Top Industry CEO’s Share Forecast at 2023 Charlotte Alliance Annual Outlook
Provided by Charlotte Regional Business Alliance, December 20, 2022
Want to know what some of the Charlotte Region’s top industry CEOs are forecasting for 2023? We found out at our CLT Alliance Annual Outlook. Nearly 600 business leaders from across the Charlotte Region gathered Tuesday for the Charlotte Regional Business Alliance® 2022 Annual Outlook.
The signature event is the preeminent economic forecast in the region, featuring some of the top Fortune 500 CEOs in the country. Darius Adamczyk, chairman & CEO, Honeywell; Marvin Ellison, chairman & CEO, Lowe’s; Brian Moynihan, chair of the board & CEO, Bank of America, all offered insight into the current and future states of the regional and national economies. The conversation was moderated by UNC Charlotte Chancellor Sharon L. Gaber.
All of the panelists agreed 2023 will bring its fair share of economic challenges.
“I see a mild recession and recovery,” Moynihan said. “We’ll still be talking about inflation, trade tensions and some other things next year, but we’ll be talking about how America is a better place to be during these times.”
“For my industry, for housing, we feel confident that though there will be some form of economic slowdown, we don’t feel like we’ll see a massive shock,” Ellison said. “We believe our business trend will remain strong.”
“Overall, for the U.S., I think it’s going to be a tougher economy,” Adamczyk said. “I still think it’s going to be okay, maybe not as good as 2022. The consumer is still relatively healthy, but we have to contain inflation.”
Moynihan said consumers are being more conservative.
“The U.S. consumers are making us stronger,” Moynihan said. “You have people employed, getting paid more. You have that engine, it’s relentless. We’re starting to see it get different, there is some worry, and so people are being more conservative.”
When asked their predictions on office life, they stressed the importance of balance.
“We’re doing this hybrid 3/2 structure,” Adamczyk said. “I think it’s important for employees to spend some time together to build their network. We’re trying to find out what the balance is. We also want to get back to embracing our early career employees.”
“We did surveys to develop a set of rules,” Moynihan said. “The issues we’re focused on is how do you make sure it’s fair, that junior teammates get mentorship, and how do you create a culture?”
As they look to 2023, the three executives highlighted the important role business will continue to play in the community.
“As we try to recruit, it’s incumbent upon all of us as business leaders to support a great community,” Ellison said.
CLT Alliance President and CEO Janet LaBar echoed those sentiments.
“We show up, we care, we value each other,” LaBar said. “People and community are synonymous and we’re always going to put the work in to lift each other up. That’s who we are. We’re all in. This behavior, this value it’s in our DNA.”
LaBar called economic development a “team sport,” and said that collaboration is helping to attract investment from companies of all shapes and sizes.
“Throughout our history, this region, marked by strong business leadership, has worked together,” she said. “The Alliance proudly carries the torch to bring new and familiar business leaders together to fuel the flame of civic engagement and cultivate complete care of our community.”
Malcomb Coley, 2022 chair of the CLT Alliance, highlighted some of the year’s successes and accomplishments in economic development, business recruitment, advocacy, and contributions to public-private partnerships like the Mayor’s Racial Equity Initiative.
The CLT Alliance Select CLT business recruitment team has identified 132 investment opportunities in the region in less than six months. Altogether, nearly 7,000 jobs have been announced across the region with a total capital investment of close to $4 billion.
The advocacy team had four legislative successes in 2022: tax reform in South Carolina, sales tax reallocation for transportation tax in North Carolina, and broadband funding in both states.
“I am proud of the work we have accomplished,” Coley said. “We’ve grown the economy, advocated for business, and convened diverse stakeholders, to shape a more vibrant and prosperous region. That’s why we exist, and it’s the difference that the Alliance brings.”
Kieth Cockrell, president of Bank of America Charlotte and head of sports sponsorships, officially assumed his role as 2023 chair of the CLT Alliance and outlined his vision for the organization.
“We have a proud legacy of leadership in the Charlotte community,” Cockrell said. “Legendary leaders that have helped mold and shape this city. They had the audacity to dream that Charlotte could be socially and economically transformational for not only this region, but for our country.”
“We are committed to creating opportunities so our region will continue to prosper,” Cockrell said. “We will build a big tent where everyone is welcome— private, public, big, small, nonprofit, elected officials, it doesn’t matter. All voices will be heard. All opinions will be respected.”
“This city and this region are proof that greatness is possible,” Cockrell continued. “But greatness requires a holistic approach. It is our people that make this region great. We see it in our legacy, we see it in front of us, and we see it in our future.”
The event concluded with a special tribute to Foundation For The Carolinas CEO Michael Marsicano, the 2022 recipient of the prestigious Citizen of the Carolinas award. The award acknowledges an individual who has made a significant impact in our region. The honoree, through years of accomplishments, has moved the needle to support all who do business in the Charlotte Region, in areas including civic leadership, public policy and economic growth.