER_02: Jonathan joins us each quarter to help us make sense of our economic landscape from a business and personal perspective here in the high country.
• 6:01
  SPEAKER_02: Where do we even begin?
• 6:03
  SPEAKER_02: How about with this question?
• 6:05
  SPEAKER_02: With everything going on in the world these days, how is it that this economy keeps chugging along despite, well, everything?
• 6:15
  SPEAKER_04: Uh we have what some people are calling a K-shaped economy.
• 6:18
  SPEAKER_04: And that means if you're a higher earner or if you're in the upper middle class, uh, what you'll see is that they seem to be doing pretty well.
• 6:24
  SPEAKER_04: And then people who are maybe not doing quite as well and are not making quite as much money, they seem to be struggling a lot with the effects of inflation.
• 6:31
  SPEAKER_04: So on the whole, I would say yes, the economy is doing okay, but we're starting to see what what some economists are calling a bifurcation.
• 6:38
  SPEAKER_04: You're seeing kind of two prongs where one group of people is doing very well and one group of people is not doing so well.
• 6:44
  SPEAKER_04: But both are struggling uh with costs.
• 6:47
  SPEAKER_04: And as the cost of things continue to go up, uh it's just that those who make more money tend to be doing it a little bit, uh, seem to be doing better uh than those who maybe don't make as quite as much money.
• 6:57
  SPEAKER_02: Yeah, and and you may have just answered this sidebar to that, but but what are the influences that that make that that case start to widen out a little bit?
• 7:06
  SPEAKER_02: And and it seems like you you're exactly right, you you see that that separation and it's a tale of two different groups of folks, what are the things that that turn it around, so to speak, if if that's going to happen uh in a in a K-shaped economy?
• 7:20
  SPEAKER_04: So typically um everybody um I would say that if you're in working, um, what typically tends to bring it around or what tends to make everybody uh do well is that if you get a raise, or if you see um people who are looking for jobs find jobs, uh, or if you see people who are in jobs getting raises, like those tend to be things that tend to uh kind of broaden the economic positive aspects of things.
• 7:47
  SPEAKER_04: And and so if we see uh people finding jobs, uh, which we are, we are seeing people finding jobs.
• 7:53
  SPEAKER_04: Maybe it's not quite as good as it was a couple of years ago, but we are seeing people um uh finding jobs and and going, we are seeing raises, although they're not quite as big as what they have been.
• 8:03
  SPEAKER_04: And some of that's just because inflation uh has come down from where it was a couple years ago.
• 8:07
  SPEAKER_04: So a couple years ago, inflation was close to 9%, maybe even 10%, depending on which measure you look at.
• 8:12
  SPEAKER_04: It's much, much lower right now.
• 8:14
  SPEAKER_04: And so because of that, inflation is probably somewhere in the three, uh, three range, which is still higher than what the Federal Reserve wants, but it's much lower than what um what it has been.
• 8:24
  SPEAKER_04: And it's and it's very much actually in line with what post-World War II America has been uh been about.
• 8:30
  SPEAKER_02: There is a certain element of economics 101 that we always bring to our conversations, and and this one, uh this next question kind of goes down that road.
• 8:38
  SPEAKER_02: There's been a lot of conversation about gas prices, and rightfully so here over the last few weeks, especially with the ups and downs of of the political side of the war in Iran.
• 8:48
  SPEAKER_02: People saw prices fluctuate and and rise quickly uh when that action first started.
• 8:55
  SPEAKER_02: You see the headlines of crude oil prices dropping under$100 a barrel, um, as we record now.
• 9:03
  SPEAKER_02: Who knows what that will be by the time this airs?
• 9:05
  SPEAKER_02: But you you tend to see the gas price spike when when things get tense, but the price at the pump tends to take a while to come back down once crude oil prices drop.
• 9:16
  SPEAKER_02: Can you explain for folks that that may be looking for that relief and just not seeing it yet why the market behaves the way it does with this particular commodity?
• 9:23
  SPEAKER_04: There's a couple things going on here.
• 9:25
  SPEAKER_04: This is this is a really interesting uh quirk of oil markets, and I'm certainly not an oil expert, but I know enough uh to draw out some of this.
• 9:33
  SPEAKER_04: So a couple things that I would say uh there's two major benchmarks of oil in the world.
• 9:37
  SPEAKER_04: One is Brent crude, which is what country uh countries that are in Europe primarily will use.
• 9:42
  SPEAKER_04: Um, and that's kind of the international standard.
• 9:45
  SPEAKER_04: And then there's something called WTI, that's West Texas Intermediate.
• 9:49
  SPEAKER_04: Um, and so what you'll see is that there's a difference in the price of Brent crude, and there's a difference uh with uh West Texas Intermediate.
• 9:58
  SPEAKER_04: And why that matters is that the forces that are driving the price of Brent crude up higher are more tied closely to what's going on geopolitically, like in Iran.
• 10:08
  SPEAKER_04: Uh whereas West Texas Intermediate is primarily uh here in the United States.
• 10:13
  SPEAKER_04: And again, we are not as susceptible to some of the geopolitical events that we're seeing.
• 10:17
  SPEAKER_04: So there's a couple of things happening here.
• 10:19
  SPEAKER_04: And and what I would end up saying, um the market is very quick to price in, hey, this looks like trouble.
• 10:25
  SPEAKER_04: And so that's one of the reasons you see some of the spikes uh come very quickly.
• 10:29
  SPEAKER_04: Um and as um as supply starts to come offline, so if there is damage to infrastructure like we've seen in Qatar and in UAE and in Saudi Arabia and in Iran, uh, the problem is we don't exactly know how quickly they're going to be able to turn the spigots of oil back on.
• 10:49
  SPEAKER_04: And so there's a time lag between actually bringing it out of the ground, refining it, getting it to where it needs to be.
• 10:55
  SPEAKER_04: And that's certainly complicated with the barricade and the uh the straight-of-forward moves issues that we're seeing.
• 11:01
  SPEAKER_04: So even if this was resolved today, um that would be helpful, but uh in bringing down the price, but you probably wouldn't see it in the pump for several months because they have to bring more oil supply back on.
• 11:13
  SPEAKER_04: And that's true uh whether it's produced here in the United States or whether it's produced in uh the Middle East, they still have to refine it and they still have to get it to wherever it's supposed to go.
• 11:23
  SPEAKER_04: So if you look, um, like the countries that are that are facing the hardest time right now are the ones who are importing lots of oil.
• 11:29
  SPEAKER_04: And so that's gonna be places like China and that's gonna be places like Europe.
• 11:33
  SPEAKER_04: And so you're starting to see some rationing.
• 11:35
  SPEAKER_04: You're also starting to see some flights get canceled.
• 11:38
  SPEAKER_04: Um, and so those are some of the things, like, especially in Europe, they're starting to see uh they're they're probably some of the biggest beneficiaries of Iranian oil and Middle Eastern oil.
• 11:48
  SPEAKER_04: Um, and so that's part of the reason that you don't see the price coming down dramatically, and you're seeing flights get canceled in Europe and other things like that.
• 11:56
  SPEAKER_02: You know, you and your firm have tracked a number of times in our uh country's history where we have seen fluctuations with this particular commodity.
• 12:05
  SPEAKER_02: Um, you know, I I remember back to COVID a bit, uh, where obviously the price went down, but one of the similarities I think you see here is the lack of international travel or perceived international travel, maybe back then because of restriction, this time around because flights have gotten so uh incrementally high.
• 12:26
  SPEAKER_02: Um what does this market look like?
• 12:29
  SPEAKER_02: What what does the United States market look like when oil prices are at their highest as it relates to things like a tourism economy, let's say, or or those other things that that may be predictive of people's activity over the course of the summer?
• 12:45
  SPEAKER_04: Yeah.
• 12:46
  SPEAKER_04: I think a lot of people are scratching their heads about this.
• 12:48
  SPEAKER_04: I think there's a ton of people who are scratching their heads saying, you know what, we don't exactly know uh what this environment is going to shape up with.
• 12:57
  SPEAKER_04: But I'll say that uh it is documented very clearly that as the price of oil and gas goes up, even if we're well supplied, like we are here in the United States and North America, uh, what you're seeing is that as the price of oil goes up, people make decisions.
• 13:11
  SPEAKER_04: Maybe they don't fly somewhere and they'll end up driving somewhere instead.
• 13:15
  SPEAKER_04: And so there is a tangible expression in in terms of what people are willing to do for like summer vacations.
• 13:21
  SPEAKER_04: So as we enter the summer season and we see people start taking vacations, they may not be flying to Europe because there's some uncertainty around what the cost is actually going to be.
• 13:30
  SPEAKER_04: And so you'll see them substitute rather than going maybe to Europe, they'll go to uh a city that they can drive to and those kind of things.
• 13:37
  SPEAKER_04: Um, supply and demand is real.
• 13:38
  SPEAKER_04: And so a lot, you know, we're in a market-based uh system where the the price of a particular good will determine how much of that good gets sold.
• 13:47
  SPEAKER_04: And that um that's very much been the case.
• 13:49
  SPEAKER_04: I think it does kind of have um echoes of COVID that people are making decisions based on on the price of the commodity.
• 13:57
  SPEAKER_02: Well, speaking of of the price of things, we'll stay in the market performance uh arena of our conversation here for a moment.
• 14:04
  SPEAKER_02: You have been a great help to us in educating folks over time of what different seasons for the market may bring in terms of performance.
• 14:14
  SPEAKER_02: We've seen recently, um about a year and a half ago, a presidential election cycle.
• 14:20
  SPEAKER_02: We talked about this then.
• 14:21
  SPEAKER_02: What does midterm market performance typically look like?
• 14:24
  SPEAKER_02: Is especially one where you know you've you've got a lot of contested races across the country.
• 14:30
  SPEAKER_02: There's a lot up for grabs.
• 14:32
  SPEAKER_02: How does that necessarily equate to financial uh predictive markets and and overall stability heading into November?
• 14:40
  SPEAKER_04: So I was just at a conference recently, and this issue came up, and there's somebody that I trust and respect uh who came out with um some thoughts related to this.
• 14:49
  SPEAKER_04: And I'm I'm gonna defer, I'm gonna steal a lot of what he said uh to answer this question.
• 14:54
  SPEAKER_04: And uh basically what he said that I thought was really wise is he said there's probably two or three things that are coming to a kind of a culmination uh this this summer.
• 15:03
  SPEAKER_04: Uh one is that with some of the ongoing conflict in Iran and with uh a new Fed chair and with uh kind of midterm elections, this summer will probably be pretty rocky.
• 15:17
  SPEAKER_04: And I started thinking about some of what he was saying.
• 15:19
  SPEAKER_04: Um none of it was planned this way, but we do have like three or four kind of really big um external events that could end up impacting markets.
• 15:28
  SPEAKER_04: Um and so he one of the things he pointed out, and the guy I'm referring to, by the way, is Phil Orlando.
• 15:33
  SPEAKER_04: Uh, one of the things that Phil said is he said that um usually in the first days, first like 90 days of a new Fed chair, the market kind of tests uh the Fed chair.
• 15:43
  SPEAKER_04: There's there's some sort of conflict or there's something that happens to see if the Fed chair can really handle it.
• 15:48
  SPEAKER_04: Um, and then the second thing he talked about was um the Iran conflict and seeing uh obviously that's gonna impact um uh midterm elections.
• 15:57
  SPEAKER_04: The the bombing in Iran is not popular.
• 16:00
  SPEAKER_04: And so I think President Trump and the Iranians are looking for off-ramps to try to de-escalate.
• 16:04
  SPEAKER_04: Uh, but that has real world implications on midterms.
• 16:08
  SPEAKER_04: In addition to what you just said, where you see uh Democrats and Republicans are are vying very uh strongly for uh for seats that are up for grabs, um, that creates a really uncertain environment.
• 16:20
  SPEAKER_04: And I would say that typically midterm election years do not do well.
• 16:24
  SPEAKER_04: Uh so when you're looking at equity markets, that that so far this year, that's not been the case.
• 16:28
  SPEAKER_04: It's been a great year, despite all the craziness that we've seen in international markets.
• 16:33
  SPEAKER_04: Um, and that's that really confuses a lot of people.
• 16:36
  SPEAKER_04: But I would end up saying that uh probably the reason that the market has been more resilient right now is because the earnings have been better than people thought they were.
• 16:44
  SPEAKER_04: So because companies are still making money, despite all the stuff that's going on, despite all these uncertainties, that's the reason the market's going higher.
• 16:53
  SPEAKER_04: Um, and so the market is able to kind of look through and say, you know what, things may not be good in Iran or in my district or in some other uh aspect of their financial life, but they say, you know what, the market's still going up, the companies are still making money, and that tends to provide kind of a positive outlook.
• 17:09
  SPEAKER_04: But typically uh we do see the market stumble in mid-year election years where we are, and then we see it kind of resolve itself by the midterms, and then the year ends.
• 17:17
  SPEAKER_04: Usually the year ends pretty strongly.
• 17:20
  SPEAKER_02: We're gonna take a short break and come back with our second part of this conversation, talking financial conditions and what moves make sense as the midpoint of the year draws closer.
• 17:31
  SPEAKER_02: You are listening to mind your business.
• 17:33
  SPEAKER_01: Appalachian Commercial Real Estate provides professional commercial real estate services in the Boone area.
• 17:39
  SPEAKER_01: They provide sales, leasing, consulting, and appraisal services to owners and users of commercial real estate.
• 17:46
  SPEAKER_01: For more information, go to their website at Appalachian CRE.com.
• 17:50
  SPEAKER_02: Welcome back to Mind Your Business.
• 17:52
  SPEAKER_02: I'm David Jackson.
• 17:53
  SPEAKER_02: We continue our conversation with Jonathan Allen of Allen Wealth Management.
• 17:57
  SPEAKER_02: Yeah, I'll borrow a phrase.
• 17:58
  SPEAKER_02: Since you're borrowing phrases, I'll borrow some phrases too.
• 18:00
  SPEAKER_02: Kai Rizdahl, who is the host of Marketplace, longtime uh economic uh talk show podcast, whatever you want to call it now.
• 18:08
  SPEAKER_02: Um, you know, he often uses the phrase the market is not the economy.
• 18:11
  SPEAKER_02: We've talked so many times about the different ways that that an individual or a business can can kind of stack the deck.
• 18:17
  SPEAKER_02: Maybe it's investments, maybe it's cash on hand.
• 18:20
  SPEAKER_02: Uh, is this one of those times where increasing the flexibility of assets is helpful to weather whatever the storm is that's coming forward?
• 18:29
  SPEAKER_02: Uh, you know, maybe tightening the belt a little bit, having a little bit more cash on supply.
• 18:33
  SPEAKER_02: What are what are some of those tried and true things that help people navigate these times where there might be a little bit of turbulence?
• 18:39
  SPEAKER_04: Yeah, really interesting question.
• 18:40
  SPEAKER_04: So uh one of the things that we talk about in the office is something called anchoring bias.
• 18:45
  SPEAKER_04: And what that basically is when you're thinking about psychological terms, is that if you live through the financial crisis, you remember probably not having enough cash.
• 18:53
  SPEAKER_04: And so one of the things that a lot of people do is they say, I'll never be in that situation again.
• 18:57
  SPEAKER_04: And so I'm gonna hold on to a bunch of cash.
• 18:59
  SPEAKER_04: Uh, in an inflationary environment, that's not the right answer, right?
• 19:02
  SPEAKER_04: And so part of what we're trying to figure out is, hey, what are the shocks that we may see?
• 19:08
  SPEAKER_04: Uh, because of COVID and people having shortages of things like toilet paper and things like that, a lot of people uh realize, hey, I don't have enough inventory.
• 19:15
  SPEAKER_04: I need to build back some of those inventories.
• 19:17
  SPEAKER_04: Um, so what we're seeing now, I would say, is that a lot of business owners are trying to think maybe creatively about what does the future hold and what are some of the things that would be real world affected.
• 19:28
  SPEAKER_04: Um, and so a lot of what we're seeing is that people may be trying to lock in pricing uh when it comes to some of their inventory.
• 19:35
  SPEAKER_04: We're seeing people taking steps to put aside more cash and making sure that cash is earning a rate of return that's greater than inflation.
• 19:42
  SPEAKER_04: It's not enough just to keep it in a bank account anymore.
• 19:44
  SPEAKER_04: People want to make sure that it's actually earning at least 3% so that they can earn something on their money and they maintain purchasing power.
• 19:51
  SPEAKER_04: So that's what we're seeing businesses do.
• 19:53
  SPEAKER_04: Um, we're also seeing individuals do that too.
• 19:55
  SPEAKER_04: Um, and and there's there's definitely a balance right now uh in terms of what that looks like.
• 20:00
  SPEAKER_04: One other thing I'll just say really quickly as it comes to, you're right, the market is not the economy, uh, but it gets confused often.
• 20:07
  SPEAKER_04: Um one of the things that I like to remind people is that the market is actually a forward-looking indicator.
• 20:12
  SPEAKER_04: And so if you look, if you look at um the stock market, it typically is looking forward about six months.
• 20:18
  SPEAKER_04: Um and so that typically, uh, just because of how companies uh report earnings and what they do, the economy uh is is usually like what we're living in, what we're experiencing right now, but the market has already kind of priced that in because it's looking forward about six months.
• 20:33
  SPEAKER_04: So that's one of the things that you'll see a lot of times is that the market um may be maybe looking ahead to what's coming.
• 20:40
  SPEAKER_04: And so that's kind of the expectation that we that we end up seeing right now.
• 20:45
  SPEAKER_02: We've we've touched on the the upcoming uh changeover in the Fed chair position.
• 20:50
  SPEAKER_02: So Jerome Powell on his way out, Kevin Walsh on his way in.
• 20:55
  SPEAKER_02: I think one thing that we could probably all say is that President Trump during both of his administrations brings a little bit more spotlight to these kinds of transitions.
• 21:04
  SPEAKER_02: What does a typical Fed chair transition look like?
• 21:07
  SPEAKER_02: And what do you anticipate with this one, knowing that the president has weighed in as much as he has in this particular transition?
• 21:14
  SPEAKER_04: Yeah.
• 21:15
  SPEAKER_04: This is a really interesting question.
• 21:16
  SPEAKER_04: So um, in most of the time, the transition with FedChair is that somebody like Jay Powell would actually leave the Federal Reserve.
• 21:25
  SPEAKER_04: Uh, but this time that's not happening.
• 21:27
  SPEAKER_04: This is only the second time.
• 21:28
  SPEAKER_04: If I remember my uh Federal Reserve history, this is only the second time in history that that's happened.
• 21:34
  SPEAKER_04: Uh, most of the time, the Federal Reserve Chair, uh, when they're on their way out, they'll actually leave the Federal Reserve Board for a whole bunch of reasons, some of which are political, and some of which are probably trying to protect um his own his own reputation.
• 21:46
  SPEAKER_04: Uh Jerome Powell is sticking around.
• 21:48
  SPEAKER_04: So he's gonna stay on the board, uh, but he is not going to be the Federal Reserve Chair.
• 21:54
  SPEAKER_04: And so when Marsh comes in, what he is going to do is he's probably going to bring the expectation um Of lower rates.
• 22:02
  SPEAKER_04: Now, if you had asked me earlier this year, I would have said, yeah, I think by the summertime, uh, we'll not only have a new Fed share, and we'll probably have lower rates.
• 22:10
  SPEAKER_04: And um, and I'll say that what we're seeing is that it's being called into question.
• 22:14
  SPEAKER_04: Uh, not that we won't have a new Fed share, we will, uh, but it's very likely that rates are going to stay the same and maybe even go up.
• 22:22
  SPEAKER_04: And here's the reason.
• 22:24
  SPEAKER_04: Um, with the bombing that's happened in Iran and the price of oil escalating, that tends to filter through to the rest of the economy because oil, uh, because we have to get our products to different places, and because we have to uh transport our food and because of all the things, um, energy, uh, even though it could be transitory and may fall down some, uh, those higher energy prices are being passed along through other products as well.
• 22:49
  SPEAKER_04: And so we're starting to see inflation kind of creep higher.
• 22:52
  SPEAKER_04: Uh, that's not to say we have crazy amounts of inflation.
• 22:54
  SPEAKER_04: That's not it, but it is leading to higher prices and things, and that tends to mean that the Federal Reserve will either leave rates the same or maybe even raise them.
• 23:02
  SPEAKER_04: Uh, we're starting to see some of the big investment banks come out and change their um change their um projections saying, you know what, we think the Federal Reserve is not going to lower interest rates at all this year, or maybe at the very end of the year.
• 23:13
  SPEAKER_04: And so the expectation is that even though Trump may want Warsh to close to uh reduce rates, it's actually more likely that I think he'll leave it the same and maybe even raise it.
• 23:24
  SPEAKER_04: And keep in mind, WASH is not the only person who decides that.
• 23:27
  SPEAKER_04: The rest of the federal open market committee uh is the one, uh excuse me, the Fed is going to be the one who decides that.
• 23:34
  SPEAKER_02: You you set up my next question perfectly.
• 23:36
  SPEAKER_02: Before I get to that, though, I do like to think that there is a world that that you have the depth and knowledge of Federal Reserve history like I do sports statistics.
• 23:45
  SPEAKER_02: That's fascinating.
• 23:46
  SPEAKER_02: Um, but but go back here for a second to uh you know this this understanding that a person comes into a job like the Fed chair, and and some people think, and I think because of sometimes how this is portrayed in the media, that one person singularly controls direction.
• 24:01
  SPEAKER_02: How many different endpoint parts are there?
• 24:04
  SPEAKER_02: And not looking for an exact number, but just more the totality of the the points of endpoint that suggest economic direction when something like this happens.
• 24:13
  SPEAKER_02: Who all is involved in that?
• 24:14
  SPEAKER_02: And what is the Fed maybe driving, but not necessarily directly influencing?
• 24:20
  SPEAKER_04: Yeah, great, great question.
• 24:22
  SPEAKER_04: So um the Federal Reserve is basically the banking system, and they um there's a whole bunch of uh really nuanced things that I don't know.
• 24:31
  SPEAKER_04: So I will I will push back on I don't know Federal Reserve history like you do sports statistics.
• 24:36
  SPEAKER_04: I know you know way more than I do on that, David.
• 24:39
  SPEAKER_04: Um, but I will say that when it comes to the Federal Reserve Federal Reserve, uh it's effectively the banking system, and it controls uh short-term rates primarily.
• 24:47
  SPEAKER_04: Uh, it also controls the money supply in the United States.
• 24:50
  SPEAKER_04: And so um the way that it's it's organized here in the United States is that there are different uh reserve banks in different areas.
• 24:58
  SPEAKER_04: So, like New York is the largest, but then there's all sorts of others uh based all around the country, maybe San Francisco or maybe in Dallas or different places like that.
• 25:07
  SPEAKER_04: And so what happens is these Federal Reserve governors get together, they have a conference, they talk about what's going on in Atlanta or what's happening in San Francisco or what's happening in all these different places, and they say, What are you seeing in the economy?
• 25:18
  SPEAKER_04: And so they they piece it together primarily by consensus, uh, and then they vote over a couple day periods where they say, here's what we think is happening in the economy, here's how we think we should respond.
• 25:28
  SPEAKER_04: And then the Federal Reserve is kind of the person who's elected to say or appointed, probably is a better way of saying it, to um say, here's what the consensus believes, and here's what's happening.
• 25:38
  SPEAKER_04: So even though the Federal Reserve chair is the one who has to explain everything, they have to build a consensus together.
• 25:43
  SPEAKER_04: Uh, and that typically is what kind of drives policy.
• 25:46
  SPEAKER_04: That's why they end up um getting a spotlight.
• 25:49
  SPEAKER_04: And that's why it's a big deal uh is in terms of what they're trying to do.
• 25:53
  SPEAKER_02: Well, as we wrap up our conversation and uh just as always, appreciate your your time and expertise and your ability to connect a lot of dots.
• 26:02
  SPEAKER_02: Uh, the the economy is complex and how these things come together uh and how people can can begin to think about them and predict them in some ways uh is certainly helpful.
• 26:11
  SPEAKER_02: We talk a lot too in these chats about how you can use what's going on now to help influence your planning for tomorrow.
• 26:19
  SPEAKER_02: We're getting close to the midway point of 2026, as crazy as that is to say out loud.
• 26:26
  SPEAKER_02: What are some things that that you're seeing people uh contemplating, especially those that may have gotten some of that tax return money uh that that came out a little bit more deeply this time around?
• 26:36
  SPEAKER_02: But but what are some good things to be thinking about at the six-month mark as we're getting close to now here for this calendar year?
• 26:43
  SPEAKER_04: That's right.
• 26:44
  SPEAKER_04: The one big beautiful bill uh did change a lot of things.
• 26:46
  SPEAKER_04: So some people are getting uh some tax refunds, and that's great if you had that extra money.
• 26:51
  SPEAKER_04: One thing I like to remind clients is keep in mind uh that contribution limits to 401k, 403B, 457 plans have actually gone up.
• 27:00
  SPEAKER_04: Um, so you can do$24,500 uh now.
• 27:04
  SPEAKER_04: They also have catch up contributions that if you're over age 50, you can do an additional$8,000.
• 27:10
  SPEAKER_04: And then they came up with something that's pretty interesting uh called a super catch up.
• 27:14
  SPEAKER_04: And this is if you're over from the age 60 to 63, you can actually do another$11,250.
• 27:20
  SPEAKER_04: Um that's a big deal for a lot of people, but it's not just in 401k plans or 403B plans.
• 27:26
  SPEAKER_04: Uh contribution limits for IRAs also went up.
• 27:28
  SPEAKER_04: They went up from 7,000 to 7,500 this year.
• 27:31
  SPEAKER_04: Um, and then also if you're looking at like simple 401ks or simple IRAs, which some uh businesses here in the high country have, uh keep in mind you can also contribute more to those.
• 27:42
  SPEAKER_04: So uh for those kind of plans, you can do up to$17,000.
• 27:45
  SPEAKER_04: And then there's also some catch-up contributions too.
• 27:47
  SPEAKER_04: So too much to get into today.
• 27:49
  SPEAKER_04: But what I would say is if you have not updated your uh contributions for with your employer, it would make sense to go ahead and and look at upping your contributions just because the contribution limits are higher and that has a direct effect on reducing your taxable income if you put it into a traditional IRA or traditional 401k.
• 28:07
  SPEAKER_04: Uh if you do Roth, it doesn't really matter from a current tax perspective, but you can put more in and save.
• 28:12
  SPEAKER_04: So that's a great thing to do for um for retirement accounts uh that are uh that maybe you have some extra cash for.
• 28:19
  SPEAKER_02: Well, certainly we'll we'll get into that conversation a little bit more in depth as we get further into the year, but but never a bad idea to think about what comes next uh in terms of personal saving and and those types of things.
• 28:31
  SPEAKER_02: Jonathan, as always, we appreciate the insight.
• 28:33
  SPEAKER_02: If you could close us down by by giving folks a an um uh refresher on how they can get in touch with you and your staff should they have any additional questions.
• 28:42
  SPEAKER_04: Yeah, so certainly go to allenwealthmanagement.com and you can find out information about us.
• 28:46
  SPEAKER_04: If somebody wants to email me directly, Jonathan, J O N A T H A N at Allenwealthmanagement.com, all spelled out.
• 28:53
  SPEAKER_04: Our phone number 828-268-9693.
• 28:57
  SPEAKER_04: Thanks for having me, David.
• 28:58
  SPEAKER_02: Yeah, thank you for being here.
• 28:59
  SPEAKER_02: We'll talk to you again soon.
• 29:01
  SPEAKER_04: Take care.
• 29:02
  SPEAKER_02: Thanks very much to Jonathan.
• 29:04
  SPEAKER_02: You can check out more information at AllenWealthmanagement.com or give him a call 828-268-9693.
• 29:13
  SPEAKER_02: Great context, helpful perspective, and we'll be back once again with Jonathan next quarter to see what direction some of these trends have taken from now till then.
• 29:24
  SPEAKER_02: Time for a quick break.
• 29:26
  SPEAKER_02: When we come back, Western North Carolina heads to Raleigh.
• 29:30
  SPEAKER_02: Details after this, you are listening to Mind Your Business.
• 29:34
  SPEAKER_00: Are you a young professional looking to expand your network?
• 29:37
  SPEAKER_00: The High Country Young Professionals, affectionately dubbed the High Country Young Rose, is a dedicated group of 200-plus professional young adults under the age of 40 serving in various industries across the high country.
• 29:49
  SPEAKER_00: Join us for our casual networking event on the first Tuesday of each month from 5 to 7 p.m.
• 29:55
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• 29:57
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• 30:01
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• 30:02
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• 30:03
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• 30:05
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• 30:07
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• 30:17
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• 30:18
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• 30:24
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• 30:29
  SPEAKER_02: I don't know if I would refer to it as eastbound and down, but east we went.
• 30:33
  SPEAKER_02: Earlier this week, the Boone Area Chamber of Commerce was part of a group that made tracks to Raleigh to advocate for our region.
• 30:40
  SPEAKER_02: 85 business and civic leaders from across Western North Carolina, representing 14 different chambers of commerce, traveled to the Capitol City for our annual Western North Carolina Chamber Coalition legislative visit.
• 30:54
  SPEAKER_02: Twenty of those attendees came from right here in the immediate high country area, representing businesses and the local chambers, understanding what's at stake when decisions get made in that building down on Jones Street.
• 31:06
  SPEAKER_02: Let me say this again: 85 people, 20 from our own backyard.
• 31:11
  SPEAKER_02: That's not an accident, that is commitment.
• 31:14
  SPEAKER_02: And I'm very proud and thankful for every one of those business leaders that made the trip.
• 31:20
  SPEAKER_02: We covered a lot of ground in roughly 24 hours.
• 31:24
  SPEAKER_02: Here are some of the highlights.
• 31:26
  SPEAKER_02: We kicked things off Tuesday afternoon with a panel discussion on early childhood and its direct connection to workforce development, a topic we have discussed at length on this program, and anyone that has tried to hire in this community knows this is no longer a background conversation.
• 31:42
  SPEAKER_02: Teresa Stacker from the North Carolina Early Childhood Foundation, Dr.
• 31:46
  SPEAKER_02: Liana Martin from NC Child, and Graham Fields from Advent Health down in Henderson County laid out the stakes with clarity and conviction.
• 31:55
  SPEAKER_02: The case, a simple one.
• 31:57
  SPEAKER_02: When workers cannot find reliable, affordable child care, they cannot fully show up for work.
• 32:02
  SPEAKER_02: Full stop.
• 32:03
  SPEAKER_02: And that is a workforce issue that belongs on every employer's radar, not just for the parents.
• 32:09
  SPEAKER_02: The Boona Area Chamber of Commerce continues to be a lead advocate in this conversation, and we look forward tomorrow, in fact, to highlighting the recent NC Tri-Share partnership that we discussed on the show last week with leaders from UNC Health Appalachian, local providers, and NC Smart Start.
• 32:26
  SPEAKER_02: We'll have more on that announcement again next week.
• 32:29
  SPEAKER_02: From that panel discussion, we heard from the North Carolina Chamber of Commerce on the state of General Assembly activity, followed by a briefing from Duke Energy on state energy policy.
• 32:40
  SPEAKER_02: Wednesday morning, we heard from the State Auditor's Office, the Department of Commerce, and Grow NC before heading out with meetings with our county delegates.
• 32:49
  SPEAKER_02: And our group of 20 got a chance to spend about an hour with Representative Ray Pickett and Senator Ralph Heiss as we discussed lots of topics as they relate to Northwest North Carolina, particularly Helene Recovery and a potential bill that is working its way through the legislature right now that will continue the recovery effort from our area.
• 33:10
  SPEAKER_02: Between all of that, Governor Josh Stein stopped by.
• 33:18
  SPEAKER_03: Thank you all for coming to Raleigh.
• 33:20
  SPEAKER_03: Your voices are desperately needed to be heard here.
• 33:23
  SPEAKER_03: And we appreciate your trapping down to be with us.
• 33:26
  SPEAKER_02: The governor took a few minutes to speak directly with our group on Tuesday afternoon about continued Western North Carolina recovery efforts and the state's commitment to seeing this region through to the other side of Helene's long economic shadow.
• 33:40
  SPEAKER_03: The need for state support remains, but more so is the need for much more federal support.
• 33:47
  SPEAKER_03: Last month, we were pleased to welcome to North Carolina the new Homeland Security Secretary, Mark Lane Pollen.
• 33:53
  SPEAKER_03: I had written him in his first week on the job, inviting him to come to North Carolina to go to Western North Carolina to lay eyes on the schedule, the extent of the need.
• 34:02
  SPEAKER_03: And I am great over the needs of the best album online invitation.
• 34:06
  SPEAKER_03: And I had a productive call with him last week with a lot of different topics.
• 34:10
  SPEAKER_03: And we conveyed our priority needs for recovery from FEMA and Homeland Security.
• 34:17
  SPEAKER_03: We talk about the importance of accelerating FEMA reimbursement and project approvements.
• 34:22
  SPEAKER_03: There's over a billion, I think it's approaching$2 billion in approvals that have been made where the reimbursements have not yet come.
• 34:31
  SPEAKER_03: You know, right that all that work hasn't been finished yet, but a lot of it has.
• 34:34
  SPEAKER_03: And so we're eager for FEMA to become much less bureaucratic, much more streamlined to support local governments.
• 34:41
  SPEAKER_03: Many of these bills that those governments have shown out for rule is bigger than their entire annual budget.
• 34:49
  SPEAKER_03: And so they're out of that money.
• 34:50
  SPEAKER_03: They need money to pay for their police, for their trash collection, for every municipal service.
• 34:57
  SPEAKER_03: We talk about the need to cut unnecessary red tape and the power of partnership federal, state, local, private, nonprofit in Western Australia.
• 35:08
  SPEAKER_03: The main focus that we have in Washington is the$13.5 billion appropriation requests that we have submitted to the administration and to Congress.
• 35:19
  SPEAKER_03: But all the dollars we've gotten in today is about 12% of the value of the overall$60 billion.
• 35:27
  SPEAKER_03: Honestly, that's paid up compared to what other states have suffered maybe the natural disasters and received.
• 35:32
  SPEAKER_03: Many received 70%.
• 35:34
  SPEAKER_03: It's typical to receive 40 to 50% from the federal government to help offset the pain, the cost.
• 35:40
  SPEAKER_03: And we've got 12%.
• 35:42
  SPEAKER_03: And people West North Carolina, they are there for each other.
• 35:45
  SPEAKER_03: They are there for this country.
• 35:47
  SPEAKER_03: And it's your turn.
• 35:48
  SPEAKER_03: It's the people of West Fort's turn to get help from the federal government.
• 35:53
  SPEAKER_03: Housing and workforce development are two major priorities of chambers of commerce, not only in Western Carolina, but all over the state.
• 36:00
  SPEAKER_03: They include Western Carolina.
• 36:02
  SPEAKER_03: And I want y'all to know how much I share of those commitments.
• 36:05
  SPEAKER_03: People need job opportunities, they need good jobs with good wages, they can support family, and they need a safe place that they can afford and go home to at the end of the day to be with their family.
• 36:18
  SPEAKER_03: In March, I had the privilege of meeting T.W.
• 36:21
  SPEAKER_03: Randall of Mitchell County, president of Mitchell County folks here in Texas.
• 36:32
  SPEAKER_03: Mr.
• 36:32
  SPEAKER_03: Randall and his family lived in their home in Bakersville for 20 years.
• 36:45
  SPEAKER_03: Suffered immense damage.
• 36:47
  SPEAKER_03: It hit the foundation, it affected the roof.
• 36:50
  SPEAKER_03: But they did that from years ago, so they lived at the hump.
• 36:53
  SPEAKER_03: And after a couple or three months, the moisture at the home turned to black hole.
• 36:57
  SPEAKER_03: They all became ill.
• 36:59
  SPEAKER_03: Fortunately, they were able to move into Camper, where they have lived ever since.
• 37:03
  SPEAKER_03: They've had to face both their brown summer and two winter winters without the permanent shelter of a home.
• 37:11
  SPEAKER_03: But now the Appalachian Service Project, one of the housing nonprofits that we at the state have partnered with, is building up a two-minute host for TW, for Swife Angela and their son that are going to keep them on their property in a warm, safe, and dry home.
• 37:29
  SPEAKER_03: There are thousands of stories like TWs across Western North Carolina.
• 37:34
  SPEAKER_03: And each of those stories deserve a residential.
• 37:38
  SPEAKER_03: They need to be able to move forward in their lives and do so safely.
• 37:44
  SPEAKER_03: That's why we launched the renewed North Carolina single family housing program.
• 37:49
  SPEAKER_03: It was the fastest launch, not only of any state impacted by Hurricane Helene, but any state impacted by a great storm in over a decade.
• 37:57
  SPEAKER_03: We accelerated our efforts as fast as we could.
• 38:01
  SPEAKER_03: Now, that said, it's not fast enough.
• 38:05
  SPEAKER_03: And for that reason, we've been aggressively partnering with nonprofits that do not have to go through federal red tape to get programs out and running.
• 38:13
  SPEAKER_03: And so we've done hundreds of homes with our nonprofit housing partners at the same time that we're getting this program that's going to benefitly benefit a couple of 2,000 North Carolinians.
• 38:24
  SPEAKER_03: We deployed$28 million for those volunteer organizations like Apple Act for Service Product Project and Batman Submission.
• 38:32
  SPEAKER_03: The third Halene state budget proposal that I submitted recently furthers rental and housing assistance and more funding to expand that work that I just described with our nonprofit partners who are really accurate and able to immediately get people's homes and start hammering.
• 38:48
  SPEAKER_03: As we rebuild these hurricane Helene-impacted homes, we have to recognize that independent storm, there are not enough affordable housing options for people.
• 38:59
  SPEAKER_03: Too many people work in one community, which they can't afford and have to live really far away to travel every day.
• 39:16
  SPEAKER_03: What that means is there are not uh through 2029, so the next three years, we're rejected to be nearly 800,000 times short in this state.
• 39:28
  SPEAKER_03: And then the gap is growing more as folks move to North Carolina.
• 39:33
  SPEAKER_03: To keep on with population growth, we have to significantly increase the number of each year in the state.
• 39:42
  SPEAKER_03: Too many people are experiencing that when supply falls on demand prices go up, and it puts what it calls outreach or too many things.
• 39:50
  SPEAKER_03: So we have to increase homework opportunities and expand housing options of all types.
• 39:57
  SPEAKER_03: Not only think of that, but the duplexes, triplexes, condoms, a part of special needs houses.
• 40:04
  SPEAKER_03: Because folks need to have housing that is a source of stability in their lives, but not distress.
• 40:12
  SPEAKER_03: When we build more homes, we also need the people to build it.
• 40:16
  SPEAKER_03: We need more homes, but we also need more workers to build those homes.
• 40:20
  SPEAKER_03: And we're having a real crunch when it comes to that workforce, the construction workforce, to make sure that we have the ability to construct.
• 40:29
  SPEAKER_03: To increase housing production, we have to invest in apprenticeships, training, and career pathways to prepare people for these very high-demand jobs.
• 40:39
  SPEAKER_03: The investments will help us solve our housing construction workforce challenges, but it's not just house of construction, it's advancing the factory, it's aerospace.
• 40:49
  SPEAKER_03: There's so many occupations where we are falling behind with the needs of the market.
• 40:55
  SPEAKER_03: And we as a state can help uh a variety of industries overcome those workforces by explaining access to jobs with wages, with to wages that support a family.
• 41:10
  SPEAKER_03: A person shouldn't have to leave their hometown in order to get a job that supports a family.
• 41:15
  SPEAKER_03: And they shouldn't have to get a password to get a job.
• 41:19
  SPEAKER_03: We need to have a range of career opportunities for people uh in every corner of the state and in every type of field.
• 41:27
  SPEAKER_03: Workforce development is a core tenant of the draft long-term economic recovery framework that the uh advisory committee is putting together, David, and Chair Shecker, and some of the others.
• 41:39
  SPEAKER_03: And uh I know that you all are will be enthusiastic and support of it when it's finalized.
• 41:46
  SPEAKER_03: Students and job seekers need to know what jobs are available for them out there, and they need to build skills that they are necessary for them to succeed at home where they want to go.
• 41:58
  SPEAKER_03: Our job is to provide those real options that offer real career pathways right in their own communities.
• 42:04
  SPEAKER_03: And uh, one way we do that is through friendships.
• 42:07
  SPEAKER_03: Friendships are such a powerful workforce development tool, unlocking doors of opportunity for the next generation, and frankly, all agents have job seekers.
• 42:17
  SPEAKER_03: They help employers develop home growing talent and they help the state to meet a workforce need.
• 42:24
  SPEAKER_03: Uh, in February, I announced that I'd be directing discretionary dollars that we get from the federal government to the federal workforce innovation and opportunity toward NC career launch.
• 42:35
  SPEAKER_03: NC Career Launch is a student state's youth apprenticeship program.
• 42:40
  SPEAKER_03: It connects high schoolers with career paths.
• 42:43
  SPEAKER_03: So we have high school students that are actually going to work and get paid to go to work, and sometimes when they become apprentices, Munikov, they're not only paying when they go to work, they're paying to go to class because the need for workforce is so desperate by so many employers.
• 43:04
  SPEAKER_03: So whether it's ensuring they get the right workforce, it needs uh industry and communities or helping business owners and homeowners get back on the feet after a device and earning my clean work of that magnitude and affordance, it takes time.
• 43:23
  SPEAKER_03: It requires constant work to get it done.
• 43:27
  SPEAKER_03: There is no light light switch that we can.
• 43:30
  SPEAKER_03: It just doesn't happen to be either.
• 43:33
  SPEAKER_03: What I want you all to know that I know you all are in it for the long haul, because it's your call home and it's what you do for your work, but I want you to know that my administration is in it for the long haul.
• 43:43
  SPEAKER_03: We're gonna do everything we can to help you help your work community succeed.
• 43:48
  SPEAKER_03: We're not gonna take our straw gas, just as usual, not either.
• 43:52
  SPEAKER_03: And we are gonna stay committed to developing jobs and building an economy that works in every corner of the state.
• 43:58
  SPEAKER_03: And when I say that as I just was reading it as more.
• 44:02
  SPEAKER_03: So I'm for everything's more too.
• 44:04
  SPEAKER_03: And they needed things more than things for so I want to thank you all for the commitment to these issues and everything else you do in your daily job.
• 44:16
  SPEAKER_03: And I don't know if we're ordering you.
• 44:19
  SPEAKER_03: You rebuild Western Carolina.
• 44:20
  SPEAKER_03: We help you rebuild Western Colonel.
• 44:23
  SPEAKER_03: And together rebuild North Carolina and process everyone.
• 44:30
  SPEAKER_02: Thank you all.
• 44:32
  SPEAKER_02: It was interesting.
• 44:33
  SPEAKER_02: We were meeting with the governor when news broke that GOP leaders in North Carolina had reached at least an agreement on a framework for a state budget.
• 44:43
  SPEAKER_02: That's something we're going to continue to track as the biennial budget process moves forward now.
• 44:50
  SPEAKER_02: It is moving slowly, but the broad outline of where the negotiation sits includes proposed pay increases for teachers, law enforcement, and state employees.
• 45:00
  SPEAKER_02: All areas where recruitment and retention have been real challenges for years, and salary increases to these particular elements of the state workforce have a real impact here in the high country because so much of our workforce works in one way or another for the state of North Carolina.
• 45:17
  SPEAKER_02: There is also a developing framework around property tax, an issue that we have been watching closely given how directly local property tax revenues fund schools, emergency services, basic county operations in places like Watauga County, and the impact those funds have on rural communities throughout the state.
• 45:34
  SPEAKER_02: A compromise appears to be taking shape, but the details are still in motion.
• 45:38
  SPEAKER_02: Most observers, like the folks we spoke with in Raleigh, believe a final agreement on the budget is still at least three weeks out, and likely closer to a month.
• 45:48
  SPEAKER_02: We will keep you updated each week as this picture continues to clarify itself.
• 45:53
  SPEAKER_02: The thing I would like you to take away from all of this discussion, advocacy works, but only when people show up.
• 46:00
  SPEAKER_02: 85 voices in Raleigh, 20 from our area, meetings with elected officials, briefings from agency leaders, set aside time with the governor.
• 46:10
  SPEAKER_02: That's how this community continues to make sure it's not an afterthought when these negotiations or policy discussions are ongoing.
• 46:18
  SPEAKER_02: They are in fact the messages that will shape this region for years to come.
• 46:23
  SPEAKER_02: The Chamber's Advocacy Task Force will continue monitoring the short session and bring you updates on the issues that matter, especially as they relate to businesses here in the high country.
• 46:33
  SPEAKER_02: When decisions are made, we show up.
• 46:48
  SPEAKER_02: Next week, Vision Northwest North Carolina, the Chamber's annual Regional Economic Development Summit.
• 46:54
  SPEAKER_02: This year with a focus on transportation, its impacts, its future, how we will move people and goods and opportunities throughout Northwest North Carolina and beyond.
• 47:04
  SPEAKER_02: We'll be talking gas tax, infrastructure investment, North Carolina Department of Transportation priorities, and what it all means for communities and businesses that depend on roads, bridges, and routes, and moving people and goods through them each and every day.
• 47:20
  SPEAKER_02: Vision Northwest North Carolina is next Thursday, May 21st at the McCauga campus of Caldwell Community College and Technical Institute, right here at Boone.
• 47:30
  SPEAKER_02: This is the room where decisions get shaped and relationships get built.
• 47:34
  SPEAKER_02: There's still some tickets available, registration open at Boonechamber.com.
• 47:39
  SPEAKER_02: Grab your seat, and we look forward to seeing you next week.
• 47:42
  SPEAKER_02: That does it for this episode of Mind Your Business.
• 47:45
  SPEAKER_02: This program was written and produced by the Boone Area Chamber of Commerce.
• 47:48
  SPEAKER_02: Thanks to WATA for putting us on the airwaves each week.
• 47:51
  SPEAKER_02: And thanks as always to James Milner and the team at Appalachian Commercial Real Estate for making the podcast version of this show possible.
• 47:58
  SPEAKER_02: If you have not subscribed yet, fix that issue today.
• 48:02
  SPEAKER_02: Just search for Mind Your Business wherever you get those podcasts.
• 48:05
  SPEAKER_02: You can also stay up to date and visit us online anytime at foodchamber.com.
• 48:10
  SPEAKER_02: Until next week, so long, everybody.