To be clear, economic experts are just as unclear as to what the future holds as other professionals in their fields. Yet, there are a few signals as to what we can expect over the next few months.
- Keep an eye on consumer confidence indicators. Household consumption makes up 70% of the U.S. economy, and it’s not looking so good for the immediate future.
- When the economy does recover, it’s going to look very different than before. A significant number of jobs will never come back due to automation.
- What are the various plans for economic recovery? Check out these State-focused recommendations.
- For California, updates to the State budget point to sustained or increased funding to programs meant to buoy economic growth. Good news!
So, what are CONSTANT’s recommendations to help emergency managers boost economic recovery?
Get to know your economic counterparts
- Now is the time to get to know your economic development counterparts in city hall or the capitol, and start to build relationships with them to lay the groundwork for strategic, cross-departmental efforts.
Seize opportunities to form new partnerships
- Joining groups like IEDC (it’s the IAEM of economics) or your State or regional equivalent. You can also start grassroots-level or peer-to-peer conversations, or blog about it.
Host listening sessions
- EMs have a unique opportunity to hear what’s happening on the ground right from the proverbial horse’s mouth.
- Consider hosting virtual sessions with business and industry reps.
- Ask them: How can we support you? What are your pain points? Where do you see new gaps in your continuity plans?
In a few weeks, the Institute for Local Government is hosting a webinar on “Resetting the Local Economy.”
Register here to listen in and dip your toe in ongoing discussions.
Fore more information about COVID-19, follow our informational thread here. Did you know, costs for economic recovery can be covered by the Coronavirus Relief Fund? If you would like some help, shoot us an email.