WELLSBORO, PA (WETM)- The economy on a national level is seeing an uptick for the first three months of the year.
According to the Associated Press, the United States economy grew 6.4 % in the first quarter. Some say this could be the best economy we have seen in seven decades.
The lead U.S. economist for Oxford Economics, Lydia Boussour said, “As the health situation continues to improve, consumers sitting on piles of savings will give into the urge to splurge on services and experiences they felt deprived of during the pandemic.”
According to the U.S. Commerce Department, the total output of goods and services was up because of strong consumer spending. Economists speculate following the trends, the current quarter we are in could hit a growth rate of ten percent or more. If so, the economy will hit a growth rate of around 7.5% which would be the highest performance seen since 1951.
18 News was able to speak to the Wellsboro Chamber of Commerce to see if we are observing this growth on the local level within the Twin Tiers.
Julie Henry, the Executive Director of the Wellsboro Chamber of Commerce said, “I think we’ve seen a significant rise in the economy. [Locally] our retail is reporting a pretty strong in the first half of the year. And I think there’s additional room for growth. Once we get our workforce back in their jobs.” Henry said they had been observing the rise that is seen on the national level on the local level in Wellsboro. She also attributed the majority of that growth they are seeing locally, to tourism in the area.