BOONE AREA CHAMBER OF COMMERCE RELEASES
2023 Q4 ECONOMIC INDICATORS REPORT
Dr. Harry Davis points to more evidence of a potential soft landing for the High Country economy
As the first month of 2024 nears its conclusion, the Boone Area Chamber of Commerce released its Q4 Economic Indicators Report for 2023.
This redesigned quarterly report examines five key statistics within the Watauga County & High Country Economy, featuring a summary of local impacts by Dr. Harry Davis, Appalachian State and North Carolina Bankers Association Professor and long-standing regional economist. The report also includes quick stats and commentary on local commercial real estate activity provided by James Milner, CCIM, Appalachian Commercial Real Estate and a summary of the residential real estate market supplied by Stacie Pineda, Stacie Pineda Real Estate Group.
“We felt and saw evidence of a strong finish to 2023 as it relates to our tourism economy, and this report certainly verifies that feeling,” said David Jackson, President/CEO of the Boone Area Chamber of Commerce. “Sales and occupancy tax revenue suggest that while travel patterns may have started to normalize since the inflections caused by the pandemic, visitors are still prioritizing trips to the High Country. Our community’s welcoming approach helps create meaningful relationships and repeat visitors, and the beautiful leaf season and strong start to the winter sports calendar kept things positive.”
“However, it’s important to note that our economy is performing while also running in the red in other areas,” Jackson continued. “We continue to see evidence of the squeeze the lack of attainable housing is putting on the overall economic picture. We have been fortunate that our adaptable workforce is still producing despite the cost of housing and the availability of childcare are working against them. We must continue to work to improve these foundational elements of our community and can point toward momentum building in each of these core projects. Our community remains resilient, and while we can take pride in our ability to overcome challenges, it also would be amazing to see what success would like with more efficiency and stability for our workforce.”
The Quarter 4 Economic Indicators report was developed, and data compiled with the assistance of the Watauga County Economic Development Commission, Watauga County Tourism Development Authority, High Country Association of Realtors, and the Chamber’s Business Development Committee.
A review of data for the previous four quarters can be found here:
To contact Dr. Harry Davis for follow-up comments, please contact the Walker College of Business at Appalachian State University at 828-262-4030. For James Milner, email ja***@ap************.com. To reach Stacie Pineda, email st****@st**********.com
Boone Area Chamber of Commerce
(828) 264-2225 – office