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Economic Cloud Has a Silver Lining

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Economist Roger Tutterow, Ph.D. Professor of Economics at Kennesaw State University, speaking at Tandem Bank 2022 Economic Forum

In the early days of Tandem Bank’s existence, Chairman, CEO and Founder Charles DeWitt pointed out how it differentiates itself from many other banks.

In an interview with Atlanta Business Chronicle, he said there would be an increased focus on technology. Three years later, there is a main bank, but customers are encouraged to do more banking with their cell phones and utilize other technology.

The other difference is in the name. DeWitt said “Tandem” refers to the tandem bicycle, and it means that whether the client is an entrepreneur, a real estate professional or business operator, it will stay alongside them, providing capital or safeguarding their money but always keeping the spotlight on the customer.

In keeping with the philosophy of remaining beside clients, Tandem hosted its first Economic Forum on Thursday, September 22. The event featured Roger Tutterow, professor of economics at Kennesaw State University (KSU). He also serves as director of the Econometric Center, a research center housed in KSU’s Coles College of Business.

Economic insights shared

Tutterow shared his insights on the current economic situation and explained where metro Atlanta, the state of Georgia and the United States stand in global finance. His take was entertaining as well as informative as he covered critically important issues, such as:

  • Persistently high inflation and rising interest rates,
  • Labor challenges and supply chain woes,
  • Downward trending consumer sentiment, and
  • Likelihood and possible depth of a recession.

“We went through an incredible economic period from July 28, 2009 until February 2020,” said Tutterow. “The economy grew for 128 consecutive months, the longest economic expansion of the post-World War II era. And then the pandemic came. And we went from an economy that was growing at 2¼% to one that started contracting overnight.”

Although that was no surprise, the repercussions and recovery have many confused about whether we’re headed back to prosperity. “Today, the question on many people’s minds is ‘Are we currently in a recession? Or is one the likely outcome in the near term?’” he said.

With that as background, Tutterow showed some fundamental data to help find an answer. He first explained that the National Bureau of Economic Research (NBER) will determine an answer through analysis. On the other hand, it’s not inconceivable that the economy may actually start growing again.

“It may well be several more quarters before we get a final ruling,” Tutterow said.

There’s a misconception that two negative quarters of GDP growth indicate a recession is imminent. The NBER says a period of diminished activity in production, trade, income and employment of sufficient depth and breadth are proof of a recession. So, with payrolls still growing and industrial production still rising, it actually doesn’t appear the economy has been in recession in the first half of 2022.

Although the economy plunged during the pandemic, once things started reopening, consumer confidence came back up, said Tutterow. “And then we got into 2021. And the summer of 2021, fall 2021, confidence started falling.” he said.

Some media sources tend to blame the economic issues on gas prices. “The consumer psyche is overly sensitive to gas prices,” Tutterow said. “Gasoline prices exert more effect upon the perceptions of inflation than the actual percentage of the expenditures.

“Let’s be honest, gas prices matter. …So when the price of gas goes up by $2 per gallon, that’s $2,000 of after-tax, disposable income that goes from you into the gas tank [if you average about 1,000 gallons a year.]”

At the end of the day, the economy isn’t doing so bad, Tutterow stressed. Even though interest rates have climbed a little, buying a house at 7% interest sure beats the 18% average people were paying in 1981. Historically, access to capital is still cheap.

In the early days of Tandem Bank’s existence, Chairman, CEO and Founder Charles DeWitt pointed out how it differentiates itself from many other banks.

In an interview with Atlanta Business Chronicle, he said there would be an increased focus on technology. Three years later, there is a main bank, but customers are encouraged to do more banking with their cell phones and utilize other technology.

The other difference is in the name. DeWitt said “Tandem” refers to the tandem bicycle, and it means that whether the client is an entrepreneur, a real estate professional or business operator, it will stay alongside them, providing capital or safeguarding their money but always keeping the spotlight on the customer.

In keeping with the philosophy of remaining beside clients, Tandem hosted its first Economic Forum on Thursday, September 22. The event featured Roger Tutterow, professor of economics at Kennesaw State University (KSU). He also serves as director of the Econometric Center, a research center housed in KSU’s Coles College of Business.

Tandem Bank’s Chairman and CEO Charles DeWitt (right) with Tutterow

Economic insights shared

Tutterow shared his insights on the current economic situation and explained where metro Atlanta, the state of Georgia and the United States stand in global finance. His take was entertaining as well as informative as he covered critically important issues, such as:

  • Persistently high inflation and rising interest rates,
  • Labor challenges and supply chain woes,
  • Downward trending consumer sentiment, and
  • Likelihood and possible depth of a recession.

“We went through an incredible economic period from July 28, 2009 until February 2020,” said Tutterow. “The economy grew for 128 consecutive months, the longest economic expansion of the post-World War II era. And then the pandemic came. And we went from an economy that was growing at 2¼% to one that started contracting overnight.”

Tandem Bank 2022 Economic Forum held at Stone Ridge Event Center, Stone Mountain, GA

Although that was no surprise, the repercussions and recovery have many confused about whether we’re headed back to prosperity. “Today, the question on many people’s minds is ‘Are we currently in a recession? Or is one the likely outcome in the near term?’” he said.

With that as background, Tutterow showed some fundamental data to help find an answer. He first explained that the National Bureau of Economic Research (NBER) will determine an answer through analysis. On the other hand, it’s not inconceivable that the economy may actually start growing again.

“It may well be several more quarters before we get a final ruling,” Tutterow said.

There’s a misconception that two negative quarters of GDP growth indicate a recession is imminent. The NBER says a period of diminished activity in production, trade, income and employment of sufficient depth and breadth are proof of a recession. So, with payrolls still growing and industrial production still rising, it actually doesn’t appear the economy has been in recession in the first half of 2022.

Although the economy plunged during the pandemic, once things started reopening, consumer confidence came back up, said Tutterow. “And then we got into 2021. And the summer of 2021, fall 2021, confidence started falling.” he said.

Some media sources tend to blame the economic issues on gas prices. “The consumer psyche is overly sensitive to gas prices,” Tutterow said. “Gasoline prices exert more effect upon the perceptions of inflation than the actual percentage of the expenditures.

“Let’s be honest, gas prices matter. …So when the price of gas goes up by $2 per gallon, that’s $2,000 of after-tax, disposable income that goes from you into the gas tank [if you average about 1,000 gallons a year.]”

At the end of the day, the economy isn’t doing so bad, Tutterow stressed. Even though interest rates have climbed a little, buying a house at 7% interest sure beats the 18% average people were paying in 1981. Historically, access to capital is still cheap.

Left: Weare Gratwick
Sr. VP/Gwinnett Market President
470-482-1818 Office

Right: Wendy Willis
Business Development
470-482-1819 Office
www.tandem.bank

Arlinda Smith Broady is part of the Boomerang Generation of Blacks that moved back to the South after their ancestors moved North. With approximately three decades of journalism experience (she doesn't look it), she's worked in tiny, minority-based newsrooms to major metropolitans. At every endeavor she brings professionalism, passion, pluck, and the desire to spread the news to the people.

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Business

Waramaug Hospitality Acquires Atlanta Marriott Peachtree Corners

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Waramaug Hospitality, a privately held investment firm focused on select-service and full-service hotels, announced on Aug. 23, it acquired the Atlanta Marriott Peachtree Corners. 

The 222-room Atlanta Marriott Peachtree Corners features a fitness center, indoor pool and outdoor fire pit seating area. All meeting and event spaces are equipped for various events, from industry conferences to happy hours and lifecycle events. 

“As the second full-service Marriott Hotel and 16th Marriott-branded property in our portfolio, said Ferit Ferhangil, Principal of Waramaug Hospitality, “we see tremendous revenue growth opportunities for this asset in a thriving market.”

The property, which will now be managed by Aimbridge Hospitality, is located within Technology Park, a regional technology and innovation hub. The 500-acre campus is a destination for technology innovation in the Southeast and home to over 2,300 businesses ranging from tech startups to Fortune 500 companies.

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AJC names Cornerstone Christian Academy the Top Small Workplace in Metro Atlanta

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For the 13th consecutive year, The Atlanta Journal-Constitution and Energage have released their list of Top Workplaces in metro Atlanta. On August 10, Cornerstone Christian Academy, based in Peachtree Corners, was named the #1 Small Workplace in the metro area for 2023.

The honorees were determined based on employee feedback gathered from a third-party, anonymous survey. The survey measured multiple factors critical to the success of any organization. Of nearly 8,000 companies that applied, only 332 businesses were chosen to participate.

Colin Creel, Headmaster at Cornerstone, stated, “We were extremely humbled to hear that we were not only named on the list, but ranked first among small companies. I am very thankful our staff has received this public validation of the amazing work that occurs here at Cornerstone. Our staff deserves all of the accolades they are receiving; Cornerstone is a very special place because of them.”

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Premier Racquet Sports: A Holistic Approach to Tennis Pro Shops

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Claude Badowski behind a racket stringer

Calling all racquet sport lovers! Premier Racquet Sports, a tennis pro shop, recently opened on March 15 in Peachtree Corners off Spalding Drive.

This is Premier Racquet Sports’ second location in Atlanta, the other being in Dunwoody. However, this pro shop brings something unique and special to the competition wherever it lands. 

Founded by Corey Matney, with partners Claude Badowski and Bobby McMahan, Premier Racquet Sports is a shop with an emphasis on a community-driven approach to the racquet sports industry. 

In an industry where it can be overwhelming and daunting to adventure into the realm of pro shops, Premier Racquet Sports aims to break the status quo by making tennis available to all. 

“Our goal is anyone who comes in, whether you’ve never played tennis before, never played pickleball before, or you are basically a professional, you will have time spent with you explaining what’s the best kind of choice for you,” said Badowski. “Learning about customers as a person and trying to really build a relationship makes it so that we can help people long term rather than just transact with them.” 

Some of the many pickleball paddles and tennis rackets offered in
store
Some of the many pickleball paddles and tennis rackets offered in store

More than a business

Matney began stringing rackets in high school to be able to afford tennis lessons and eventually went into college playing Division I tennis. Not only did a passion for the sport drive him to create Premier Racquet Sports, Matney also found an intense need for a friendly business based in the racquet industry. 

“…to be able to offer the community high-level technical services and be able to have everyone feel like they’re getting the same treatment that a professional tennis player would when they come into a tennis shop, and meet their needs,” said Matney. 

As a long-term tennis player, Matney found that service at pro shops could feel impersonal, furthering his drive to create a pro shop that was more than just a shop. 

One way the shop has accomplished this objective is through occasions such as demo days, events where the shop will demo rackets and bags while also running free tennis drills.   

“It’s a great chance for people to talk to us about what’s the best racket for them and what’s the best string for them to hit with it,” said Badowski. “They get to feel the difference, because there’s hundreds of rackets out there and thousands of string and string combinations. It’s very rare for people to be able to try them all and get instant feedback …they can feel the difference.”

Additionally, Premier Racquet Sports will have their next demo day on July 14. This event will feature all Wilson products as well as Wilson’s new racket called the Shift. 

Group of people smiling for picture
Community members celebrate the grand opening of Premier Racquet Sports in March

In-store action

However, this level of care and concern extends beyond their demo days. By walking into Premier Racquet Sports, customers are making their choice of supporting a business that keeps their clients in high regards.

“All of us enjoy being able to help players explore and go down the pathway of finding the right equipment for them,” said Matney. “This is mostly stringing, but also rackets, shoes or any portion of the necessary tennis items; just being able to have that connection to the player and have them know that we are a sounding base for their questions and will help them find what they need.”

Premier Racquet Sports prides itself on its collection of all things tennis. Within their store, they carry all major brands, rackets, shoes, grips and over 250 varieties of string. They claim to be able to have anything a player may desire shipped to their store within two days, too. 

Welcome Premier Racquet Sports to the Peachtree Corners community by stopping by, whether you are a tennis expert or a novice.

Learn more about Premier Racquet Sports here.

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