An article from City Journal about the importance of Good Government to retain and attract businesses and grow the economy. Bad government, dysfunction and incompetence have the opposite result, combined with sky high taxes, fees and operating costs.
“America’s Havana – Thousands say ciao to San Fransisco”
Part of the BusinessFlare Approach includes adoption of economic development values – Credibility, Information and Certainty. Clearly not present in this case, combined with negative Investment Drivers including Regulation and Capital.
Weekly Census Bureau Survey Provides Near-Real-Time Info on Businesses and COVID’s Impact
“The first results from the new U.S. Census Bureau Small Business Pulse Survey released today show a large negative effect from COVID-19 for the majority (51.4%) of respondents and an expectation that it will take more than six months for their businesses to return to normal.
The survey, conducted by email, is intended to provide crucial weekly data on the impact of the COVID-19 crisis on the nation’s businesses. Results are displayed as data visualizations.”
Markets provide an opportunity to stimulate the local economy, revitalize neighborhoods, provide job opportunities, create socially inclusive spaces and enhance the health of the community. Farmers markets can provide healthy food in communities where it may be hard to come by for seniors and others.
Many cities have a central market, or a public market. They also have smaller markets spread across neighborhoods and regions. They are popular local destinations, and many become significant visitor attractions. Some of these markets are famous, such as La Boqueria in Barcelona, the Tsukiji Fish Market in Tokyo, the Union Square Farmer’s Market in New York City, the St. Lawrence Market in Toronto, the Borough Market in London, the Reading Terminal Market in Philadelphia and the Lancaster Central Market in Pennsylvania.
More and more, the public, planners, entrepreneurs, and public officials are learning that markets provide an opportunity to stimulate the local economy, revitalize neighborhoods, provide job opportunities for new immigrants, create socially inclusive spaces and enhance the health of the community. Farmers markets can provide healthy food in communities where it may be hard to come by for seniors and others.
Recently, the Project for Public Spaces discussed “Market Cities” at the Public Markets Conference with a focus on the Mayor’s efforts in London. Part of the focus of those efforts has been leveraging the brand of the well known markets, to connect and support the more than 300 markets that exist throughout London. Additional efforts explore ways to help ensure that there will be an ample supply of new market traders in the future through training, mentorship and business support services. Global cities are investing in their markets because they matter beyond their property line.
In cities such as London and Barcelona, there are four key principles that enable their market systems to develop and prosper, which will help communities grow their market base.
They assess their market system and connect the dots. They see markets as anchors for entire city districts, promoting job opportunities, entrepreneurship, active public spaces, and community health. They are important gathering spaces for a neighborhood or city.
They have strong distribution networks and they are a vital connection between rural and urban economies.
They are inclusive, and collaborate with operators, vendors, government officials, grassroots community groups and nonprofit partners.
Market cities invest in their markets to help them realize their full potential and enhance their local economy and community health, creating a vibrant, social activity center.
Additional comments from the Project for Public Spaces:
“As community anchors, markets have the potential to make cities more lively, to elevate residents’ quality of life, to support the local economy, and to increase access to healthy, culturally-appropriate food—all in one location.”
“Make the connection between market history and traditions and the future of markets. The most successful markets are always evolving, as are our local economies and food systems.
Market leaders should carve out space for new ideas”
Two examples of how regulation directly impacts economic development at a very large multi state level, and also on Main Street. The BusinessFlare Approach views Regulation as the Investment Driver where all communities start on a level playing field with each other, and how they apply it will greatly influence their competitiveness for investment (and competitiveness of their businesses).
At the national level, Elon Musk threatened to move Tesla’s HQ operations from California to Texas due to Alameda County’s restrictions on reopening.
More importantly, at the local level State Street in Bristol is divided between Virginia and Tennessee.Travis Penn, who opened Delta Blues BBQ in Tennessee last September, said his sales initially dropped 70% during the transition.Deel, whose Burger Bar is in Virginia, said he went from $1,500 days to $90 days.
But that’s where the similarities end right now.If Virginia’s first phase begins as anticipated on May 15, restaurants on one side of State Street, like Delta Blues, will have had an 18-day head start on dining service, over restaurants like Burger Bar on the other side of the street. Read more…
Big city downtowns are booming, but can their momentum outlast the coronavirus?
Downtowns are awesome, and are fueled by innovation, entrepreneurship and capitalism. They are here to stay.
This report from Brookings has a good overview of the recent (20 year) resurgence of downtowns and urban centers, and questions the future of downtowns, which have seen significant growth and excitement in the recent past. Do downtown urban areas maintain their desirability post-COVID in the public’s mind?
Cities less densely populated will recover quicker from coronavirus recession ‘because crowded ones deemed risky’. Low population density and educational attainment are the key factors in recovery from the coronavirus recession, according to Moody’s Analytics.
Moody’s analysed the top 100 metro areas in America with San Jose and Durham as well as Washington D.C.; Austin, Texas; Seattle; and Minneapolis coming out on top. Meanwhile Las Vegas, Nevada; Miami, Florida; and Honolulu, Hawaii are thought to struggle to get out of recession.
“If you have conviction and you’re solving problems for customers, that’s all you need no matter what the market is [doing],” Lawson says.
I keep saying that downturns are a great time to start a business; it brings out a unique creativity that is sometimes not present when things are better. In this article from Inc Magazine find two stories of founders who did it.
Birchbox’s Katia Beauchamp and Twilio’s Jeff Lawson offer harrowing details about launching amid the financial crisis–and how it actually helped their companies succeed.
Home Prices Are Likely to Hold Up Just Fine, Despite Coronavirus
More examples of the BusinessFlare Approach, recognizing that land (real estate) and markets (consumers) are key drivers of investment and economic growth. Interesting article from Barron’s, with very credible and knowledgeable sources including Mark Zandi from Moody’s.