The Next Generation is Here!

It’s been a couple weeks since my last blog. I’ve missed you!
 
Our team is growing, and the beautiful new faces have given me pause to reflect on how best to engage them – and our entire team. Maybe you’re in a similar spot? The next generation of leaders is here, among us; how are we helping them plug in? I’ve been thinking about this whole idea of “passing the torch,” training up leaders and investing in their future. To add to the challenge, most of us are in some kind of hybrid work environment, making natural connections harder to develop. As a Chamber we’re actively wrestling with this, working hard to ensure our programming and resources provide what you and your team members need to build a strong future.
 
We’ve got free networking “Chamber Connect” events, to bring you all together.  Our Young Professionals events are intended to stretch across the East Metro. We’re investing in a Career Connect Day on October 18 to reach into the high schools with your career opportunities; more on that soon. And there’s even more: we want to be a resource for both career and personal development. Consider our equity leadership series, business education training, and recognition celebrations like our upcoming Foundation Luncheon (on July 19). We exist because of and for you; please let us know what else you may need to best serve your team members.
 
The Minneapolis Fed also is seeking your input: they are partnering across the Ninth District to get your insights and feedback on current business conditions. Please take this 5-minute survey to help Minneapolis Fed President
​Neel Kashkari and other leaders assess real-time business conditions in the region. Results will be shared with you once the survey is closed. All responses are anonymous. 
 
And one final note: in case you’d like to watch an interview I was a part of, on “Paving the way for equitable growth and strengthening economic competitiveness”!
 
See you in the trenches.
B​

• Novavax’s traditional vaccine for COVID-19 could hit the U.S. soon. Most unvaccinated adults wouldn’t be swayed. Biotech’s protein-based shot may find warmer reception as a booster dose for the vaccinated.
• Minnesota COVID-19 levels flat into holiday weekend. New weekly compilation of pandemic activity in Minnesota shows little change up or down in COVID-19 threat.

• Federal Reserve officials are likely to vote for another interest rate increase in the range of 50 to 75 basis points at the July Federal Open Market Committee meeting, according to June meeting minutes released last week. Fed officials acknowledged the risk of slowing economic growth in an effort to return inflation to 2%, which they view as "critical to achieving maximum employment on a sustained basis," while also noting that inflation could become entrenched if the public questioned the resolve of the central bank to tackle rising prices (CNBC).
• Several big names in economics will be discussing the financial state of affairs this week: World Bank Group President David Malpass will speak at the Brookings Institution's "State of the global economy" meeting on Wednesday and former Treasury Secretary Larry Summers will join the Economic Club of New York for a webinar the same day. 
• Ramsey County: The State of Minnesota has notified Ramsey County that it soon will receive $6 million toward homeless services from leftover federal pandemic relief funds, and county officials expect to issue a request for proposals next week. The goal is to secure between 100 and 200 beds for the homeless this fall, with services potentially running into May of 2023. 

​Federal

• Build Back Better: Optimism is growing that Senate Democrats could try again to pass President Biden’s Build Back Better plan. While environmental advocates expect the previous $1.75 trillion proposal to be significantly scaled back, hundreds of billions of dollars in climate funding could still be headed to states and local governments. 
• Senate Democrats are reportedly set to pitch a proposal to the Senate parliamentarian in the coming days to increase taxes on people earning more than $400,000 a year to generate $203 billion to extend the solvency of Medicare by three years, marking another step in an election-year bid to resurrect pieces of Biden's stalled domestic agenda (The Associated Press).

Regional

• St. Paul’s rent-control taskforce recommends 15-year exemptions for new construction. Also included in the final report is recommendation for maintaining the existing 3% cap on annual rent increases.
• St. Paul faces down $15 million budget gap. A recent courtruling related to street maintenance means the city no longer can assess property owners for work.
• St. Paul City Council member Dai Thao resigns, to take new position in FL. The city council will review applications and appoint an interim council member to complete the remainder of his term through 2023. A call for applications will soon be announced.
• Ramsey County is set to receive $6 million from state to address homelessness. Looks to secure 100-200 beds for this fall.

 
Election season is ramping up. Be sure to reference our East Metro Voter Guide to learn more about your candidates!
 
Subscribe to our Chamber Advocacy Update to keep up with advocacy news.

• Check out your Chamber’s calendar of upcoming events as well, which include:
  • July 14, 8-9 AM: Shifting Work Environments & Staff Shortages - Business Education Series (Hybrid)
  • ​July 19, 11 AM-1 PM: Annual Foundation Luncheon at the St. Paul Event Center.  Join us to celebrate this year’s honorees: Ling Becker, John Regal, Comcast, and Cookie Cart!
    
  • Come meet some new people at our next free monthly mixer! July 27, 3:30 – 6pm: Chamber Connect at Saint Paul Brewing.
    
  • August 1: Golf Classic at Mendakota Country Club.  Golfing is sold out, but join us for Golf 101 and dinner!

• Coaches share best hiring practices for leaders. Hiring challenges are impacting employers’ ability to operate at full capacity; read to find out what are some of your peers doing.  ​

• A six-figure income is needed to comfortably afford a home in the Twin Cities and nation. The estimated annual income needed to afford a home in the U.S. rose a whopping $28K – from $79.6K to $107.6K.
• Historic St. Paul building part of push for deep affordability. The historic Casket Company building, at 1222 University Ave W, is being converted by owner JB Vang into 55 units of affordable housing. The project is dubbed Twelve-22.  40 units at 60% AMI, 15 units at 30% AMI. And Vang is committing to maintaining affordability for 50 years.​

• Amazon is expanding in Centerville: Amazon has closed on 40.7 acres of land for a 141K SF warehouse. Facility is expected to open in the Fall of 2023.
• The Gold Line nears major construction after a Met Council committee signed off on a nearly $250M civil construction contract. The full Met Council is expected to vote on the contract award at its July 13 meeting.
• Airports: The U.S. Department of Transportation’s Federal Aviation Administration (FAA) will award nearly $1 billion from President Biden’s Bipartisan Infrastructure Law funding to 85 airports across the country to improve terminals of all sizes. Minneapolis-St. Paul International Airport will receive $7.1 million to replace five passenger boarding bridges and relocate one passenger boarding bridge.  ​