COVID-19 Economic Impact Analysis for the Tri-County Region Underway
The Tri-County Regional Planning Commission (Tri-County) is pleased to announce that a comprehensive economic impact analysis for the Greater Lansing region in response to the coronavirus pandemic is currently being conducted. As the Economic Development District for the region, Tri-County has recognized a significant need to collect and analyze comprehensive data sets to catalog the social, economic, and interrelated impacts of COVID-19. The results of this effort will be utilized to inform responsive decision making at all levels of public and private investment and to develop a comprehensive economic resiliency strategy for the region.
Work on the project kicked off in early January, including beginning the collection of data to establish the economic pulse of the region prior to the onset of the COVID-19 pandemic. Ongoing efforts are focused on capturing current information and analyzing data trends related to real-time impacts of COVID-19 on the region and modeling potential scenarios for economic recovery. Analysis of federal, state, and local statistics has been supported with interviews of 21 representatives of major economic stakeholder sectors, from small business, workforce, and private development, to nonprofit services, supply chain, and transportation, among many others.
The completed data analysis and recovery forecasting will inform a final report that provides municipal leaders and regional stakeholders with a better understanding of the ever-evolving impacts of the pandemic on our region. Understanding where the economic and social health of the region was, is currently, and could be in the future is crucial as policymakers and community leaders make strategic investments in recovery initiatives and work toward long-term economic prosperity and resiliency, particularly in preparation for potential future economic disruptions.
This project is made possible with grant funding from the U.S. Department of Commerce Economic Development Administration through the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was awarded to Tri-County last fall. Following a Request for Proposals and selection process conducted in collaboration with seven regional stakeholder agencies representing higher education, workforce and economic development,