While economic impacts such as skyrocketing unemployment claims and a nosediving stock market came on rapidly, there are many ripple effects of Covid-19 that will be felt over time. As we move further away from the epicenter of restrictions and closures, some of those ripple effects are beginning to show. The Hospitality industry is being hit hard, and provides a staggering example of the interconnectedness of our economy across industries. In its weekly Data Download segment, Meet the Press recently highlighted how the pain in the hospitality industry is felt in other sectors as well.
In the coming weeks and months, many grant opportunities will be made available to provide COVID-19 relief to communities. These will take different forms and be administered by various entities: federal or state agencies, municipalities, local community foundations, private funds, and others. While all communities and businesses will be in need and deserving of support, many grant opportunities will be competitive. As a resource to help tell your story and make a compelling case with data, we have assembled a Grant Writer’s Toolkit of Emsi Developer reports.
In a perfect world, economic impact studies would only be conducted to determine the likely effects of positive events in a community: expansion of a local manufacturer, increase in education attainment, or a reduction in the poverty rate. Unfortunately, sometimes negative impacts must also be measured, such as the economic impact of COVID-19. To ensure that the results of impact studies are accurate, and thus most useful in developing recovery efforts and allocating relief funds, it’s important to be thorough.
Economic and workforce development professionals are on the front lines of their community’s response to COVID-19. To support their community and provide impactful assistance to local businesses, they need to be armed with the right data. We recently hosted a webinar to discuss the real-time and traditional labor market data that can help identify, prioritize, and support local businesses impacted by restrictions and closures.
Economic and workforce developers are always expected to have a pulse on the local economy and know its levers and pulleys. As communities grapple with the impacts and economic fallout of COVID-19, this is more true than ever. By providing sound data to help frame conversations and make better decisions, economic development organizations can greatly assist in efforts to lessen the immediate shock and quicken the recovery.
Both employers and job seekers want to be efficient in the hiring process, and skills data helps them do it. With a clearer definition of a job, the needs of employers and the abilities of workers can be better matched in the job market. Furthermore, the likely transitions of workers and the education needed to make those transitions become clearer when using skills.