ECONorthwest and partners recently completed a business competitiveness / SWOT study for the Office of the Lieutenant Governor of Washington State. The COVID-19 pandemic created some barriers to economic health while exacerbating others, and the State is intent on targeting economic growth that is strong, equitable, and people-focused. ECO’s report provides a baseline economic snapshot and an evaluation metric, and proposes three big ideas for action.
In order to recover a healthy economy, Washington needs to recognize that:
- Housing and childcare have become constraints to economic growth
- Traditional drivers of economic success have not always resulted in quality jobs and wealth generation
- Labor shortages are devastating to the economy; the State needs to focus on workforce development, including replacing workers who are retiring
- Small business — particularly BIPOC-owned — face administrative and regulatory hurdles in addition to challenges in accessing capital, all of which limit business formation and growth
You can access the report, executive summary, and appendices HERE.
