Economic resilience is a community’s ability to foresee, adapt to, and leverage changing conditions to their advantage. Economies are resilient when they have:
- The ability to recover quickly from a shock;
- The ability to withstand a shock; and
- The ability to avoid the shock altogether.
Shocks may include:
- Downturns in the national or global economy impacting demand for local goods and spending;
- Downturns of industries critical to local economic activities; and
- External impacts such as natural or man-made disasters, closures of a major employer, changing climate, etc.
With the Great Recession behind us and economic uncertainty ahead, now is the perfect time to keep our focus on resiliency efforts. Our long-term economic prosperity is linked to our ability to deal with disruptions to our local and regional economic base.
Through our Ignite Comprehensive Planning Efforts, we will explore how to:
- Define and plan for a diversified economic base
- Focus recruitment and retention efforts
- Implement economic development plans
- Ensure fiscal sustainability