Our View: Need for economic diversity in the region resurfaces with slowdown
February 24, 2008
With the economy heading into the doldrums, Truckee and Nevada County officials convened to talk about ” you guessed it ” the economy.
Among the ideas that came up to bolster and diversify Truckee’s economy were adding technology and light industry.
Adding these light impact jobs to the area is a great idea, but it has been a great idea for a long time.
Discussions about diversifying Truckee’s economy have been floating around for years, but seemed to evaporate over the last several years as the real estate good times rolled.
Now, with a grim housing forecast, the idea has resurfaced in earnest.
The problem is that Truckee and Nevada County should have been working away at building a diverse and sustainable economy for quite some time now.
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However, besides a few bright spots like the arrival of property valuation firm Clear Capital, the focus stayed on housing and tourism.
Housing projects gained approval from the town and then began building ” and the accompanying construction, real estate sales and housing material industries became a larger portion of the town’s economy.
The hot economy of the real estate boom would have been the time to attract new business ” business that could help Truckee and North Tahoe smooth out the volatility of relying on one economic sector.
Hindsight, as they say, is 20-20. But it’s hard not to look at the sluggish market and realize that now is when a diversified economy would really help us out the most. It’s not necessarily the time when we want our elected officials to convene and begin talking about the topic.
But during the boom time we didn’t need it and therefore we didn’t build adequately for an inevitable future when the housing industry would buckle into one of its cycles.
But now that Truckee and Nevada County have put their heads together on the subject, this momentum must continue ” whether the housing market rebounds quickly or not.
Because building a diversified economy will take the perseverance to stick with it through the thick and thin of an economy that needs to be diverse enough to smooth out those ups and downs.