Economic Resilience

Resilience is the ability of a region or community to anticipate, withstand, and bounce back from any type of shock, disruption, or stressor. These shocks can include natural disasters, hazards, and the impacts of a changing climate, but also man-made economic disruptions such as the closure of a region’s large employer, the decline of an important industry, changes in the workforce, and shifts in population trends.

As discussed throughout this planning document many of the focus areas, vision statements, goals/objections, implementation activities, and measurable outcomes are built around resiliency. A better educated workforce is more resilient to changes because they are more flexible to re-training if necessary, and the quality jobs higher educated workforces occupy are typically within industries less susceptible to volatile changes.

Economic diversification utilizing existing assets and comparative advantages that creates increasingly strong industries and opportunities directly reduces the economic vulnerability of the region.

Planning, leadership, and infrastructure are all constructed on the principles of strength, stability, and resistance to shocks or strains from hazards or outside influences. Communities that work together to market their combined strengths and assets are stronger.

Tourism expansion over a wide region helps to diversify the economy even more and provides healthy outdoor activities that allow for improved individual health outcomes.

Lastly, strong small businesses, that are well financed, and utilize technology to expand their customer reach outside the region, provide a strong base resiliency to the local economies throughout southwest Oklahoma.