Economic Challenges and Opportunities

Even in a growing and healthy economy, companies and industries have their challenges. Industries are cyclical and sometimes companies fail. Challenges are increasingly tied to global financial markets, the forces of capitalism and broad economic trends.

However, at the kitchen table and in the community, economic challenges are personal. When job losses occur, families worry about how they will pay their bills and what their next moves will be. It is important that they know that they are not alone and that there is a community standing behind them.

America is a great country, and its resources for these situations are better than many large economies. However, not all gaps are filled. Economic development entities, governments and private sector partners each have roles to fill.

What can economic developers do? First, they can make available job and family services well known so that company officials and individuals impacted by job losses know their options. Second, they must know where both job losses and job opportunities exist, or may soon exist, especially within the private sector (this underscores the importance of business expansion and retention efforts). Third, the economic developer’s job is to coordinate resources, market the skills of available employees, and plan for what is next.

It is important that the economic developer build confidence in the future and continue to work each day to generate opportunities for growth.

-Kenny McDonald

One Columbus Update

This week, the One Columbus team and partners from the JobsOhio Network are in Germany for Hannover Messe, the world’s leading trade fair for industrial technology. The One Columbus team is also in San Francisco to meet with companies and consultants.