LOADING ANNUAL REPORT

2023 Year in Review

Frank Hawkins Kenan Institute of Private Enterprise
Developing and promoting innovative, market-based solutions to vital economic issues

Letter from the Director

This past year has been an exciting time for the Kenan Institute. I was honored to step into the role of executive director in August and have been thrilled to see all the great projects that the institute is working on and its many accomplishments over the year. It has been a busy year for sure. We launched the rebranded Luther Hodges Scholars as a springboard for cross-sector business leaders. The American Growth Project, our initiative to create real-time measures and forecasts of regional economic indicators to better inform local governments and businesses, continues to grow as we expand our audience. NCGrowth conducted more than 30 projects, including its first showcase in southwestern North Carolina. And we just wrapped up our 2023 Grand Challenge, a deep dive into our post-COVID-19 disrupted labor markets.

Stepping into this new role at the institute has given me the opportunity to witness firsthand the power of working across the academic, business and public sectors. We play an important role translating academic research for a broader audience but also providing opportunities for academics to listen and learn from leaders in the private and public sectors. By facilitating information flows among a diverse set of thought leaders, we work to expand economic prosperity and to address important societal problems.

I invite you to delve into our 2023 Year in Review, which highlights a number of our initiatives. We thank you for your support and hope you continue to turn to the Kenan Institute for translational and nonpartisan research in an increasingly divided and complex world. We look forward to working with you in 2024!

Take care,
Paige Ouimet
Executive Director, Frank Hawkins Kenan Institute of Private Enterprise

2023 Grand Challenge

The Kenan Institute's annual grand challenge marks a concerted, yearlong effort to examine – and drive solutions to – the most complex and timely issues facing business and the economy today.

Workforce Disrupted

Seeking the Labor Market's Next Equilibrium

Our 2023 Grand Challenge – Workforce Disrupted: Seeking the Labor Market's Next Equilibrium – revolved around the significant shockwaves that COVID-19 sent through the labor market. From quiet quitting to the “great resignation,” recent years have seen a massive transformation in what workers expect from their jobs, while the corporate demand for talent has evolved to reflect new markets and the need for different worker profiles. The collection of work below takes an evidence-based approach to important issues on both sides with an eye toward solutions.

Labor Supply: Inside the Tight Labor Market
Labor Supply: Inside the Tight Labor Market

We survey the factors essential to understanding the dynamics now at play regarding the supply of workers in the labor force.

Read Insight
Employers' Wants, Economy's Needs
Employers' Wants, Economy's Needs

Labor demand themes include a constricted supply of workers, sector-by-sector effects of a potential recession and new technologies.

Read Insight
Demographic Trends and Economic Effects
Demographic Trends and Economic Effects

Three groups facing challenges as companies return to the office and a forecast of demographic gale force winds.

Read Commentary
Addressing the Effects of Mega-Threats
Addressing the Effects of Mega-Threats

Duke Fuqua's Angelica Leigh defines the characteristics of mega-threats and their potential effects on the workplace.

Watch Video
Labor Market Equilibrium: Leaders' Perspective
Labor Market Equilibrium: Leaders' Perspective

Thomas Stith, a Kenan Institute Distinguished Fellow, moderates a panel on strategies to build a sustainable workforce pipeline in North Carolina.

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Frontiers of Business Conference

Workforce Disrupted

The Frontiers of Business Conference: Workforce Disrupted convened 330 corporate executives, top researchers and policy leaders to explore current workforce issues and solutions for navigating the precarious road toward a labor market equilibrium.

Three Trends Shaping Today's Labor Challenges
Three Trends Shaping Today's Labor Challenges

Read the key takeaways and insights from the conference's speakers and panelists on the 2023 Grand Challenge theme.

Read the Story
Tips for Leading in a Hybrid Workplace
Tips for Leading in a Hybrid Workplace

Explore executive insights on best practices for managing remote and hybrid teams and the importance of adaptable leadership.

Read the Story
Wolfspeed and the Workforce Pipeline
Wolfspeed and the Workforce Pipeline

Dive into the value of private-public partnerships in growing enterprises, careers and communities through this case study.

Read the Story

Kenan Institute Distinguished Fellows

The Kenan Institute's Distinguished Fellows comprise an exemplary set of global scholars appointed on an annual basis to leverage their individual expertise, thought leadership, research and networks on behalf of the institute's grand challenge. The 2023 Distinguished Fellows have worked to support the institute's exploration of recent seismic shifts affecting the labor force.

John Haltiwanger

John Haltiwanger

Dudley and Louisa Dillard Professor of Economics, University of Maryland

Ricardo Perez-Truglia

Ricardo Perez-Truglia

Associate Professor, University of California, Berkeley, Haas School of Business

Angelica Leigh

Angelica Leigh

Assistant Professor of Management and Organizations, Duke Fuqua School of Business

Thomas Stith

Thomas Stith

CEO, The Michael Thomas Group Inc.; former president, North Carolina Community College System

Arvind Malhotra

Arvind Malhotra

H. Allen Andrew Distinguished Professor of Strategy and Entrepreneurship, UNC Kenan-Flagler Business School

Tara Watson

Tara Watson

Professor of Economics, Williams College

John Haltiwanger on the Segregation of Skills
John Haltiwanger on the Segregation of Skills

Why the Hollywood story of rising from the mailroom to the boardroom is less likely to happen now.

Watch Video
Angelica Leigh on Mega-Threats and the Workplace
Angelica Leigh on Mega-Threats and the Workplace

Defining the characteristics of mega-threats and their potential effects on employees.

Watch Video
Ricardo Perez-Truglia on Pay Transparency
Ricardo Perez-Truglia on Pay Transparency

Recent research shows new laws may reduce gender pay gap but with unintended consequences.

Watch Video
Thomas Stith and Panelists on Skills
Thomas Stith and Panelists on Skills

How North Carolina's approach to creating a workforce pipeline is paying dividends.

Watch Video
Thank you to Bruce Van Saun, Citizens Financial Group Inc. chairman and CEO, and his wife, Kathleen (Katie) Van Saun, for their support of the Kenan Institute's annual grand challenge.

2024 Grand Challenge

Business Resilience: Navigating Global Uncertainty and Managing Risk

Businesses today operate in an environment of growing uncertainty and rapid change. Companies face a panorama of potential issues and accompanying risks – geopolitical tensions flare up and disrupt supply chains, regulatory shifts alter the rules of engagement, and technological developments like artificial intelligence quickly change industries and customer expectations. If resiliency is key to dealing with the risk brought on by this era of uncertainty, how do businesses develop the agility and adaptability to make themselves more resilient?

American Growth Project

In October 2022, the Kenan Institute launched the American Growth Project – an initiative providing economic data, analysis and forecasting for towns, cities and counties across the country in an effort to understand the unique drivers of growth for our country's diverse regional and local economies. This effort aims to support government officials, business leaders and other decision-makers seeking guidance to navigate our nation's continuing economic transformation by providing real-time indicators and localized economic insights. We have begun to examine drivers of growth such as a community's industry and demographic mix, labor flexibility and readiness, and skills levels and gaps.

In 2023 the initiative explored long-standing business, economic and labor issues and examined individual elements of economic growth. We released four publications covering deep dives into the manufacturing sector and skills measures, as well as examining trends across midsize and large economies, and we forged new collaborations, bolstering our capacity to delve deeper into regional economies and amplify the insights we provide.

As we head into the ambiguous economic environment of 2024, we are poised to deepen our understanding of regional economies and to offer invaluable insights to business leaders, policymakers and communities alike. Chief Economist Gerald Cohen speaks to this complexity in our first publication of the year: Microeconomies in 2024: Navigating Uncertainty.

Manufacturing Strength and Weaknesses
Manufacturing Strengths and Weaknesses

Manufacturing remains key for economic growth, but regional shifts have altered the map.

Read Insight
Skills in the Workforce: Why They Matter
Skills in the Workforce: Why They Matter

Two ways to estimate the skill level across our Extended Metropolitan Areas.

Read Insight
Big-City GDP: Who'll Grow, Who'll Falter
Big-City GDP: Who'll Grow, Who'll Falter

We looked in January 2023 at the uneven impact a recession could have on EMAs.

Read Research
Fastest-Growing Midsize City Economies
Fastest-Growing Midsize City Economies

Exploring the drivers of economic growth in America's top 100 midsize cities.

Read Research

What to Watch

Five Economic Trends to Expect in 2024

For the last two years, Kenan Institute Chief Economist Gerald Cohen has called out his five hot topics to watch for the coming 12 months. He is back with his predictions of the most challenging economic issues facing business leaders and policymakers in 2024.

1
How Much Will the Fed Cut Rates?
2
Will Housing Shortages Abate?
3
How Will Local Economies Respond to These Economic Conditions in 2024?
4
Will Geopolitical Uncertainty Weigh on Growth?
5
Building Business Resilience

Translating Key Research Findings
for Business and Policy

The Kenan Institute produces cutting-edge, rigorous thought leadership that is accessible and actionable for a broad audience of nonacademic decision-makers in the private and public sectors. Our platforms allow our thought leaders to leverage their expertise in new and increasingly meaningful ways, providing solutions-oriented applications of both published and emerging findings by our global network of researchers.

Kenan Institute Insights
Kenan Institute Insights

This signature series translates research findings into takeaways for business and policy.

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Kenan Institute Commentaries
Kenan Institute Commentaries

Experts analyze and respond to the most pressing economic and business news of the moment.

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Research Briefs, White Papers and Other Reports
Research Briefs, White Papers and Other Reports

Key findings for business and policy.

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Virtual and In-Person Events
Virtual and In-Person Events

From closed-door business roundtables to public-facing fireside chats.

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Kenan Institute Video
Kenan Institute Video

Providing more thorough investigations of topical and compelling questions.

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Conference on Wealth Inequality

Efforts to reduce wealth inequality have generally been on the policy side, but market-based actions can also increase economic prosperity for people in the lower half of the wealth distribution. The business sector has innovated and found profitable opportunities to serve lower-income or lower-wealth communities that create opportunities for members of those communities to improve their well-being, including their finances.

To shed light on what the business sector has done so far and could do in the future to spur inclusive economic growth, as well as on the challenges brought forth by these market-based endeavors, researchers at the Kenan Institute and UNC Kenan-Flagler Business School hosted the inaugural Conference on Market-Based Solutions for Reducing Wealth Inequality over two days in June 2023 to bring some of the top academics who work on related topics together with representatives from the private sector.

Recap: How Can Markets Address Inequality
Recap: How Can Markets Address Inequality

Highlights from research on market mechanisms that might also help ameliorate inequality.

Read Story
Recap: Hearing a Diversity of Voices
Recap: Hearing a Diversity of Voices

Conference attendees got out of the classroom to learn about nearby Durham, N.C.

Read Story
Working Together to Solve Wealth Inequality
Working Together to Solve Wealth Inequality

Academics and innovators discussed income disparity and creating opportunities for better access.

Watch Video

The Future of Digital Assets Symposium
and DeFi Academic Research Conference

UNC's Rethinc. Labs, an initiative of the Kenan Institute, hosted a two-day fintech event in March 2023 in Washington, D.C., in partnership with the Milken Institute and Duke University's Fuqua School of Business. Together, the Future of Digital Assets Symposium and the second annual DeFi Academic Research Conference the following day brought together academic experts, leading business luminaries, policymakers, elected officials and other thought leaders to examine current issues in digital assets.

The March 2 symposium focused on policymaker and practitioner-oriented conversations on how to move forward with digital assets from a use case to regulation, with top-of-mind topics for legislators including decentralized exchange (DEX), decentralized stablecoins, DAOs, Web3 applications, lending, derivatives, payments, insurance, prediction, tokenization, identity, oracles and other protocols. Panels included Sens. Kirsten Gillibrand, Democrat from New York, and Cynthia Lummis, Republican from Wyoming. The March 3 Decentralized Finance Research Conference reviewed presentations of six academic papers on the program.

NCGrowth

NCGrowth is a national center building an economy with opportunities for all to prosper. NCGrowth provides a wide range of technical assistance to small and medium-size businesses in economically distressed communities. We help governments create vibrant, equitable economies. And we host workshops, field trips, seminars and major conferences to bring communities and resources together. In 2023, we conducted more than 30 projects, including:

From Abandoned Rural School to Community Hub
From Abandoned Rural School to Community Hub

Supporting the transformation of a former elementary school in Garysburg, North Carolina, into a community and economic development hub.

Read News
Accelerating Healthcare Training Company in South Carolina
Accelerating Healthcare Training Company in South Carolina

Providing marketing assistance to a nursing assistant school in Walterboro, South Carolina.

Read News
NCGrowth Spring Western N.C. Showcase
NCGrowth Spring Western N.C. Showcase

Hosting a showcase event in southwestern North Carolina to highlight communities where we work and convene partners and clients.

Watch Video
Supporting Businesses in Hampton Roads VA
Supporting Businesses in Hampton Roads VA

Co-hosting a small business workshop in Hampton Roads, Virginia, in partnership with the National Center for American Indian Enterprise Development.

Read Story
Strategies for Inclusive Development
Strategies for Inclusive Development

Researching how communities with large automotive manufacturers can benefit from economic growth.

Read Story

Luther Hodges Scholars Program

Business and public service are at the heart of Frank Kenan's vision for the institute, and our scholars program continues to live out that vision as future business leaders committed to changing the world for the better. In 2023 we were excited to announce a transformational gift from the Hodges family, honoring the legacy of both Luther H. Hodges Sr. and Luther H. Hodges Jr. This gift ensures vital support for our scholars now and for generations to come, immeasurably extending the reach and impact of our program.

To recognize the generosity and impact of the Luther Hodges family, a naming ceremony took place March 6 in the Kenan Center. The event celebrated this incredible program milestone and was attended by current scholars, alumni, Kenan-Flagler faculty and staff, local business and community leaders, members of the scholars' program community, and the Hodges family, including Luther H. Hodges Jr. We are immeasurably grateful to the family for its investment in the program and look forward to seeing its legacy continue through the contributions of our students! You can read more about this gift and the Hodges family here.

Throughout the year, the program continued to build on its success – providing transformative experiences for our scholars, refining operations and preparing for future growth: In May, we celebrated the graduation of Class of 2023 scholars. This summer, the Class of 2025 was the first cohort to complete our new cross-sector internship initiative. And we launched a new Advisory Council that met for the first time in October, in conjunction with the institute's Frontiers of Business Conference.

We welcome you to learn more about our activities and join us in support of our Hodges Scholars by serving as a mentor or featured speaker.

2023 Dean's Speaker Series

Hosted in partnership by the dean of UNC Kenan-Flagler Business School and the Kenan Institute of Private Enterprise, the Dean’s Speaker Series brings preeminent private and public sector leaders to the school. These nationally recognized experts offer students and the broader community insights and perspective across a broad range of timely issues, while sharing the highlights, challenges and turning points of their individual career paths.

Tim Humphrey
Chief Analytics Officer, N.C. Senior State Executive and RTP Senior Site Executive, IBM
&
Ritch Allison
Retired CEO, Domino's
Craig Albanese
CEO, Duke University Health System
&
Wesley Burks
Dean, UNC School of Medicine, Vice Chancellor for Medical Affairs, UNC, and CEO, UNC Health

Save the Date 2024

FEB
15
Distinguished Fellow Josh Lerner
Distinguished Fellow Josh Lerner
Attend Event
MAR
7
Distinguished Fellow Kathleen M. Sutcliffe
Distinguished Fellow Kathleen M. Sutcliffe
Attend Event
APR
2
Dean's Speaker Series: Stephanie Headley
Dean's Speaker Series: Stephanie Headley

Registration Coming Soon

APR
11
Distinguished Fellow Tara Watson
Distinguished Fellow Tara Watson
Attend Event
APR
23
Dean's Speaker Series: Deval Patrick
Dean's Speaker Series: Deval Patrick

Registration Coming Soon

OCT
10
Frontiers of Business Conference
Frontiers of Business Conference
Attend Event