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Economic Restoration
The Challenges of 2020
The 2020 pandemic brought rapid and extraordinary changes to businesses, employees, communities, and local governments, dramatically altering the landscape and outlook on all fronts. Many changes will be permanent with enduring impacts on businesses, workers, and communities. Resiliency and adaptation have been key to the initial response and will be key to evolving into the new reality spurred by the pandemic.
Adapting in 2021
Most importantly, look forward and not back in 2021. Given the pandemic’s significantly uneven impacts and the accelerated transformations in business operations and consumer behavior, it will be important for local government leaders and communities to embrace the transformations and new opportunities in order to evolve. With the economic structural changes, small business support programs, workforce training, and economic development will be critical for many communities.
Opportunity
In 2021, a major opportunity for the local government profession is to lead in bridging our social divides, which will enhance economic restoration and community well-being. Otherwise, we will be driving into economic and community recovery with our brakes on. For example, the National Main Street Center and Brookings identified bridging social divides as a key factor for the economic revival of rural main streets.
Key Takeaway
Change and uncertainty will continue to define 2021. Leading through uncertainty will be a critical skill. Adaptable decisionmaking, financial resiliency, long-term financial planning, robust scenario planning, and early warning systems will be vital tools to emerging into the new reality. And human capital is always our numberone resource.
SHERYL D. BAILEY, PhD, is visiting professor of practice in the School of Public and International Affairs at Virginia Tech. Bailey returned to academe after a career in public service, having served as a senior executive and financial director in state and local government and the private sector, including gubernatorial cabinet and state authority director positions in Virginia.
1 Main Street America (2020, December 01). New Research from Brookings and the National Main Street Center on the Value of Main Street Organizations. Chicago, IL. https://www. mainstreet.org/blogs/national-main-street-center/2020/12/01/new-research-from-brookings-and-the-national-main
