The pandemic has drastically changed the economy, in ways that can be hard to grasp. That's why a new resource from the Kenan Institute of Private Enterprise at UNC is especially helpful. The Institute partnered with the North Carolina CEO Leadership Forum to produce a new report, Seven Forces Reshaping the Economy to help understand the opportunities for long-term change that will bring better economic outcomes for more people.
Changes in Work, Travel, and Migration Patterns
Accelerating Shifts Toward On-Demand and At-Home Retail
Onshoring and Widening of Supply Chains
Renewed Focus on Diversity and Systemic Racism
Upending of Education and Childcare
Shocks to Healthcare and Pharmaceutical Demand
Risk Reassessment by Capital Providers
The report recognizes that these issues are not easily solved, and recommends addressing them in 20-year increments. While it can be difficult to think long-term, it also opens up some opportunities; for example, while labor markets are slack, a more concentrated upskilling effort can take place, which will impact future income growth for those currently out of work.