Requested by the California Business, Transportation and Housing Agency to develop a nine-county Economic Recovery Workplan, the Bay Area Council Economic Institute accepted submissions of nearly 500 project ideas and selected among them to craft one coherent strategy that aligns state and regional priorities and aims to spark short-term job creation as well as long-term economic growth. The plan is intended to inform how the state deploys its stimulus allocations, applies for competitive ARRA awards, streamlines the flow of stimulus dollars down to communities, and implements longer term economic development strategies.
The Bay Area Economic Recovery Workplan represents a productive state-region partnership that focuses on regions as California’s economic engines and drivers of recovery and sustained growth. The state’s Business, Transportation and Housing Agency (BT&H) initiated the process by inviting (not mandating) all 12 California regions to submit regional plans to help the state identify the best prospects for expending ARRA resources efficiently and effectively. The Bay Area Council Economic Institute (BACEI) took full advantage of the opportunity to maximize stimulus investments in its region. By developing a plan guided by regional priorities and objectives, BACEI puts the Bay Area in good position to receive bonus points for certain state housing funds and bond applications. Additionally, their work will help the region qualify for state assistance for federal and state grants, targeted outreach on new business tax incentives, and new economic recovery and infrastructure financing tools.
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