Impact of Coronavirus on Economic Development
Ten Big Impacts of Coronavirus on Local Economic Development:
How Economic Developers and Elected Officials Can Help Save Local Businesses and Workers
While public health, public policy, and businesses are working to respond to the impact of this novel coronavirus, so too must the profession of economic development. There are specific responses that economic developers can take to adapt to this challenging environment for the businesses and workers our profession supports.
This white paper includes 10 specific impacts economic developers are facing and direct solutions to mitigate these problems.
Vulnerable People and Businesses are at the Greatest Risk
Families can experience devastating impacts as a result of even a short gap in income. There are many…
Local Business is the Highest Priority
Local and small businesses have always been the primary driver of economic growth, including the vast majority of new job creation. This is even more…
Big Crisis Requires Big Collaboration
Coronavirus does not care about how your government or internal agency structure is organized. The damage to…
Pivoting from External to Internal Economic Development
This crisis has caused EDOs to take a triage approach to their work making other areas of active operational tasks…
Onshoring and Nearshoring Become Opportunities
The coronavirus pandemic is causing global supply chain chaos and delays as businesses and consumers cannot reliably receive shipments from…
The Coming Wave of Voluntary and Involuntary Entrepreneurship
Some people are business owners by choice. Others who are now secluded at home due to government restrictions may be…
Lack of Technology Becomes a Risk
The coronavirus has eliminated face-to-face interactions, decentralized teams, limited access to all but online services, and restricted…
Travel and Tourism Effect is Magnified
Many EDOs don’t make tourism a focus of their efforts. The coronavirus pandemic will …
Social Connection in a Time of Distance
Economic development as a profession has been built on a foundation of relationships. But as we learned…
Automation and Artificial Intelligence Escalate
Businesses are already investing heavily in both automation and artificial intelligence as a means to…
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