ECONOMIC RESILIENCE

A region’s ability to prevent, have foresight for and weather an economic disruption is a pathway to regional economic resilience. Economic resilience is defined by the EDA as the ability to recover quickly from a shock, the ability to withstand a shock, and the ability to avoid a shock all together.

ECONOMIC DISRUPTION

A key strategy is diversifying the regional economy to avoid over-reliance on any single sector. Building strong collaborative networks and communication systems, including a universal referral system, is essential for navigating crises and accessing resources. Leveraging data analytics, forecasting, and learning from other regions can help anticipate and adapt to potential disruptions. Investing in organizational redundancy, emergency preparedness, and the overall health of the regional economy strengthens resilience. Proactive planning, including pre-disaster recovery plans (like FEMA planning for mitigation for stormwater) and ongoing monitoring of business needs, is crucial for effective response. A long-term vision that invests in future generations and fosters a collaborative, solution-oriented community will further enhance the region’s ability to weather economic uncertainties.

STEADY-STATE INITIATIVES

Northwest Lower Michigan has on-going efforts that meet the definition of Steady-State Initiatives. These initiatives are long-term efforts that position the region to tackle economic disruptions:

• Engaged in CEDS Process: Local EDO’s and stakeholders are actively engaged in the CEDS development and update process. The Action Items developed through consensus are borne of the Summary Background, SWOT Analysis and achieve a strategic direction.
• Focus on Innovation Clusters: Local EDO’s and economic development support organizations are actively working to focus industry clusters that will seek to support and develop innovation.
• Support for Business Incubators: Local EDO’s and economic development support organizations are actively incubating and recruiting businesses for the region, building upon strong industrial sectors in our counties.
• Maintain data availability (API & GIS): Networks Northwest, local units of government and non-profits are working to maintain GIS data within established databases for use by development community, business leaders and residents. Networks Northwest is continually maintaining an integrated data API and expanding data resources as new sources become available.