"The economic impact of COVID is like nothing we've ever seen before."
September 2020
Economic Recovery Dashboard to help leaders track key data by industry, region, demographics
Leaders worldwide and locally are facing the worst economic downturn since the Great Depression. The trajectory for recovery will be very different depending on where you live, who you are and what industry dominates the regional economy, among other complex factors,
The economic impact of COVID-19 on individuals, families and businesses is like nothing we’ve ever seen before. The depth and complexity of the challenge we’re dealing with demands that we use data in new ways to help every family, every community and every industry get back on their feet, stronger and more resilient than before.
This week, Commerce unveiled the state’s new Economic Recovery Dashboard, a unique tool for analyzing and visualizing data from public and private organizations to reliably examine the impact of COVID-19 on the state’s economy. The dashboard details numerous metrics on regional, demographic and industry sector levels that could help state and local leaders more effectively and equitably focus economic recovery efforts by tracking the varying impact of the pandemic and needs through a prolonged slowdown.
For example, the dashboard data currently tells us:
Two months after reopening efforts began, Washington’s employment decline is still 30% greater than the lowest point in the Great Recession a decade ago.
Unemployment trends in Washington state are tracking similarly with most other states with a steep drop through April and slow but steady growth since May.
While construction has recovered 80% of lost jobs as of June, leisure and hospitality has only recovered about one-third of job losses and is the hardest hit of all industries.
There are early signs of disproportionate unemployment impacts across race groups, particularly Pacific Islanders and Black workers.
An additional 100,000 people have signed up for food or temporary cash assistance since February, with larger increases in central Washington, Spokane and Tri-Cities areas.
The dashboard is available to the public on the Commerce website.
Equity focus sharpens with new and expanded programs announced this week
Small business owners now have more places to seek culturally and linguistically relevant help
The COVID-19 pandemic has exposed numerous disparities and inequities that affect the ability of many communities to access everything from health care to worker protections to broadband. Access to culturally and linguistically relevant information is another significant challenge. While numerous aid and grant programs are available to help businesses, non-English speaking and business owners of color are far less likely to receive information about those programs even as they face disproportionately higher rates of closure.
A study from the National Bureau of Economic Research (NBER) estimates declines in the number of business owners by racial and demographic group since April:
African-American businesses were hardest hit – declining by 41%.
Latinx businesses declined by 32%.
Asian businesses down 26%.
Immigrant businesses were also devastated, with losses of 36%.
At the same time, white-owned businesses declined by 17%.
Commerce this week announced expansion of Small Business Resiliency Assistance, a program designed to support trusted messengers - now numbering 20 community-based organizations - to provide technical assistance to small business owners in underserved communities dealing with the impact of COVID-19.
$9 million in COVID relief funds to help nonprofits supporting youth
The need for youth programs that provide learning, mentoring and social-emotional support to students and young adults has never been greater, but COVID-19 has significantly impacted the ability of many nonprofits to keep their doors open. This week Commerce announced a partnership with School’s Out Washington to distribute approximately $9 million in state Coronavirus Aid, Relief and Economic Security (CARES) Act funding to support programs serving school age kids and young adults facing the most significant challenges to educational and economic opportunity.
Register now! New specialized online trainings for small businesses begin soon
Are you a rural business owner interested in increasing revenue, strengthening your product or service, creating a competitive advantage, improving your marketing strategy, and better understanding financial statements and key business drivers and metrics?
Are you a minority, veteran or woman-owned business interested in optimizing operational strategies that will create resiliency and sustainability for your business in the face of a global pandemic?
Commerce invites you to join a FREE weekly online training series:
ScaleUp for rural businesses: Sept 30 - Dec 9.
ScaleUp for minority, veteran & woman-owned businesses: Oct. 8 - Nov. 1
For details on course topics, more information and registration, click here.
Rent Assistance Program Update
People in our communities continue to struggle to find affordable housing, and COVID has put many more at risk of homelessness. Rental assistance is available through local organizations serving every county, thanks in part to a $100 million allocation to Commerce from the state's Coronavirus Aid, Relief, and Economic Security (CARES) Act funding to support the Eviction Rent Assistance Program statewide.
Please note that all assistance is through local community housing providers, NOT Commerce.
Marching to our 1 million mask milestone!
We are grateful for our many Commerce partners that are working to distribute one million masks to communities throughout Washington state. This PPE protects workers and volunteers, allowing them to continue their critical work to house the homeless, ensure that food and other essential supports are delivered and so much more.
Visit www.coronavirus.wa.gov often for the most current information and resources related to COVID-19 in Washington state.
About Commerce
Commerce works with local governments, businesses, community-based organizations and tribes to strengthen communities. The department’s diverse portfolio of more than 100 programs and effective public and private partnerships promote sustainable community and economic development to help all Washingtonians thrive. For more information, visit http://www.commerce.wa.gov. For information on locating or expanding a business in Washington, visit choosewashingtonstate.com.
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