YORK, Pa. — Jerome Powell, Chairman of the United States Federal Reserve, visited York County to learn more about its economic redevelopment. As the county continues to recover from the impacts of COVID-19, Powell met with local leaders and business owners at the Yorktowne Hotel to learn about the needs of employers.
“What we all desire at the fed is a sustained period of strong labor market conditions,” Powell said.
Workforce sectors like childcare, healthcare, and manufacturing continue to make jobs available but are not filling those positions.
Some people are finding it difficult to afford childcare centers, even while employed. Similarly, childcare centers are struggling to hire qualified professionals and provide them with a livable salary.
Manufacturing continues to be York County’s top employer. However, local experts claim the industry is lacking investments in new technologies.
“Many smaller cities and regions in the country are having a hard time, especially many of those that were manufacturing based,” Powell noted.
Inflation is also causing people to make financial compromises. If a parent or guardian can’t afford a childcare center, they may financially compromise by leaving their employer to care for a child full-time at home. People might also feel less inclined to spend more money on food at the grocery store to cover other living costs, such as an electricity bill.
“The record is also clear that we need price stability, price stability is just a critical piece of bedrock for the overall economy over the years,” Powell said.
Brando Diaz, the co-owner of Pacos in the York Central Market, was forced to make sacrifices to keep the business going.
“In those terms, we did have to manage and move things around, add something and take other things away, but other than that it’s been a little bit of a hurdle to get through,” Diaz said.
Diaz had the foresight to buy products for his business locally. This allowed his businesses to survive through the pandemic.
Despite the challenges still ahead for York County, Powell recognized people’s resilience and attributed the county’s success to its 20-13 economic plan.
“It feels like your plan enabled [York County] to come through COVID better than you otherwise would have, you actually had a plan in place and that’s what is very striking to me.”
York County’s current economic plan is expected to address concerns within its manufacturing sector as noted by Powell.
“We’re still coming through the otherwise of the pandemic, so with your plan over many years, you’ve really focused on manufacturing as a base to build on,” Powell said.
Along with Powell was Federal Reserve Bank of Philadelphia President Patrick T. Harker. The two accompanied other members of Monday’s roundtable discussion and toured downtown York, visiting small businesses like Diaz’s.