Washington's Economic Recovery — Chris Green — Presentation to House ITED (December 1, 2020)
Summary
A presentation titled Washington's Economic Recovery, by Chris Green, Assistant Director, Office Economic Development & Competitiveness, Washington State Department of Commerce, prepared for House ITED on December 1, 2020. The slides open with COVID response and recovery funding through Commerce, with Total to date: >$880M. Later slides cover an economic recovery dashboard, the economic impact of COVID-19 on employment, and an Economic Recovery Focus on equity, small business, high-impact investments, and data. A Safe Start and Recovery Transition slide lists $80M for Working WA Small Business Emergency Grants, $18M for the Small Business Resiliency Program, and $30M for a Recovery Loan Program.
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- Issuer
- Congressional materials
- Date
- 2020-12-01
Cite this document
“Washington's Economic Recovery — Chris Green — Presentation to House ITED (December 1, 2020).”
Original at app.leg.wa.gov, dated 2020-12-01. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-12-01-2020-12-01-a28040-d223990-dept-of-commerce-wa-s-economic-recovery/
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Washington’s
Economic Recovery
Chris Green
ASSISTANT DIRECTOR, OFFICE ECONOMIC DEVELOPMENT & COMPETITIVENESS
PRESENTATION TO HOUSE ITED: DECEMBER 1, 2020
COVID response and recovery funding through
Commerce
HOUSING BUSINESS LOCAL GOV TRIBES NONPROFITS
$252M $130M $457M $30M $20M
Total to date: >$880M
WASHINGTON STATE DEPARTMENT OF COMMERCE 2
State of the US economy
WASHINGTON STATE DEPARTMENT OF COMMERCE 3
NEW: Economic Recovery Dashboard
Measuring the impact of COVID-19 and tracking our recovery
https://www.commerce.wa.gov/datadashboard/#:~:text=Economic%20Recovery%
20Dashboard,COVID%2D19%20across%20our%20state.
WASHINGTON STATE DEPARTMENT OF COMMERCE 4
The economic impact of COVID
-19 is unprecedented
Employment declines greater than the deepest point of the Great Recession
Das hboard s creens hot: % change in total employment in September 2020
vs . J anuary 2020 by geography (s eas onally adjus ted) Impact is deep
WA's deepest point in WA employment rates are
Great Recession steadily improving but the drop
(Aug 2008 to May 2011) in total employment is still at
Great Recession levels
Ida ho (-1%)
Monta na (-2%) WA tracking with other states
Washington (-6%) WA curve shaped similarly to
Oregon (-7%) other Western states with
US (-7%) improved economic outlook
Ca lifornia (-11%) through end of summer 2020
Significant uncertainty around
near-term recovery
Disease trajectory may change in
the fall and winter and additional
federal support has not been
Source: Local Area Unemployment Statistics (LAUS) – Seasonally Adjusted, Bureau of Labor Statistics (Includes all workers in the provided
labor force)
WASHINGTON STATE DEPARTMENT OF COMMERCE 5
Trends: Industry sectors
WASHINGTON STATE DEPARTMENT OF COMMERCE 6
Trends: Regional (Leisure & Hospitality)
WASHINGTON STATE DEPARTMENT OF COMMERCE 7
Trends: Demographic impacts
WASHINGTON STATE DEPARTMENT OF COMMERCE 8
Economic Recovery Focus
EQUITY: Ensure equitable access to resources for underserved
entrepreneurs and communities
SMALL BUSINESS: Assist small businesses in retooling and pivoting for
safe and successful operations
HIGH-IMPACT INVESTMENTS:Advocate for investment in innovation,
sustainability, and resilience
DATA: Track and promote recovery in jobs and economic activity by sector,
industry, and region
WASHINGTON STATE DEPARTMENT OF COMMERCE 9
Safe Start and Recovery Transition
$80M – Working WA Small Business Emergency Grants
Round 1 - $10M
Round 2 - $20M
Round 3 - $50M
$18M – Small Business Resiliency Program
$30M – Recovery Loan Program
$ 2M – Small Business Technical
Assistance Network
WASHINGTON STATE DEPARTMENT OF COMMERCE 10
Investments to support equitable economic growth
and strong communities
Broadband
Housing
Support for small businesses
Infrastructure & Clean Energy Transformation
Child care
Workforce
WASHINGTON STATE DEPARTMENT OF COMMERCE 11
Investments to support our innovation
economy
• Cluster Development
• Advanced Forest Products
• Clean Tech
• Aerospace
• Advanced manufacturing
• Life Sciences
• Maritime Blue
WASHINGTON STATE DEPARTMENT OF COMMERCE 12
www.commerce.wa.gov
Thank you
Chris Green
ASSISTANT DIRECTOR, OEDC
chris .green@commerce.wa.gov
206.256.6146
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