Economist says 2023 could end well

How will the economy perform in 2023? According to an economist, Chris Kuehl, there could be negative growth in the first quarter, slight improvement by spring, and 3 percent growth by year’s end.

Kuehl, a managing director of Armada Corporate Intelligence, made these predictions during the Association of Woodworking & Furnishings Suppliers’ fourth-quarter webinar, “Retrospectives and Forecasts”.

“Personally, I’m kind of leaning towards what amounts to a very slow start to 2023, not necessarily a full-blown recession, probably more of a slowdown, but that’s semantics,” he said. “It’s going to come down to each individual industry. The joke used to be that it’s a slowdown if your neighbor loses their job, it’s a recession if you lose your job, it’s a depression if the economist loses their job. So, it’s just going to be personal. Some industries are going to do very well, have been doing very well, other industries have been suffering and will probably continue to suffer.”

Kuehl said the U.S. consumer is somewhat optimistic at this point but warns the main reason for that is that they haven’t seen real big layoffs. But there’s continued concern about what the Federal Reserve Board will do with interest rates.

“There’s reason for optimism about the coming year, but there’s things that could change that opinion relatively quickly,” he said.

The AWFS hosts free economic updates every quarter. The next webinar is scheduled for March 29. Register at awfs.org/webinars.

The Woodwork Career Alliance had a banner 2022, enrolling 1,419 new candidates in its Passport Credentialing program, nearly twice as many as were enrolled in 2021. It also added 35 woodworking instructors as Accredited Skill Evaluators.

The industry-supported organization also enrolled 60 new schools as Education members, bringing the total to 160, and eight new woodworking companies as Manufacturing members, bringing the total to 28.

“I think the WCA’s growth is a clear indicator that more and more industry players are viewing our programs as a valuable resource to help recruit, train, and retain great employees,” says WCA president Scott Nelson.

Genesis Products Inc. has acquired BHK of America, a drawer component manufacturer in South Boston, Va., in a deal completed on Nov. 30, 2022.

The acquisition will integrate BHK’s production of drawer components with Genesis Products’ 20 years of expertise as a supplier of laminated panels, wood components and custom molded solutions, according to the company.

“The combined strengths of Genesis and BHK will enhance our product offerings and service to the residential kitchen cabinet, furniture and closet industries,” Jon Wenger, CEO of Genesis Products, said in a statement.

Genesis operates nine plants across the Midwest and East Coast.  

This article was originally published in the February 2023 issue.