U.S. Commerce Secretary Wilbur Ross hosted a roundtable yesterday with local businesses in Palm Beach, Florida and addressed the third Quarter GDP numbers, the single largest quarter of economic growth on record. During his remarks at the Palm Beach Chamber of Commerce, Secretary Ross stressed that a resurgence in consumer spending supported the historic third quarter GDP growth and reflects both the reopening of America’s businesses and the confidence of consumers to spend on goods and services once again.
“Real GDP rose by a record 33.1 percent in the third quarter. Residential real estate is soaring. Housing starts and new permits are up. And, the demand for durable goods continues to grow month over month. These are important indicators of a steady pattern of economic recovery,” said Secretary Ross.
Following his remarks, local business leaders from across various industries—including retail, real estate, food and beverage, construction, and tourism—provided feedback on ways the Administration can continue to stimulate the local economy and advocate for local businesses. Business leaders expressed optimism on the reopening of local businesses and an economic rebound in the area.
On Wednesday, Secretary Ross participated virtually in a business roundtable with NeoGenomics, a world-class oncology-focused company that has successfully continued to work and provide critical testing as we recover from the Coronavirus pandemic. In addition to cancer genetics testing, NeoGenomics is working to advance COVID-19 testing through a consortium of top genomic testing companies lead by Bristol Myers Squibb.
During his remarks, Secretary Ross praised the resiliency and adaptations American companies like NeoGenomics have championed during the Coronavirus pandemic. The Secretary also addressed recent positive economic indicators including strong retails sales and increased consumer saving and spending that are fueling the U.S. economy by empowering Americans to spend more.
“Americans are spending more in our economy now than they did when President Trump first arrived in office. This is reassuring news for businesses and workers in Florida and across America,” said Secretary Ross.
Following his remarks, Secretary Ross heard from the local business community on ways to further work together to revitalize industries and communities, generate more jobs, and create a resilient economy in the Greater Fort Myers area. Local business leaders stated they continue to make progress towards economic recovery as a result of the critical assistance provided by the Payroll Protection Program and the CARES Act.
Over the past few weeks, Secretary Ross held meetings with business and community leaders in Tampa, Tallahassee, Hollywood and Fort Lauderdale, Florida. He also visited local businesses and entrepreneurs in Cleveland, Ohio, Erie and Wilkes Barre, Pennsylvania, Charlotte, North Carolina and Charleston, South Carolina.
For more information on recent business roundtables hosted by Secretary Ross or to view past Secretarial speeches on export and investment promotion, please visit https://www.commerce.gov/issues/export-and-investment-promotion
See video below on the Secretary's visit to both Fort Myers and Palm Beach, Florida.