SUMMER EDITION : CEO BUSINESS INSIDER

Epcon is poised for a promising future with a highly optimistic outlook for the remainder of this year and the next. Our operations are currently robust, with 12 active projects in various stages of completion on our manufacturing floor. Notably, two of these projects are significant 21,000 SCFM Regenerative Thermal Oxidizers (RTOs) constructed with stainless steel for repeat customers, highlighting our reputation for quality and reliability.

We are not only busy with our current projects but also have a substantial backlog extending several months ahead. Additionally, we are actively pursuing several proposals and are optimistic about securing these new contracts, further bolstering our growth trajectory.

However, the overall business climate for domestic manufacturers in the U.S. presents challenges, particularly in the area of skilled labor. Like many employers, we face significant hurdles in finding the qualified talent needed to meet our project demands. Despite ongoing efforts, there are still over 2-3 million job openings nationwide, many of which remain unfilled. The demand for skilled workers is especially acute in our industry, reflecting a broader trend across the manufacturing sector.

The U.S. economy is performing well, with the stock market reaching record highs. However, there is considerable anxiety on Wall Street regarding potential interest rate cuts. Initially, a rate cut was anticipated in June, then September, and now possibly towards the end of the year. Federal Reserve Chairman Jerome Powell has remained non-committal about cutting rates until there is more significant progress on controlling inflation. Despite several interventions by the Federal Reserve, inflation remains stubbornly above the desired target, with Powell emphasizing that a 3% inflation rate is not acceptable compared to the 2% target.

Recent data from the Bureau of Economic Analysis (BEA) indicates that the GDP grew at an annualized rate of 4.8% in the last quarter, reflecting strong economic performance. Nevertheless, the labor market's tightness continues to pose a challenge for employers across various sectors.

In conclusion, while Epcon navigates a challenging labor market, our strong project pipeline, repeat customer base, and active pursuit of new opportunities position us well for continued success. We remain committed to delivering high-quality solutions to our clients and adapting to the evolving economic landscape.


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