Optimism At Northstate Economic Conference
Optimism up at Northstate Economic Conference due to Trump
OROVILLE, Calif. – Optimism pervaded Thursday’s 17 annual North State Economic Forecast at the Gold Country Casino in Oroville in large part because of President-elect Donald Trump’s economic vision.
“I think it’s going to help us tremendously,” said Bill Gaines, who founded Transfer Flow, Inc., a Chico-based company that manufactures fuel systems to help the disabled into vehicles.
A mechanical engineer by trade, Gaines identifies with Trump.
“We (engineers) are doers, and I believe that Donald Trump is a doer,” said Gaines.
Transfer Flow has been in Chico for 34 years and employs 104 people. As a corporation, it can pay up to a 35 percent tax. But if Trump has his way that rate would be cut to 15 percent.
Gaines said that could mean expansion and more jobs.
Further, Gaines is hopeful that a Trump administration will eliminate what he considers unnecessary federal environmental regulations that cost his company a lot of money.
“You’re looking at a quarter of million dollars before we can even sell one item,” he said.
Since Trump’s election, consumer and investment confidence is up.
“I come to an event like this and the buzz seems to be that he’s going to be pro-business,” said Richard Hoyt, a financial planner with Edward Jones Investments in Chico.
Trump’s plan to spend a trillion dollars on infrastructure has a nonprofit group optimistic that it can garner the funding for a new rail line connecting Humboldt Bay with the national rail system in the Sacramento Valley.
“A billion of the trillion would be perfect,” said David Hull, the chairman of the Land Bridge Alliance.
This optimism comes as little surprise to Thursday’s keynote speaker at the economic conference.
“Republican administrations tend to be more business-favorable than Democratic administrations,” said economist Peter Luchetti. “They’re more focused on business issues.”
The conference is aimed to provide an in-depth and candid look at where the National, State and North State economies are heading in the short and long terms.
One economist advised Northstate’s cities to exploit its history and heritage to attract more economic activity.
“Older areas that are restored (are desirable) and attract yuppies,” said economist Bill Watkins, who also addressed the conference. “You need to have that cache that’s going to attract people.”