With unexpectedly faster growth in the fourth quarter of 2009, local leaders say Chattanooga has held its own and is poised to grow this year.
"We don't always mirror the national economy, but it tells me that perhaps we are coming out of the recession and that is positive," said Tom Edd Wilson, president and CEO of the Chattanooga Area Chamber of Commerce. "But Chattanooga has a lot going for it so I think we'll come out stronger than many other cities.
"We have a lot of momentum here in Chattanooga - a lot of companies have us on their radar," he said.
Area leaders in several industries say that while the national economy's growth is positive for Chattanooga, the city has been fortunate to avoid many of the worst effects of the recession that have hampered other cities.
Their thoughts:
n Randy Durham, president of the Chattanooga Association of Realtors, said a growing economy means a potential boost in home sales as consumers become more positive. "If you're reading the newspaper and looking at the TV and feel like the economy is deteriorating, it is not a good personal environment to be out shopping for the biggest purchase you'll ever make."
n Dr. Richard Casavant, dean and John Stagmaier Chair of Business at UTC's College of Business, said more young entrepreneurs choosing to stay in the area and large companies investing here will spur the area's growth. "While we trailed the national economy in the '80s and '90s, I think the opposite will be true and the region will have great growth in the next decade."
n John S. Wilson, Chattanooga branch manager for Morgan Keegan, said the upswing encourages consumer confidence, which is crucial. "The consumer confidence index is higher than it has been in two years which means there is a change in sentiment which is important because it means people believe we are coming out the other side of the recession," he said.
n Robert Doak, president and CEO of the Chattanooga Area Convention and Visitors Bureau, said an improving economy means people will spend more money on leisure. "Travel and vacations are usually one of the first things people cut when times are hard. So when their personal finances are in order that's usually one of the first things to come back and a people will travel more."