In a recent report, the Government Accountability Office is calling on state and local governments to include business recovery planning. The goal is to reduce business relocations and help them adjust to changing market conditions so they can play a role in reviving an afflicted area.
The report identifies businesses as a key element in rebuilding a community after a major disaster, such as a hurricane or tornado. “Widespread failure of individual businesses may hinder a community's recovery,” according to the GAO report. Homestead, Florida is cited as an example of how a hurricane can alter a community. Following Hurricane Andrew, the Air Force base permanently closed and retirees and winter residents opted to move elsewhere. As a result, the city and the market fundamentally changed.
Some of the planning measures call on local and state government to maintain programs that help with recovery. Measures include low-interest loan programs, establishing outreach programs to help businesses understand changing market conditions, and taking steps to encourage businesses to stay in the area following a disaster.
Read the full report.
Disaster Preparedness Consulting, LLC
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