GDP growth expected this year and next

Staff report

POLAND

Huntington Bank says it has been seeing strength in the economy since before the 2016 presidential election.

Specifically, the bank saw strength in the goods-producing part of the economy.

“The election has brought a whole series of optimism around the economy,” said John Augustine, chief investment officer for Huntington Bank. “It hasn’t turned into reality yet, but a series of optimism.”

On Wednesday, Augustine provided an economic outlook and market overview to area business leaders at The Lake Club.

Augustine pointed out businesses need to be prepared for a lengthening and acceleration of the economic expansion, since the Trump administration has said it plans to achieve that goal.

Augustine gives the administration greater than 50 percent odds that goal will be achieved.

“We just want business to be ready for that because more and more with business now, we are finding there’s a shortage of skilled workers, and they need to get ready for that,” he said. “And they need to get ready for potentially some higher resource prices, too.”

Huntington predicts 2.1 percent real gross domestic product (GDP) growth in 2017. In 2018, the bank predicts 2.5 percent growth in real GDP. Augustine explained GDP as the country’s revenue.

“Fundamentally, the economy seems to be on the right course,” he said.