10 Strategies to Keep Portland's Economy Working

Dear Portlander,

We've all heard that another economic slow down is upon us. The national economy is currently confronting slow job growth, a severe mortgage lending crisis and credit crunch, and a widening income gap.

In Portland, we are hopeful that the current slowdown won't become a local recession, but too often in recent history Oregon and the Portland region have been among the worst hit by national recessions. With Oregon's unemployment up, and an increase in foreclosures, we need to make sure we're proactive in preparing for whatever happens in the next six to twelve months.

Historically, city government has done little to either prepare for a slowdown or act to recover from one. It's time we do so.

The purpose of this draft economic response strategy is to identify the actions we can take immediately to help mitigate local impacts of the national economic slowdown on Portlanders and Portland businesses.

This discussion draft lays out immediate and short term strategies designed to foster job creation and retention, economic development, and to strengthen our safety net by:

marshalling existing resources and increasing partnerships with the private sector
greenlighting requests put forward by the bureaus
investing in target initiatives and;
increasing certainty wherever possible

For a sense of where these strategies are in the budget process (sorry it's so complicated!) click here.

The total $6 million investment into our economy and community will help individuals and businesses using proven strategies and new partnerships.

As a city and a region, we will clearly need to take additional action to address this economic slowdown. However, these investments will help people stay in their homes, secure family-wage jobs and increase their assets. They will also help small businesses stay open and grow by reducing uncertainty and tax burden, accessing new markets, and securing technical and capital assistance.

I'd like to thank the City, County, State, organized labor, private sector and community leaders who have already added their expertise and advice to this document. I am sending this discussion draft proposal to you for your input before I finalize it and submit it to my colleagues for their consideration as part of the city budget making process now underway.

Yours,

Sam

10 Strategies to Keep Portland's Economy Working

Recognizing that the Federal and State governments have important roles to play in reinvigorating our economy (see complete report for legislative priorities), here are some ideas about what the City of Portland can do to mitigate risk and to seize opportunities that will immediately benefit our vulnerable families and businesses - while we continue to move forward with the long-term strategies that will help our region thrive:

In the next 3 months:

Form a Council of Economic Advisors
Protect Basic Services
Boost Support to Vulnerable Families, Expand Rent Assistance and Increase Capacity of Foreclosure Counseling Services
Support small businesses by placing a moratorium on new fees and taxes, Extending City Building Permit Validation, Easing Permitting Process, Boosting Technical Assistance and Access, Expanding Loan Programs and Promoting Local Retail Activity

In the following 6 months: