The 5 Rs: economic strategy for recovery

The Santa Clarita Valley Business Journal

L.A. County recently formed the Economic Resiliency Task Force with leaders from business, labor, government and education communities to develop actionable recommendations to improve the economy, create jobs and return to full employment.

The Task Force consists of the Board of Supervisors and a sector lead from 13 different industries. Each of these sector leads will facilitate working group discussions to help develop recommendations to leverage public-private partnerships to reopen our economy. 

I have been invited by Supervisor Kathryn Barger to participate in the Business — Corporate/Manufacturing working group that will report to the larger Task Force. It is an honor to be selected for this working group and I’m committed to finding solutions to get our economy on the road to recovery. SCV businesses are eager to open up quickly, but only if they can do so safely.

Reopening the economy and getting residents back to work

The reopening has already begun and should continue to identify the near-term steps that can be taken, in a phased approach, to safely open businesses that remain closed. These steps should include establishing best practices for health criteria, social distancing and related operational and sanitation protocols. Once established, these practices and protocols should inform the progressive reopening of businesses that adhere to them.

The reopening of businesses should be prioritized by the sectors which can most easily adhere to the protocols, those that employ individuals hardest hit by the crisis, and those that have large multiplier effects that can stimulate the economy. Timeframes for opening successive waves based on successful implementation of health and safety protocols will allow other businesses to prepare.

Accelerate the jobs recovery

The jobs recovery phase should add ongoing measures that increase consumer confidence and expand inclusive growth across the county, while ensuring that new health risks do not jeopardize reopenings that have occurred. 

Engendering economic reinvention, resilience and resurgence

Post-crisis, L.A. County must begin to rethink and reinvest in its economy to be more inclusive and resilient. The county should develop incentives for commercial-stage biopharmaceutical and medical device companies to locate in L.A. County in order to de-risk future supply chain disruptions, especially companies seeking to move production from overseas. 

If you’d like more information, contact the SCV EDC at (661) 288-4400 or [email protected].

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