11a. Presentation - King County Economic Recovery
Item no. 11a_supp_4 Meeting date: May 25, 2021 King County Economic Recovery Panel Briefing Ashton Allison, Economic Development & Recovery Director Kate Becker, Creative Economy & Recovery Director May 25, 2021 King County Economic Recovery Panel Briefing Ashton Allison, Economic Development & Recovery Director Kate Becker, Creative Economy & Recovery Director May 25, 2021 Home COVID-19 Handbook News About Contact Q King County COVID- 19 Economic Impact (as of March 2021, compared to January 2020) 2.8% total employment, low-wage workers (<$27K/year) 17.5% Unemployment rate peaked at 14.9% but back to 5.4% (as of March 2021) 30% total job postings 30% number of open small businesses 33% small business revenue 4.6% consumer spending 8.6% home prices in 2020 UI claims confirm disproportionate impacts across populations Industry impacts are broad and disproportionate Source: www.tracktherecovery.org and KC OEFA EconPulse 2 Creative Economy Impact Washington's creative economy was 8.4% of GSP prior to COVID $5.2B lost revenue for creative economy businesses in 2020 statewide In King County April 2021: - 22% of creative economy businesses had resumed - 35% plan to resume in Fall 2021 - 23% timeline for business to resume is unknown Performing arts orgs and businesses still shut down in 14th month Concerns are worker retention/availability and worker mental health 53% of creative workers report now having no savings at all Economic Recovery Outlook Employment has partially recovered but remains below 2019 levels. Government intervention is significant (federal, state, and local) Past economic shocks suggest full recovery will take multiple years. Uneven recovery: o Construction above pre-COVID levels o Financial Services positive growth o Leisure & Hospitality largest declines, down 38% o Creative Industries visual arts resuming; performing arts down o Remaining Service Industries varies depending on sub-sector Source: KC OEFA EconPulse 4 King County COVID Recovery Response American Rescue Plan Act: $437 million Coronavirus Aid, Relief, and Economic Security (CARES) Act: $530 million COVID-19 Eviction Prevention & Rent Assistance Grants: $185 million WA State Department of Health COVID Funding: $121 million Public Health and Social Services Emergency Fund: $1.5M Six Supplemental Budget Processes, King County Council has approved $321.9 million to support public health response, care sites and shelter deintensification , grants and economic development, tourism and creative sector recovery, and continuity of King County operations Source: KC OEFA EconPulse 4 Executive Priority Economic Recovery Equitable Economic Development Equitable Creative Economy Strategy Department of Local Services/Unincorporated King County Procurement Expansion Opportunities King County International Airport Projects Supporting Regional Partners King County Associate Development Organization (ADO) Workforce Development Council of Seattle-King County Greater Seattle Partners Leverage King County's position as a major employer to drive economic recovery Source: KC OEFA EconPulse 4 King County True North Making King County a welcoming community where every person can thrive Economic Recovery Goal Rebuild an anti-racist, equitable, resilient, and sustainable regional economy. Economic Recovery Strategic Framework 1. Expand access to living wage, high-demand jobs for Black, Indigenous, and People of Color (BIPOC) communities, narrowing white-BIPOC wealth, employment, and wage gaps. 2. Attract new high-quality small businesses in the County's underserved communities and retain the County's highquality small businesses that pay living wages and share King County's values of racial equity, environmental sustainability, and workers' rights. Economic Recovery Strategic Framework (continued) 3. Protect and retain the creative, hospitality, and tourism industries and build a more equitable creative economy for BIPOC communities. 4. Leverage relationships with partner organizations to coordinate and advance workforce development, economic development, and economic recovery efforts. Critical Actions & Accomplishments 1. Continue Harbor Island Studios initiative; launched in January 2021 and currently supporting 115 f/t union jobs + 260 support positions, Goal: create 500 new jobs. 2. Finalize local workforce system org restructure by end of Q2 2021. 3. Re-designate and refresh the vision of the Associate Development Organization (ADO) for 2021-2022. 4. Leverage large federal and state relief funding that will drive economic recovery for vulnerable populations. 5. Continue to advocate for expanded set of workforce and economic development financing tools. 6. Continue to catalogue current County assets, especially real property and buildings, that can be adapted & repurposed for economic recovery efforts. Source: Priority Matrix 7 Critical Actions & Accomplishments (cont'd) 7. Reduction of the Priority Hire threshold to $5M 8. $20m Economy & Climate Equity Capital Pool 9. Inaugural meeting of Green Jobs Working Group 10. Behavioral Health Apprenticeship Program 11. King County International Airport projects 12. Small business grant program 13. Dozens of webinars and Zoom sessions for small businesses 14. REVS (Reopen Every Venue Safely) initiative 15. Executive's Film Advisory Board Source: Priority Matrix 7 Opportunities for Port Partnership Thank you for your ongoing partnership! ADO/subregional partnership on small business outreach and retention activities Future development of Harbor Island Studios #1 critical issue is parking for 125 cars within safe walking distance Real estate inventory that can be rented by film productions 7 King County Economic Recovery Panel Briefing Ashton Allison, Economic Development & Recovery Director Kate Becker, Creative Economy & Recovery Director May 25, 2021 Thank You! Ashton Allison, Economic Development & Recovery Director ashton.allison@kingcounty.gov Kate Becker, Creative Economy & Recovery Director kate.becker@kingcounty.gov
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