Continuing Challenges for Economic Development and Permitting

Reuters writers Elizabeth Dilts Marshall, Anirban Sen, and Imani Moise wrote a very interesting and impactful article about the finance sector and potential layoffs.  It is not entirely expected.  As to the impact to finance, you can read the article. 

What is more impactful to me is the last paragraph.  It is:

“Everyone has been surprised by how much more efficient you can be,” he said. “Later this year or early next year, (managers will) look around and say we just have many more people than we need.”

This tells me the initial layoffs noted in the article are only the beginning.  This type of restructuring could go on for several years.  Furthermore, if it is applied to other white collar industries, the negative impact could be exponential. 

For cities and counties, the effect is threefold:

·      Economic development:  how can we add value to the individuals laid off?  What existing partnerships can we enhance and new partnerships can we begin to offer a path to employment?

·      Finance:  how will cities and counties that rely on property tax deal with a likely decrease in value?

·      Permitting:  when new tenants are interested in leasing space previously rented by the finance sector or other white collar industries, how can permitting offices expedite the process?

This last one is of primary importance in that if you look across the country, we could be faced with a spike in vacant space.  Speed to market will be critical to any new tenant. So, how does permitting respond?

Link to article:  https://www.reuters.com/article/us-usa-banks-layoffs/banks-eye-layoffs-as-short-term-crisis-ends-long-term-costs-emerge-idUSKBN25O1KI#:~:text=2%20days%20ago-,Banks%20eye%20layoffs%20as%20short%2Dterm,ends%2C%20long%2Dterm%20costs%20emerge&text=NEW%20YORK%20(Reuters)%20%2D%20At,the%20wrong%20thing%20to%20do.