The month of May is considered “Economic Development Month” by the International Economic Development Council. This might surprise people, because the work of economic developers often goes unnoticed and under the radar. But now more than ever, we need civic and business leaders to focus on economic development so that we create new job opportunities and help create a lasting economic recovery.In the past year, our economy has changed in critical ways. Some of these create great opportunity for our region and some pose great threats. While it may feel that the economy has recovered, that is only because it is better than it was during the economic devastation of pandemic-induced business shutdowns. Los Angeles County has still not recovered the jobs lost to the pandemic, and we are lagging the recovery in other states.Job losses disproportionately affected workers who are younger, people of color, female and those with lower educational attainment. Current projections predict that recovery of living wage jobs will not occur until 2024, and that job growth will occur in different industries than those where the losses occurred. We must recognize that there will be a gap between the skills used in the jobs that were lost and the skills required for the jobs that are growing.
Furthermore, the jobs of the future may be located in different parts of our very large county, creating even more barriers to employment for those who lost jobs to the pandemic and placing further strain on our physical and digital infrastructure.
Over the past year, changes in our behavior and expectations are creating permanent shifts in our economy. We need civic and business leaders to work together on economic development strategies to lead our economic recovery. Unfortunately, these sectors seem to have become increasingly divided during the pandemic, each believing the other was working against their individual goals. Communication sank and stress rose. But together, the two sectors can chart a course of recovery for Los Angeles County.
Businesses understand the fundamental changes that have occurred in our economy, as well as the implications for workers, taxes and land use. Understanding these changes, public sector leaders can create policies and incentives to leverage government purchasing power and to reward companies that bring back jobs and investment from overseas. Business acumen can help efficient implementation of civic goals, while government investment in workforce training programs can reskill the workers that companies need for growth.
Economic development should be a team sport, bringing business, education and government together toward the overarching goal of job creation, opportunity and economic mobility. It’s time to put aside the adversarial attitudes that grew exponentially over the past year and get Los Angeles County back to work.
We Need Teamwork for Recovery
