Creating Resilient Economies
Fourth Economy defines economic resilience as the capacity of communities, institutions, businesses, and systems within a city or region to build or maintain economic competitiveness by mitigating chronic stresses and decreasing vulnerability to acute shocks.
What are stresses and shocks?
Stresses and shocks can be economic, social, or environmental in nature; regardless, they have the ability to impact your economy. A stress is a chronic condition, such as aging infrastructure. A shock is an acute event, such as the loss of a major employer, or a flood. The impact of a shock is made worse by the presence of underlying stresses.
How we can help
Economic Resilience Strategy
Fourth Economy’s process helps you identify and prioritize the social, environmental, and economic shocks and stresses facing your community using both quantitative data, as well as qualitative assessment tools. Using our standard economic development strategy methods, we then create an economic competitiveness SWOT analysis. The key to our process is understanding how your primary shocks and stresses influence your ability to leverage your strengths, improve on your weaknesses, capture your opportunities, and mitigate your threats. We then develop actionable strategies to enhance your capacity to build or maintain economic competitiveness.
Creating the Business Case for Resilience
Fourth Economy has a long history of translating environmentally-focused initiatives into economic terms: from developing the Green Building Product Initiative, to creating a Pay for Success model for green infrastructure, to developing a business plan for a stormwater management social enterprise. We see resilience as essential to modern economic competitiveness and can help bridge the gap between traditional community emergency response stakeholders and your economic development officials and private sector. By modeling the economic impact of resilience, as well as the potential economic risks of not becoming more adaptable, we can help build a strong case for investing in resilience.
Resilience Implementation and Finance Tools
We apply our same dedication to implementing and funding resilience strategies as we do to our traditional economic development strategies. Our Investment Prospectus model engages lead partners to clearly define a measurable goal, investments, a budget, and timeline for each project, and then packages them in a way that can be used to raise funding at scale. Furthermore, we can help define and model the impacts of your projects in a way that can be used to support Pay for Success financing.