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|Economic Stimulus Forum|
We would like to thank our local business and community leaders for making the Solano County Economic Stimulus Forum a tremendous success. The candid discussions on the local economic conditions generated some realistic strategies the cities and the county can explore as a way to revitalize the local economy.
Much of the discussion centered on how we can reduce costs and restart our local construction industry. Suggestions included re-examining various fees to reflect current market conditions, seeking ways to shorten approval processes and working with state and federal officials to address issues outside the control of your local elected officials.
The construction industry is only one sector of our economy, and we need to continue this conversation with our other economic drivers. We chose to start with the construction industry because it has been the hardest hit in the recession and revitalizing this sector will have a tremendous ripple effect. A recent article in the Wall Street Journal stated there will be no economic recovery without the housing industry. Increased construction activity will spur business-to-business transactions, increase retail sales and expand the tax base to fund local government services.
We can’t stress enough the importance of the economic multiplier effect of new development on the local economy; it is as important as the skilled jobs created by the construction itself. A new home brings new residents who shop at local stores, buy goods and services, and generate tax dollars for the local economy, in addition to generating new property tax dollars. Commercial construction projects are job generators – employees earn incomes, buy homes and goods and services – which stimulate the economy and add value to our local communities.
The summit was just the beginning of our call to action to take control of our local economy. We asked staff from every City and the County to take the suggestions from the summit back to their councils for discussion and decisions. There is no time to waste. You will be hearing more about these ideas in the near future as they become items of discussion at City Council and Board of Supervisors meetings.
You have our commitment to keep the momentum of the summit going. Our collaborative efforts to work together as a region will send a message to potential employers looking to expand or relocate that Solano County is a business-friendly place to work and create jobs.
Jim Spering John Vasquez
Supervisor, 3rd District Supervisor, 4th District
Dilenna Harris Chuck Timm
Vacaville City Councilmember Fairfield City Councilmember
Materials Presented at the Economic Stimulus Forum on June 9, 2011
Focus on What's Working - Best Practices
Public Sector Panel
Private Sector Panel
Group Discussion Results
Economic Stimulus Survey Results