Economic Opportunity for the Region’s Residents

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The region faces historical inequities regarding economic opportunities and economic outcomes for the region’s residents. COVID-19 has exacerbated these challenges, disproportionately impacting the populations that already had the least access to opportunity. The region must address these systematic inequities to increase economic opportunity and to fully reach economic recovery. To do this, the region needs to integrate an equity focus across all economic recovery efforts to better understand and effectively respond to the unique barriers faced by marginalized groups.

The pandemic has called out the critical nature of childcare availability for both individual families’ economic outcomes as well as the overall performance of the region’s economy. A recent report by the Washington Child Care Collaborative Task Force determined that lack of access to affordable childcare keeps more than 133,000 potential workers out of Washington’s labor force and has significant negative impacts on overall state earnings, business output, and tax revenues. Efforts are underway to expand childcare options and facilities in the region to better support working families.

Starting and running a business is a pathway to economic opportunity for many individuals and families. The economic shutdown has had a major negative impact on many small businesses, and these impacts exacerbate the unique challenges that women and minority business owners face. The region is home to a network of organizations that provide financial and technical assistance to new and existing small businesses, including programs targeted to support women- and minority-owned businesses. COVID-19 has greatly expanded the need for these services and the region should work to expand these programs to aid in regional economic recovery and to meet regional equity goals.

Challenges and Opportunities

The region has identified the following key issues, opportunities, and challenges in sustaining the region’s economy:

Inequities exist in economic opportunity

People of color in the region face disproportionate and unique barriers to economic success.

(New/Expanded) COVID-19 exacerbated existing inequities in the workforce

COVID-19 has exacerbated existing inequities, disproportionately impacting people of color and people with low incomes.

(New/Expanded) Lack of childcare options is keeping workers out of the labor force

A lack of access to affordable childcare keeps workers out of the labor force, resulting in loss of personal earnings, business output and tax revenues.

(New/Expanded) Small and medium sized businesses need greater support due to COVID-19

The impact of COVID-19 is straining the regional network of support which helps individuals start, run, and finance their businesses.

Expand opportunities to Women and Minority-Owned Businesses

Women and minority-owned businesses face unique barriers to realizing their full potential and economic contribution.

Strategic Response

The region has identified the following strategic focus areas for addressing identified challenges and opportunities:

(New/Expanded) Expand equity focus throughout economic development efforts

The region should focus on identifying and implementing strategies that close the race and ethnicity gap in earnings, wealth, unemployment, and other measures of economic success.

Identified near-term actions:

  • Develop and implement a Regional Equity Strategy at PSRC to include addressing economic opportunity.
  • Support efforts of the recently established state Office of Equity to work with agencies to increase access to opportunities in order to bridge gaps and reduce disparities.
  • Support the implementation of Greater Seattle Partners’ Recovery Framework for building and sustaining a more equitable and inclusive economy.

(New/Expanded) Expand the region’s childcare ecosystem

The region needs to work to build a sustainable childcare model with expanded facilities, and a subsidy model that supports workers, families, and childcare providers.

Identified near-term actions:

  • Support efforts to expand childcare facilities in the region.
  • Expand access to childcare subsidies and offer support to providers participating in the state’s childcare subsidy program.
  • Determine sustainable childcare business models that leverage public and private resources to cover the costs of service.
  • Support efforts to stabilize the childcare workforce through improved benefits, healthcare, and living wages.

(New/Expanded) Expand support for small and medium sized businesses as well as businesses owned by members of marginalized communities

The region should work to create and expand programs and funding to support small business recovery from COVID-19 and to create a level playing field for women and minority-owned business to create more jobs, add to the diversity of the regional economy, and build an economy that mirrors the diversity of the region.

Identified near-term actions:

  • Facilitate the support for local businesses with financing and technical assistance to recover from the impact of COVID-19.
  • Set goals for removing barriers and supporting BIPOC, women and immigrant-owned businesses into regional economic development efforts.
  • Expand training and certification opportunities to increase small, minority and women-owned business participation in government projects and procurement opportunities.
  • Document how entrepreneurs access capital, and map barriers to entrepreneurial success for historically marginalized entrepreneurs.

The region faces historical inequities regarding economic opportunities and economic outcomes for the region’s residents. COVID-19 has exacerbated these challenges, disproportionately impacting the populations that already had the least access to opportunity. The region must address these systematic inequities to increase economic opportunity and to fully reach economic recovery. To do this, the region needs to integrate an equity focus across all economic recovery efforts to better understand and effectively respond to the unique barriers faced by marginalized groups.

The pandemic has called out the critical nature of childcare availability for both individual families’ economic outcomes as well as the overall performance of the region’s economy. A recent report by the Washington Child Care Collaborative Task Force determined that lack of access to affordable childcare keeps more than 133,000 potential workers out of Washington’s labor force and has significant negative impacts on overall state earnings, business output, and tax revenues. Efforts are underway to expand childcare options and facilities in the region to better support working families.

Starting and running a business is a pathway to economic opportunity for many individuals and families. The economic shutdown has had a major negative impact on many small businesses, and these impacts exacerbate the unique challenges that women and minority business owners face. The region is home to a network of organizations that provide financial and technical assistance to new and existing small businesses, including programs targeted to support women- and minority-owned businesses. COVID-19 has greatly expanded the need for these services and the region should work to expand these programs to aid in regional economic recovery and to meet regional equity goals.

Challenges and Opportunities

The region has identified the following key issues, opportunities, and challenges in sustaining the region’s economy:

Inequities exist in economic opportunity

People of color in the region face disproportionate and unique barriers to economic success.

(New/Expanded) COVID-19 exacerbated existing inequities in the workforce

COVID-19 has exacerbated existing inequities, disproportionately impacting people of color and people with low incomes.

(New/Expanded) Lack of childcare options is keeping workers out of the labor force

A lack of access to affordable childcare keeps workers out of the labor force, resulting in loss of personal earnings, business output and tax revenues.

(New/Expanded) Small and medium sized businesses need greater support due to COVID-19

The impact of COVID-19 is straining the regional network of support which helps individuals start, run, and finance their businesses.

Expand opportunities to Women and Minority-Owned Businesses

Women and minority-owned businesses face unique barriers to realizing their full potential and economic contribution.

Strategic Response

The region has identified the following strategic focus areas for addressing identified challenges and opportunities:

(New/Expanded) Expand equity focus throughout economic development efforts

The region should focus on identifying and implementing strategies that close the race and ethnicity gap in earnings, wealth, unemployment, and other measures of economic success.

Identified near-term actions:

  • Develop and implement a Regional Equity Strategy at PSRC to include addressing economic opportunity.
  • Support efforts of the recently established state Office of Equity to work with agencies to increase access to opportunities in order to bridge gaps and reduce disparities.
  • Support the implementation of Greater Seattle Partners’ Recovery Framework for building and sustaining a more equitable and inclusive economy.

(New/Expanded) Expand the region’s childcare ecosystem

The region needs to work to build a sustainable childcare model with expanded facilities, and a subsidy model that supports workers, families, and childcare providers.

Identified near-term actions:

  • Support efforts to expand childcare facilities in the region.
  • Expand access to childcare subsidies and offer support to providers participating in the state’s childcare subsidy program.
  • Determine sustainable childcare business models that leverage public and private resources to cover the costs of service.
  • Support efforts to stabilize the childcare workforce through improved benefits, healthcare, and living wages.

(New/Expanded) Expand support for small and medium sized businesses as well as businesses owned by members of marginalized communities

The region should work to create and expand programs and funding to support small business recovery from COVID-19 and to create a level playing field for women and minority-owned business to create more jobs, add to the diversity of the regional economy, and build an economy that mirrors the diversity of the region.

Identified near-term actions:

  • Facilitate the support for local businesses with financing and technical assistance to recover from the impact of COVID-19.
  • Set goals for removing barriers and supporting BIPOC, women and immigrant-owned businesses into regional economic development efforts.
  • Expand training and certification opportunities to increase small, minority and women-owned business participation in government projects and procurement opportunities.
  • Document how entrepreneurs access capital, and map barriers to entrepreneurial success for historically marginalized entrepreneurs.