A Midyear Assessment of the Outlook
for the U.S. and Montana Economies
with a Special Focus on Taxes, Tariffs, and Trade Wars
Presented by the Bureau of Business and Economic Research
Business dislikes uncertainty – especially when it comes to taxes and government regulation. However, uncertainty is the story so far in 2025 as historically high tariffs are switched on and off on a daily basis and are driving a financial market roller coaster. In addition, Congress is starting work on major tax legislation that will shape the economy for years to come. Will the summer bring clarity to the path ahead or will market volatility erupt yet again?
Big economic policies are also being debated in Helena. The Legislature is considering multiple proposals for the state’s property and income tax systems, and we will soon learn if Montana’s taxes will see substantial restructuring or incremental change. In our Midyear Economic update, we will focus on these major shifts in tax and trade policies and what it means for Montana’s economy going forward.
Join us at our 2025 Economic Update programs around the state as we take a fresh look at policies and actions. The Midyear Economic Update is 90 minutes long and includes breakfast or lunch, depending on the city. Don’t miss this informative program with all of the latest economic updates.
Join Us This Summer:
Helena – Monday, July 28
Noon to 1:30 pm, lunch
Great Northern Hotel
Great Falls – Tuesday, July 29
Noon – 1:30 pm, lunch
Hilton Garden Inn
Kalispell – Thursday, July 31
Noon – 1:30 pm, lunch
Hilton Garden Inn
Billings – Tuesday, August 5
7:30 – 9:00 am, breakfast
Northern Hotel
Bozeman – Wednesday, August 6
7:30 – 9:00 am, breakfast
Grantree Inn
Butte – Wednesday, August 6
Noon – 1:30, lunch
NorthWestern Energy
Missoula – Thursday, August 7
Noon – 1:30 pm, lunch
Hilton Garden Inn
Speakers
Jeffrey Michael is the director of the Bureau of Business and Economic Research at the University of Montana. Dr. Michael has decades of experience in regional economic forecasting, public policy analysis, and environmental economics, including work on the economic impacts of the Endangered Species Act, climate change, and regulation on land use, infrastructure, property values and employment growth. Prior to joining BBER, Dr. Michael was director of Public Policy Programs and professor of Public Policy at the University of the Pacific McGeorge School of Law, executive director of the Center for Business and Policy Research in the University of the Pacific Eberhardt School of Business, and associate dean and director of the Center for Applied Business and Economic Research at Towson University (MD). Dr. Michael has a Ph.D. In Economics from North Carolina State University, and M.S. in Natural Resource Economics and Policy from the University of Maine, and a B.A. in Economics from Hamilton College (NY).
Todd O’Hair, President and CEO at Montana Chamber of Commerce
As President and CEO of the Montana Chamber of Commerce, Todd works with over 2,000 business members representing every size, industry, and region in the state. A Montana native, Todd hails from Livingston where his family owns a multi-generational family ranch. Before being named President and CEO of the Montana Chamber, Todd was the Senior Manager of Government Affairs for a major coal mining company, Cloud Peak Energy. While at Cloud Peak, he served on the Montana Chamber of Commerce board of directors and was the chair of the board in 2016-17. Before Cloud Peak Energy, Todd worked in Gov. Judy Martz’s office for four years. He also served as the Natural Resources Policy Advisor for Congressman Rick Hill in Washington, D.C., and later as State Director.