Implementing the Green Energy Transition, 49th Annual Economic Outlook Seminar
Each year, the Bureau of Business and Economic Research, the central research unit of the College of Business at the University of Montana, presents its research, economic analysis and forecasting for Montanans to better understand the economic climate in which we live and work.
This year’s theme, “Implementing the Green Energy Transition; What Will It Take?” focuses on how and what it will take as Montana begins transitioning into green energy. Patrick M. Barkley, Director of the Bureau, opened with what it would take to transition into zero-emission technology, outlining a dimension of the problem that people aren’t talking about — the amount of minerals and copper needed to make the transition, coupled with the long turnaround times in the permitting process.
A roundtable discussion with Heather McDowell from Sibanye Stillwater and Michael Freeman from the Montana Governor’s Office reiterated the need for Montanans to understand the opportunities ahead and the innovative work already in progress to begin moving toward green energy.
Other presentations included the Economic Outlook for the U.S. and Montana Economies, in which Mr. Barkey pointed out that the migration to Montana may be slowing, along with fears of recession. The down-up cycle appears to be over, and slow, steady growth is predicted.
Dr. Christiana Stoddard, professor of agricultural economics and economics at Montana State University, gave an update on health care. Dr. Stoddard noted that inflation affects healthcare with a lag, and we will likely see prices rise in 2024. She discussed the lack of employment growth, concerns about long-term recruitment in the industry, and significant wage increases that are likely to continue.
Updates from Institute for Tourism Research (ITRR) outlined stewardship efforts underway and the challenges that come from an economic downturn, political climate and natural disasters. She also noted that the number of new residents has increased the need for infrastructure and the competition for outdoor assets. 2024 trends lean toward authentic and cultural experiences, with active shoulder seasons based on longer weekend trips, music and festivals and regional tourism.
Other updates included real estate, housing, construction, agriculture wood products, and the economic outlook of Gallatin County, which GDP data indicate a slowdown. One more seminar is scheduled in Havre, MT, on March 13, 2024. Watch the website for program books and presentation videos when the series is complete.