Economic Justice
Community Economic Development
Significance
Economic Justice that supports local ownership of assets, including homes and businesses, and assures fair access for all to business development and business retention opportunities.
Evaluating the equitable distribution of economic development resources provides a lens to understand who is benefiting from the current structure. This type of analysis allows for reconsidering the allocation of resources to promote thriving communities across the State of Washington.
Local Ownership of Assets
Home ownership is the best indicator of wealth accumulation. Purchasing a home is often the largest financial investment a household will make. Home ownership is a measure of person and area wealth. Examining home ownership rates, foreclosure risk, and changes in assessed value bring understanding to area wealth and underscores residents who are able to make this type of investment and those who may require additional support in order to make this investment.
Business Development Retention
Businesses are an important drive of jobs and economic success. Equal access to business opportunities helps support and strengthen local economies. Applying a pro-equity perspective to business ownership allows for a conversation on the accessibility of diverse business ownership in the State.