Keys to Building Economic Resilience in Montgomery County Post-Pandemic
As we await post-pandemic life and speculate about our economic future, the idea of economic resilience—how quickly and easily we as individuals and society can adapt to and recover from a devastating economic blow—is on everyone’s minds. So let’s examine the idea of economic resilience: what the term “resilience” means for a local economy, what characteristics and conditions make local economies resilient in the face of economic challenges and how Montgomery County can position itself to be more resilient.
Local Economies, Adaptive Resilience, and Relationships
Economic resilience is adaptive resilience. This is different from the type of resilience we expect from our physical infrastructure, which “bounces back” to normal functioning … Continue reading
The retail that helps define Montgomery County’s character is struggling. The necessary COVID-19 restrictions that reduce crowds will continue to challenge retail in Montgomery County even after the lockdown eases, but the county has policies and programs that could help landlords, retailers, employees and the customers they serve.
Montgomery County’s extensive retail sector with 40.6 million leasable square feet across 2,390 properties (Source: CoStar) serves a diverse population and is a key amenity for the County. In their 2017 Retail Trends Study, the Montgomery County Planning Department highlighted vibrant, small retail businesses and recommended that the County would “benefit from focusing on the development and support of these unique small businesses, as these businesses are market differentiators for the … Continue reading
Several weeks into the COVID-19 pandemic, it has already become cliché to say that we are living in unprecedented times, but it is still too early to understand exactly how severe the economic damage will be, and how it will effect Montgomery County and its residents. While hundreds of thousands are already suffering the direct health effects of the COVID-19, the indirect economic fallout from the near closure of the economy is also becoming apparent. From the weeks ending March 21 through April 11, over 22 million people filed for Federal unemployment insurance in the U.S., including over 38,600 people in Montgomery County. This volume has far surpassed all previous records. The $350 billion Paycheck Protection Program created by … Continue reading
Continuing with the local theme of the Rethink Speakers Series, last night economist and author Michael Shuman spoke about opportunities to build Montgomery’s local economy by identifying “leakage.”
Leakage, in economic terms, are those goods and services that you are importing that you could provide for yourself, whether in your own household or community. The longer your money stays in the community, the more local jobs and wealth it can create.
For example, buy a local apple and the farmer takes your dollar and spends it with a local tax preparer, who uses it to buy daycare services for her kids, who may spend it at a local haridresser… And the apple probably tastes better too.