6/21 Blog Topic: The future Marin County economy is on the horizon
June, 2021
| More than one year ago, when we were facing great uncertainty and anxiety about the economic impacts of COVID-19, I publicly called for our elected leaders to create a countywide economic strategy. The strategy would not only manage the previewed economic impacts from COVID-19 but chart a path forward for the county economy that could ensure economic vitality. That strategy and the future Marin economy is now underway, thanks to a federal grant obtained by MEF with the backing of the County of Marin. The “Marin County Economic Vitality Strategic Plan” is previewed for completion in early 2022. What is the importance of such a plan, now that life, and commerce, as we knew it, is slowly returning to something we recognize? For starters, all successful economies (cities, counties, states, etc.) are a result of some sort of planning, even if those regions serendipitously had assets (like minerals, or coastlines that drew tourists, or great universities producing talent, etc.). Second, during COVID-19 we learned a few things about our economy, and the people who compose it, that need to be addressed to secure an economy that works for all residents. Early in the pandemic, public and private sector leaders met regularly to support economic recovery, yet without an existing economic plan, that group, which included MEF, had to start from scratch. On the one hand, that left Marin behind other Bay Area counties that knew where and how to intervene to support businesses. On the other, leaders in Marin benefitted from lessons learned in other regions while cities collaborated through platforms like the Marin County Council of Mayors and Councilmembers to ensure approaches for supporting the economy could be shared (think how towns rapidly accommodated outdoor dining). These actions were undertaken organically in response to the pandemic but, going forward, everyone agrees we need a plan for our economy and the time is now. So, what will be in the plan and how do we know what we want in the future? Most economic strategies are formulaic, identifying a regions assets and determining an approach to leveraging those assets in pursuit of specific objectives. Those objectives (and economics more broadly) are about much more than businesses selling a lot of goods or services. Common economic development objectives focus on “quality of life” issues like education, jobs, and the environment and other attributes a community relies on. Good economic planning examples can be found in activities already underway, like the county’s effort to develop a broadband strategy that will enhance resident access to the internet and all the benefits that accrue. Drawdown Marin, the county’s effort to reduce greenhouse gases, is another good example of initiatives that will improve the economy, by focusing on public transportation, among others. What the economic plan will do is link these programs to higher level goals, like increasing resident incomes through middle and high-skill job creation, assuring that resource mobilization is done with as much purpose as possible. The other benefit to this plan is the opportunity for the community to express their desires for what kinds of sectors we want to compose our economy. For example, most Marin residents agree that the life sciences sector is one they want to see flourish but how to enlarge and support that sector is currently unknown. And what are the sectors of Marin’s future? In the 2004 “Marin County Targeted Industries Study” biotech wasn’t even mentioned yet today those businesses are among our largest employers, along with other newer sectors like gaming and wellness. Conversely, some of our sectors are not flourishing, like agriculture and brick and mortar retail. How will we treat those sectors going forward? The thing about the plan that encourages me the most is the acknowledgement from leaders that our economy is worth planning. Marin County’s perception as a “bedroom community” (where people live but commute out of for work) is not the desired goal from the people that I talk to, which includes youth, BIPOC business owners and entrepreneurs. There is a growing sense that our economy can be better by unleashing its creativity and capital, creating and building a workforce for more skilled jobs, and assuring that kids that grow up here can have a future here without too many zeros attached to their paychecks. It is all achievable, but more so with a plan. |
Mike Blakeley, CEO
Marin Economic Forum
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