Budget Planning Recessions

Do You Know How Your Business Will Perform in 2024?

By ITR Economics on July 20, 2023

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ITR Economics

ITR Economics is the oldest, privately-held, continuously operating, economic research and consulting firm in the US.

We are now in the second half of 2023. Business leaders are still focused on their strategies for the remainder of the year, but it is getting close to that time when everyone starts looking ahead. At ITR Economics, we are always looking ahead to the future. As you begin to prepare for the fall budget planning season, ITR Economics can provide your team with accurate data and insight into your business’s expected performance next year, so you can plan effectively.

Understanding the Coming Demand for Your Business

So, how do you begin to see the future of your business? Get started with one of our Executive Vantage Point™ (EVP) consulting programs! EVPs are one of our most popular services, as they help your company:

  • Identify positive and negative risks to your business
  • Understand the coming demand trends for your business
  • Identify where to focus your marketing initiatives
  • See coming trends in key markets before your competitors see them
  • Get an accurate sales outlook, produced by ITR Economics, based on your normal business operations
  • And more!


How Your Business Can Navigate Through the 2024 Recession

ITR Economics is forecasting that a mild industrial sector downturn will begin toward the end of 2023 and continue through 2024. However, it is important to note that industries do not necessarily go through the same phases of the business cycle at the same times.

Our Trends 10 summary below shows you where in the business cycle the various industries are.

ITR Trends 10

Published July 10, 2023


The best way to visualize the trajectory of each major industry in the Trends 10 graph is to think of each industry as a railcar on a train.

This is important – an ITR economist may state that US Industrial Production will be in recession during much of 2024, but your industry/railcar may be in Phase C, Slowing Growth, at that time, and the recession phase may come later (or possibly not at all).

[ Further Reading: Free Economic Resources to Assist in Your Business Planning ]

We can help you identify your business’s place and industry’s place in the business cycle with our EVP programs. An ITR economist will run a timing analysis of your company’s data, and you will receive an expert projection that will tell you both when your business will feel the impact from the economic downturn and how severe that impact will be. You will also receive clear forecasts and a roadmap to help you plan ahead for what is to come.

Your business plan may be great, but, without accurate forecasts and data, it may lack the proper timing. Contact us at ITR Economics today – we become an extension of your team and provide you with the valuable insight that will help you prepare for and thrive through the coming recession.

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