Two area companies either closing or laying off workers; What this says about the region’s economy -

Two area companies either closing or laying off workers; What this says about the region’s economy

Posted by Admin February 2, 2023 Tech

Two Miami Valley companies are either closing or laying off workers.

News Center 7′s John Bedell talked to two experts about what this says about the Miami Valley’s economy.

Silfex, a company that makes parts that go into semiconductor chips, is laying off workers at locations in Eaton and Springfield.

Additionally, Mikesell’s Snack Food Company, famous for its potato chips, confirmed it is closings doors after 113 years in Dayton.

>> Mikesell’s, iconic Dayton-based snack company, announces closure

“The economy is getting you know, from a business standpoint, things are getting a little tight,” said Jeff Hoagland, Dayton Development Coalition President and CEO.

Hoagland says while the moves are part of a global trend of a shifting economy, there may be a dip right now from an employment standpoint or companies “going on pause a little bit.”

Locally, he adds, there are still many other companies growing.

He said the Dayton region had back-to-back record years in 2021 and 2022 in terms of capital investment, job creation, and payroll.

While no one likes to see workers and their families at companies like Silfex and Mikesell’s going through layoffs or closings, there’s good news for people losing their jobs.

“We’ve got opportunities for them right here in the Dayton region. We have manufacturers, advanced manufacturers that are looking to hire people today. And I don’t think any of those employees that may be displaced are going to have a hard time finding a job,” said Chris Kershner, Dayton Area Chamber of Commerce President and CEO.

Hoagland could not predict if there will be a recession later this year.

“I think everyone needs to just pause, you know, relax everything at the end of the day, everything’s going to be fine. We are our state and our region. We are in a spot that we’ve never been before. We are set up and primed to grow the state and to grow our region to places that we’ve never seen,” Hoagland said.

Hoagland says a big difference in Dayton compared to more than a decade ago when companies like GM, Delphi, and NCR either left town or closed, is the local economy is more diversified now, and we have a stronger Wright-Patt, which is the engine that drives the Dayton region’s economy.