Pennsylvania’s two keys to growth are independent energy and the housing market, an expert told business members Tuesday morning.

The Mauch Chunk Trust Company, and co-sponsors, hosted Dr. Edmond J. Seifried of Seifried & Brew at the Mahoning Valley Country Club in Lehighton.“He’s different from your normal talking head,” Mauch Chunk Trust Company’s President Patrick Reilly said. “He always manages to find something unique, something you can use in business or personal life.”Seifried has an extensive educational background in economics and is a tenured professor at emeritus of economics and business at Lafayette College in Easton. He has led educational programs as dean for the West Virginia Banking School and the Virginia School of Banking.Seifried brought two props for this year’s presentation, two samples of thick welded hunks of steel.While he spoke the crowd passed around the heavy metal waiting for a clue as to its significance. The metal was part of Seifried’s twofold answer for Pennsylvania’s economic growth.The U.S. economy is slowly hitting its stride with increased household spending, improving labor market and low inflation rates, Seifried said.Unemployment is steady at 5 percent, down 2 points from three years ago. There has been strong growth in Carbon County with average wages reaching around $700 a week, Seifried said.Pennsylvania’s two keys to growth are independent energy and the housing market.Seifried told everyone about his 28-year-old nephew still living at home.More and more young people are waiting to purchase houses, which is a mistake according to Seifried.With interest rates still low, the time to buy a house is now.Interest rate hikes are expected in the next few years. Despite the added expense, the increase is actually helpful for growth. Interest rate increases do not only apply to loans but also to savings, CDs and retirement plans.“We need seniors and savers to know, help is on the way. The zero percent interest rates are coming to an end. The next two or three years will show real change for the retirement aged,” Seifried said.The second prong of growth comes in the form of independent energy.That’s when Seifried explained his props: welded pipe pieces that demonstrate the strength and durability of the pipeline being constructed in the state.“Pennsylvania is a very important state. We are going to build infrastructure in this state and improve the economy. Energy independence and a growing housing market will contribute to growth,” Seifried said.The energy independence Seifried spoke of is natural gas extraction or fracking.“Marcellus and Utica are responsible for the big change in energy. It’s located 10 miles from Syracuse, New York, and is the biggest gas reserve on the planet. It’s the one thing we have going for us in the last few years. It’s the reason why gas is lower. Imported oil slows our country’s growth. We spent 400 billion on imported oil in 2010. If we didn’t import, we’d have higher incomes.”Seifried said 500 trillion cubic feet of gas sits unearthed in Marcellus. It takes only 23 trillion cubic feet of gas to run the country for 25 years.“The best part is the location. Pennsylvania, Ohio, Texas, North Dakota and West Virginia are leading the energy movement. In the next three years we will build 4,600 feet of pipeline. Pennsylvania and West Virginia will produce 40 percent of the nations gas.”Seifried said, “No one has lost lives in natural gas extraction compared to coal mining. If I thought these wells were going to harm us, I’d be breaking down my politician’s door.”Reilly agreed with Seifried.“If it’s done right, it can be good for everyone,” he said.“It gives a certain continuity to the event to have Dr. Seifried back,” Reilly said. “He talks about what he brought up at the event years ago.”Reilly was pleased with the turnout for the presentation, which was sponsored by Mauch Chunk Trust Company, Carbon Chamber and Economic Development, Tamaqua Area Chamber and PPL Utilities.“This is the third year we partnered with the chamber, and it’s a good way to keep people informed.”Reilly says the economic outlook for the year is hopeful. “People are getting out of their shells and the economy is looking better.”