(KCPW News) Even with Flying J filing for bankruptcy and layoffs for large companies like Kennecott, La-Z Boy and KraftMaid, Lane Beattie, President of the Salt Lake Chamber of Commerce, remains optimistic.
"This is truly a capitalistic society, and when we have these downturns, there is a history with them, and they last for a certain amount of time, and economies are cyclical, they go up and down. Right now we are at the down time, but we have many, many more years of upturn than downturn. This isn't a time to be pessimistic, at all," Beattie said.
Beattie says Utah has low unemployment and has been rated as the strongest economy nationally, even with economic concerns. He says larger Utah businesses have been subject to the national market causing lay-offs and bankruptcies, but he says the state's local market is strong. In fact, Beattie says he's grateful that Kennecott stepped back and approved layoffs to preserve quality. He adds that bankruptcies happen even in times of economic prosperity, and he feels that Flying J will come out of bankruptcy a stronger company.
"We are very confident at the chamber that they are doing the right things in protecting their employees and their people by going ahead and filing for this so that they can get control and continue to move forward but it's a viable business, its one that has been proven over a long period of time to be very successful and we anticipate that will be the case," Beattie said.
Beattie says many smaller companies are faring well, and he believes that the downturn helps companies learn how to run more efficiently and can allow them to learn valuable lessons.