Businesses gather in Lacey to network, talk economy

By Rolf Boone | The Olympian • Published October 09, 2008

• Comments (0)

The Thurston County economy has slowed, but state government and the influx of military personnel from Fort Lewis should help keep the national economic crisis from doing too much damage in South Sound, business owners said Wednesday.

More than 100 businesses and organizations gathered Wednesday at Marcus Pavilion at Saint Martin's University as part of the Thurston County Chamber of Commerce's business showcase, an annual business networking event, chamber president and chief executive David Schaffert said. About the same number participated last year, he said.

Business networking today has become more important because of the slower economy, he said. Although the longtime event is geared toward business networking, no financial transactions were allowed, Schaffert said.

Reasons to hope

South Sound business owners acknowledged the slower economy at the all-day event but were hopeful about the local economy.

Creative Office president and co-owner Lowell Gordon said he was concerned but expects the economy to improve once the presidential election has been settled. He also pointed out that Wednesday's chamber event "shows business is thriving" here.

Nationwide Insurance agency president Lenny Greenstein, who operates in Lacey, said he thinks state government and Fort Lewis provide Thurston County with a stable economy. State government accounts for nearly one-quarter of county employment, and the active-duty population at the post is expected to top 30,000 in the next three years, state and Fort Lewis data show. State government, however, is not immune to a slower economy. Lower-than-expected tax revenues have resulted in a recent hiring freeze.

The South Sound economy is stable enough that Greenstein and his wife, Cathie, opened an Italian restaurant this week in Lacey called Mangano's at 9323 Martin Way E., he said.

"I never would've opened it if I didn't think that," he said about the South Sound economy. He added that business at the restaurant has been steady.

Insurance, real estate

As for the insurance business, he said he has sold fewer homeowner's insurance policies because of the slower real estate market, but car and commercial insurance remains strong.

Although the real estate market is slower, it is a buyer's market today and loans are available for those with good credit, real estate agent Kevin Gordham said. Gordham of Exit Realty Boardwalk also had a booth at the showcase event. It is not "doom and gloom" for the local real estate market, he said, but he acknowledged that news about Wall Street was affecting consumer confidence.

"Everything's down, but we're still busy," he said.

Rolf Boone covers business for The Olympian. He can be reached at 360-754-5403 or rboone@theolympian.com.