COVID-19 fallout calls for long-term economic strategy

The Central Coast Economic Forecast offered up plenty of insightful analysis in the final installment of its three-part series Wedesday, including its projection that the economy should be fully recovered by this time next year.

These takeaways from Beacon Economics Research Director Adam Fowler resonated loudly with the REACH team:

  • The coronavirus pandemic has exacerbated and/or accelerated the problems and challenges already facing our regional economy. The opportunity is now for long-term economic strategy, a view that’s central to REACH’s mission.

  • The future of economic development is attracting and retaining talent. The lack of housing supply severly contrains the region.

  • Adaptive reuse of commercial space to support ongoing changes in the economy will  be important. Retail — along with sales tax revenue — may not look the same down the road.

  • Policy choices at all levels of government will either mitigate or reinforce changes, and either advance or damage the region’s long-term prospects.

Read more coverage of the forecast in the SLO Tribune and KSBY.

 

Don’t miss the critical conversations taking place at the 2020 California Economic Summit, two days of sessions Dec. 3-4 that will champion policies and action to promote triple-bottom-line outcomes advancing equity, environmental sustainability and economic opportunity.

Produced by California Forward and its California Stewardship Network — of which REACH is a member — the summit shapes a shared economic agenda for the year ahead, the Roadmap to Shared Prosperity showing the economy should be fully recovered by this time next year.

While you’re at it, check out California Forward’s new website and learn about the organization’s work to scale regional-level solutions to the state’s most pressing challenges.

 

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