Remarks as delivered by Suzanne P. Clark, President and CEO of the U.S. Chamber of Commerce, at the State of American Business event on January 16, 2025.
The State of American Business is local because businesses serve people where they are.
And if you think about it, that makes ALL business local.
That’s true, of course, of the small businesses that line Main Streets and the locally headquartered businesses that employ hundreds, or even thousands, of people in a community and drive its economic ecosystem.
It’s also true of…
- The national chain restaurant where you had your first job.
- The tech company that produces the equipment and the internet service provider that together enable you to work from your kitchen table or your home office.
- The energy producers that power your vehicles so you can drive across town.
- The institutions that provide the financing so you can start a business in your basement.
- The food distributors that enable your kids to have fruit for breakfast every morning.
- The pharmaceutical company that invests in research to produce the medicine you can pick up at your neighborhood pharmacy within minutes of a doctor visit.
- The global retailer that develops the supply chains that deliver products from anywhere in the world to your doorstep and builds the facilities and warehouses that employ your friends and neighbors.
Wherever a company, a service, a product, or a solution originates, its impact is always local. Because local is where we live our lives.
The U.S. Chamber of Commerce is proudly headquartered in Washington, D.C., right across from the White House because more than 112 years ago local chambers founded the institution so business would have a unified voice in our nation’s capital.
We spend a lot of time working outside of DC, too because the economic growth that powers people’s lives comes from cities, regions, and states where private enterprise, supported by smart public policy, drives progress and creates opportunity.
And that kind of public-private partnership not only helps propel thriving communities, but helps rebuild devastated communities in the aftermath of disaster.
One of the best parts of my job is getting to travel across the country to meet the people who serve their communities—to listen and to learn—so we can support them and champion their work.
The Thriving Dallas-Fort Worth Metroplex
Today, I’m bringing all of you along with me to a part of the country that exemplifies the growth, innovation, and opportunity possible in America’s vibrant free enterprise system.
Welcome to Dallas, Texas—part of the fast-growing North Texas region.
The Dallas-Fort Worth Metroplex—and similarly vibrant regions across the country—have a few things in common.
- A diverse industrial base
- Low unemployment and a deep pool of talent
- A healthy mix of small businesses—serving and enriching their communities
- And big businesses—bringing jobs, economic activity, and tax revenue
- Robust infrastructure and access to global markets
- And a flourishing innovation ecosystem
All of that fuels a growing economy, powered by businesses of every size—and, in turn, draws more people in, as they seek opportunities and advancement in their own lives.
And when you come to a place like this, you really feel the energy. It’s palpable.
We’re here, not just to celebrate this region’s success, but to spotlight what makes that success possible and how it can be replicated in other parts of the country.
Because we all know there are too many places, too many communities, that don’t feel the energy—that don’t see the growth.
And we must be a nation where local communities aren’t left behind—where there are no food deserts, where crime doesn’t crowd out commerce, where private investment is welcome, where young people want to stay and return and build businesses and careers, where people can get ahead and provide for their families.
Not every community can, should, or wants to be the next booming metropolis, but they all want the economic growth that provides the quality of life and promise of opportunity that all Americans desire.
When the economy grows, productivity and investments grow; employment opportunities and consumer choice expand; incomes and buying power increase; and education, infrastructure, and safety improve.
Growth won’t solve all of our problems, but we can’t solve any of them without it. So, we need more growth, and fast.
To provide some context, in 2024, the U.S. economy did pretty well—especially compared to other developed nations—growing at close to 3%. To be clear, that is a growth rate that makes America the envy of our global peers. And the outlook for 2025 is increasingly positive. But over the medium and long-term there are major economic headwinds, with most major economists expecting that growth to cool to below 2% this decade.
3% to 2% might not sound like a big drop or a big deal, but consider the difference 1% of growth makes:
- When our economy is growing at 3%, someone who is born today will see their living standard double by their early 20s.
- At 2% growth, the living standard doesn’t double until someone is in their mid-30s.
Think about that. One additional point of growth speeds up economic advancement in people’s lives by more than a decade.
And that is the message Americans sent in November—no matter who they voted for, the people signaled to Washington that they want more growth and opportunities for themselves and their families.
Good Policies Drive Growth and Opportunity
So, how can we strengthen economic growth today and sustain it for the future? How can we ensure that it is felt in every local community and every American’s life?
Greater growth will be driven by businesses, in local communities, If it’s supported by smart public policy.
And here from Dallas, on behalf of American businesses in every corner of this country, I want to deliver a very clear message to policymakers and elected officials:
All Policy is Local
Too often this simple fact gets lost in the debate and dealmaking of federal policy. But the real-world impact on businesses and communities, individuals and families must be front and center as the 119th Congress and incoming Administration act on a slate of challenges and opportunities. Here are three federal priorities that will be make or break for communities everywhere this year.
First, starting in 2025, there is an urgent need to roll back the worst of the regulatory onslaught of the past four years. As it stands, this unprecedented bureaucratic micromanagement of business will cost the economy $1.8 trillion and trickle down into Americans’ lives and pocketbooks through higher prices, lower wages, and fewer jobs. That’s why the U.S. Chamber has fought overregulation in the courts—with a lot of important wins for business and the economy. And we will continue to work with the Administration—as we did in President Trump’s first term—on this shared priority.
Next, if the competitive tax provisions of 2017 are allowed to expire this year, the largest federal tax hike in American history will be very real and personal for people and local communities. Higher taxes decrease spending power, depress wages, discourage investment in job-creating projects, and drive companies to relocate to more competitive markets overseas, taking jobs and economic activity out of the U.S. Over the past year, we have been educating new members of Congress on the high stakes—60% of lawmakers were not in office when Republicans passed pro-growth tax reform, and it’s critical they understand what these policies will mean for the people they represent.
Finally, to boost economic growth, America must participate in the global economy. There are opportunities to boost trade, which already supports 40 million U.S. jobs and makes the goods and services we all need more affordable to expand exports and help small businesses reach global markets and to welcome imports that increase consumer choice and help keep prices low.
There are also challenges when it comes to national security, unfair trading practices, fentanyl trafficking, and border security. Tariffs can be a tool—for instance, to counter unfairly traded goods—those subsidized or dumped in our market.
However, blanket tariffs would worsen the cost-of-living crisis, forcing Americans to pay even more for daily essentials like groceries, gas, furniture, appliances, and clothing. And retaliation by our trading partners will hit our farmers and manufacturers hard, with ripple effects across the economy. The bottom line is this: tariffs are a tax paid by Americans and their broad and indiscriminate use would stifle growth at the worst possible time.
Participating in the global economy, preventing the largest tax hike in American history, and reining in regulations have to be on this year’s agenda. And they aren’t the only pro-growth priorities. In 2024, we saw emerging bipartisan consensus in Congress on immigration, artificial intelligence, permitting reform, and more. Republicans and Democrats alike must prioritize completing work on these key issues that are critical to America’s stronger future.
2025: The Year We Get Growing Together
The actions our policymakers take will impact our nation’s prospects for growth, your communities’ potential for strength, and all Americans’ pursuit of their dreams.
That’s why state and local chambers and business associations created the U.S. Chamber more than a century ago, so we could be your voice and advocate.
And it’s why our mission to advance and protect the free enterprise system endures today, so we remain a nation where our brightest days are always ahead, and so all across the country, the next generation of local businesses can continue to solve problems, serve people, and strengthen society.
Today we told the North Texas story of growth and opportunity—but make no mistake, this is an American story made possible by the free enterprise system that has enabled our country to build the most innovative, dynamic, and resilient economy in the world.
And if you want to see our free enterprise system at its best, just look around you. The State of American Business is local.
We could tell a similar story from many of your communities, cities, or regions all across this country.
And we want every place—urban, suburban, or rural; coastal or middle America; Sunbelt or Northern Plains; RED OR BLUE—to achieve its unique potential for growth.
Growth and opportunity are what all of us want—the business community, our partners in government, and the communities, workers, and families who together we serve.
It’s what Americans everywhere deserve.
And it’s what our future demands.
Let’s make 2025 the year we get growing.
