While public health, public policy, and businesses responding to the impact of the coronavirus pandemic, so too is the economic development profession. There are specific responses that economic developers can take collaboratively with elected officials, partners, and local businesses to adapt to this challenging environment for the profession.
- Actions economic developers must take immediately to address the urgent crisis facing the most at-risk local businesses and workers.
- How economic developers can mitigate the problems caused by the COVID-19 pandemic.
- Strategies that address the enduring economic development organizations (EDOs) operational challenges caused by crisis.
- Case studies of how EDOs are implementing programs to help save their local businesses, workers, and entrepreneurs.
Ten Big Impacts of COVID-19 on Economic Development
The document covers 10 major impacts on the profession of economic development and what economic developers can do to engage and diminish these problems. These include:
- Vulnerable People and Businesses at Greatest Risk
- Local Business is the Highest Priority
- Big Crisis Requires Big Collaboration
- Pivoting from External to Internal Economic Development
- Onshoring and Nearshoring Become Opportunities
- The Coming Wave of Voluntary and Involuntary Entrepreneurship
- Lack of Technology Becomes a Risk
- Travel and Tourism Effect is Magnified
- Automation and Artificial Intelligence Escalate
- Non-physical Contact is Essential