11a. Presentation - Washington Department of Commerce Economic Recovery pre
Washington State Economic Recovery Port of Seattle Commission Chris Green Item no. 11a_supp_3 ASSISTANT DIRECTOR Meeting date: May 25, 2021 MAY 25, 2021 We strengthen communities HOUSING INFRASTRUCTURE BUSINESS ENERGY HOMELESSNESS ASSISTANCE PLANNING COMMUNITY FACILITIES CRIME VICTIMS & COMMUNITY PUBLIC SAFETY SERVICES WASHINGTON STATE DEPARTMENT OF COMMERCE 2 Our 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 3 Economic impacts: Recent swings in GDP 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 Dashboard screenshot: state comparison of % change in total employment between January 2020 to March 2021 (seasonally adjusted) WA's deepest point in Great Recession Impact is deep WA employment rates are steadily improving but the drop in total employment is still near Great Recession levels Persistent uncertainty around near-term recovery Improving disease trajectory; vaccinations underway; new state support approved and fed support on the way Source: Local Area Unemployment Statistics (LAUS) Seasonally Adjusted, Bureau of Labor Statistics (Includes all workers in the labor force) WASHINGTON STATE DEPARTMENT OF COMMERCE 5 Widely varying impacts among industries Employment change between Jan 2020-Mar 2021 WASHINGTON STATE DEPARTMENT OF COMMERCE 6 Small Business Impacts WASHINGTON STATE DEPARTMENT OF COMMERCE 7 COVID response and recovery funding through Commerce HOUSING, TRIBES & LOCAL GOVERNMENT BUSINESSES & NONPROFITS $ 6 2 1. 4 M $20 3.7M Total to date: >$822M WASHINGTON STATE DEPARTMENT OF COMMERCE 8 NEWfunds to Commerce (HB1368 + GOV/OFM emergency funds) HOUSING & RENT ASSISTANCE* BUSINESSES & NONPROFITS* $408.5M $283.5M *Totals: GOV/OFM from Disaster Response Account: $43.5M for rent assistance and $43.5M for business/nonprofit assistance HB1368 from GF-S: $365M for rent assistance/housing and $240M for small business assistance WASHINGTON STATE DEPARTMENT OF COMMERCE 9 Small Business Grants Commercegrants.com $240M Working WA Round 4 $50M Working WA Round 5 SBA Additional Small Business resources WASHINGTON STATE DEPARTMENT OF COMMERCE 10 LOOKING AHEAD: Next Steps International Trade Development Innovation Clusters Resiliency Network Small Business Flex Fund Technical Assistance Ecosystem WASHINGTON STATE DEPARTMENT OF COMMERCE 11 INTERNATIONAL REPRESENTATION Our network of overseas consultants Canada Europe South Korea Japan Israel China Dubai Taiwan Brazil Trade Only Investment Attraction (FDI) and Trade WASHINGTON STATE DEPARTMENT OF COMMERCE 12 Manufacturing sector opportunities EDA grant Commerce will provide $3m for new cluster development initiatives Competitive Advantages for WA Space and satellites Forest products Solar Batteries Grid storage Electric aviation Autonomous vehicles WASHINGTON STATE DEPARTMENT OF COMMERCE 13 Small Business Resiliency Network WASHINGTON STATE DEPARTMENT OF COMMERCE 14 WASHINGTON STATE DEPARTMENT OF COMMERCE 15 WASHINGTON STATE DEPARTMENT OF COMMERCE 16 www.commerce.wa.gov Thank you Chris Green ASSISTANT DIRECTOR Chris .green@ commerce.wa.gov
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