{"id":61917,"date":"2023-02-20T06:00:00","date_gmt":"2023-02-20T14:00:00","guid":{"rendered":"http:\/\/www.kentreporter.com\/local-marketplace\/economic-equity-is-foundational-for-growth\/"},"modified":"2023-02-20T06:00:00","modified_gmt":"2023-02-20T14:00:00","slug":"economic-equity-is-foundational-for-growth","status":"publish","type":"post","link":"https:\/\/www.kentreporter.com\/local-marketplace\/economic-equity-is-foundational-for-growth\/","title":{"rendered":"Economic equity is foundational for growth"},"content":{"rendered":"\n\t\t\t\t

Data can be used as a powerful tool to address the business resiliency of a community. The Greater Federal Way Chamber<\/a> issued an Economic Equity Assessment <\/a>to better understand economic conditions such as the distribution of industry,<\/a> small business clusters<\/a>, gender and racial disparities,<\/a> and the unique challenges faced by businesses within their sectors.<\/p>\n\t\t\t\t

Data, however, will only tell part of the story. The statistics in the Equity Assessment show that disparities exist, and while data alone does not tell us how we can address disparities, it can serve as a tool to direct future conversations in the community.<\/p>\n\t\t\t\t

“At the Chamber, we work to enhance growth by identifying areas in which Federal Way business is performing well and others where the local economy<\/a> and specific populations face persistent challenges,” said Chamber CEO Rebecca Martin, CCE. “How do we enhance growth for strong business clusters? What are the barriers to business success?”<\/p>\n\t\t\t\t

\"Share<\/a><\/div>\n\t\t\t\t

The data in the Economic Equity Assessment supports the message the Federal Way Chamber has been sharing for the past several years. Our regional economy<\/a> cannot allow its rich, multicultural businesses to function in silos. Stronger, more strategic connection and investment in BIPOC businesses is a model for inclusive business growth.<\/p>\n\t\t\t\t

Economic equity dynamics look at outcomes within a community, not overall topline numbers. Examining disparities by gender, race and geographic area can provide insights about barriers to economic opportunity, who to engage in outreach efforts, and how to strategically address challenges.<\/p>\n\t\t\t\t

\"Graph<\/a><\/div>\n\t\t\t\t

Based on analysis of data<\/a>, focus areas to explore for economic growth include a range of possibilities.