Renowned economist Alan Beaulieu forecasts a strong and growing economy especially for the woodworking sector for the next few years that likely won’t be stopped by the impact of the election nor the pandemic, Woodworking Network reported. Beaulieu, president of ITR Economics, announced his forecast as part of an exclusive live online presentation on Nov. 10. In the 90-minute presentation, he explored the impact of the election, the course of the COVID-19 pandemic, and a host of data from economic trends that all point to positive opportunities for the woodworking industry. He tackled the COVID-19 pandemic first, noting the recent dramatic spikes in new cases and the news that at least one new vaccine is coming soon. Turning to politics, he predicted that there will be a second economic stimulus but emphasized that his forecast does not depend on that. Beaulieu suggested this is a golden opportunity for businesses to take advantage of low interest rates to invest in their businesses, particularly in machinery, automation, and expansion. “The next decade is going to be a gift to you,” he said. He predicted the tight labor market would continue and that labor rates will rise, making it even more important to invest in machinery and automation.
