Recently I was privileged to deliver a state of the economy report to a group of business owners in Eureka. I miscalculated how much negative content there was to share. Near the end of my time, I scarcely had room to address the magnitude of opportunity that is laying on Humboldt County’s doorstep. This experience served as a reminder of just how human it is to focus our attention on the bad news.
And indeed, it does seem as though bad economic news abounds. It is hard to ignore the competing headlines or social media feeds crying out that recession, interest rates, homelessness, the cost of goods, or the projected multiyear budget deficit (both the deficit of county and the state), etc., spell doom for us all.
Yet, as history has taught us, even a dark cloud can have a silver lining.
Take the Great Depression for example, i.e., U.S. history’s finest financial debacle. This period in history birthed the Social Security system, financial reforms to protect depositors, increased labor protections, and so on. Or take the 2008 housing bubble “burst” that resulted in increased lending regulation, improvements in risk management practices, and an assortment of consumer protection reforms.
Past stories of economic progress occurring in light of economic hardship smacks of a certain familiarity in some of the conditions that we see present today. We keep hearing just how bad it is out there. And yet, as difficult as times do seem, we also keep hearing of the opportunities which just keep knock, knock knocking on Humboldt County’s door.
In 2022, Humboldt State University became California’s third polytechnic university. The estimated annual economic impact of this change alone is anticipated to exceed $400 million annually. Other sectors like tourism, biotech, and energy continue to grow. And other “horizon projects” related to offshore wind, port development, and aquaculture are anticipated to create thousands of jobs and billions of dollars for Humboldt County over the next 30 years.
But why communicate the positive when so many of us are presently feeling the pinch? How consumers simply feel about the economy has the power to make a positive impact and spur economic activity. So much so in fact, that there are several economic matrices to track the moods of consumers. This means that the economy can operate in a self-fulfilling way.
So then. What can we do to spread positivity in the local economy despite so many frightening statistics about where the economy is headed? Here are some tried and true ideas from the experts:
• Shop locally: By doing so, consumers contribute to the local economy, create jobs, and help businesses thrive.
• Spread the word: Share positive experiences and recommendations about local businesses with friends, family, and on social media.
• Engage in community events: By attending and supporting these events, consumers contribute to the success of local organizations and businesses involved.
• Volunteer: Volunteering not only helps those in need but also fosters a positive environment and strengthens community bonds.
• Be a responsible consumer: Support businesses that prioritize environmental and social responsibility, as this can encourage more businesses to adopt similar practices and contribute positively to the community.
• Collaborate with local businesses: Such collaborations boost economic activity and promote a sense of community pride.
• Provide feedback: Offer constructive feedback to local businesses to help them improve and thrive.
Mentor and support entrepreneurs: If you have experience or expertise in a particular field, consider mentoring aspiring entrepreneurs or small business owners in your community.
• Support local arts and culture: By appreciating and supporting local artists and cultural activities, consumers contribute to the vibrancy of their community and encourage economic growth in the creative sector.
• Foster a sense of community: A connected and united community is more likely to support local businesses and create an environment where economic activity can flourish.
In short, every positive action, no matter how small, contributes to building a stronger and more prosperous community. There will always be the “big bad” out there, even during economic booms. Human nature may remain destined to be inclined to focus on the negative, likely due to a combination of evolutionary and psychological factors. But, by spreading positivity, consumers (and you, and I) can play a significant role in creating a thriving and resilient local economy that will carry Humboldt County through the highs and the lows of whatever it is the world has to bring us.
Scott Adair is the director of economic development for Humboldt County.