The national economic numbers were reported last week. They remain disappointing, especially if one looks behind the numbers.
The official unemployment number is 9.7 percent. There were 431,000 new jobs, but 411,000 of these were temporary U.S. Census workers. A actual unemployment number is much higher, 16.6 percent, when adjusted for those who have given up looking for employment.
Solving the national and international economic problems is daunting and serious questions remain to what extent this can be accomplished. A more viable economic solution involves focusing first on local economies.
Based on Hebert Research’s current findings, economic development now ranks the number two priority among 58.1 percent of the residents in the local community. Note that this statistic is not from the business community but the residential population. The number one priority is police protection, at 73.7 percent.
What the community is reflecting is the importance of the local economy, which directly affects their income, property values, quality of life, and family and friends. Here are some of residents’ proposed solutions:
Attract, create, and retain sustainable businesses which will produce livable incomes.
Invest local public financial resources with businesses operating in the community who are competitive.
Reexamine and align business regulations and the tax structure with the interests of the community — both residents and business.
Provide community news and information to connect the community’s buyers and sellers.
While national and regional print media is continuing to decline, this is not the case with local newspapers. In fact, based on Hebert Research’s current findings, local newspapers ranked the number one source (65.3 percent) among residents in terms of demand for community information. This figure equaled that of local television news. The local independent media is ranked as the most trustworthy source of community information by 57.7 percent of community residents. This response was gathered from a representative sample of the community and not just local newspaper subscribers.
Most media buying is based on large national rating services who utilize statistical samples for major metropolitan areas, such as the Greater Seattle-Everett area. While the purpose of buying national media services is to reach a wide audience, at the local level this breadth is not generally available. Nonetheless, it seems that this metric is not essential if local creditability and readership is high and it is the most effective means to connect to nearby buyers and sellers.
Jim Hebert is the president and founder of Hebert Research, Inc., an international real estate, land use, and statistical research firm in Bellevue.
