Prosperity Center launches ‘Envision Tahoe’ to diversify, strengthen economy |

Prosperity Center launches ‘Envision Tahoe’ to diversify, strengthen economy

INCLINE VILLAGE, Nev – The Tahoe Prosperity Center, the regional community and economic development non-profit for the Tahoe Basin, today announced the launch of a new initiative called “Envision Tahoe: Prosperity Plan 2.0.” This effort will bring together business, government and civic leaders from California and Nevada to develop strategies to diversify and strengthen the regional economy so that it is more resilient and sustainable for those who live, work and provide public services in the Tahoe Basin.

COVID-19 added new urgency to many of the trends that have been troubling the Tahoe Basin’s $5 billion economy for years: increasing concentration in tourism (from 40% to 60% since 2010); over exposure to economic downturns; a volatile tax base; prevalence of lower-wage, service-sector jobs; lack of career-track positions that pay livable wages; and a crisis of available and affordable housing for those who work around Lake Tahoe.

“Tourism will always be a foundation of our local economy, but we have recognized for many years that our economy must be more diversified for our economy to be resilient to downturns and to deliver prosperity for everyone,” said Heidi Hill Drum, CEO for the Tahoe Prosperity Center. “One of the many hard lessons from COVID-19 is that if we don’t have a solid, consensus-based plan with specific action steps to strengthen our economy, the challenges for our businesses, workers, residents and local governments will become more formidable.”

TPC was selected by the U.S. Economic Development Administration to facilitate a Regional Economic Recovery and Resiliency Strategy and awarded a grant of $164,000 for the planning and community engagement effort. In its role as facilitator, TPC is conducting an analysis of economic conditions and trends in the Tahoe Basin to identify challenges and identify near-term opportunities for diversification. TPC will also study other communities where tourism is a major economic driver and their diversification efforts.

TPC has also assembled a diverse set of stakeholders to serve on a “Basin Wide Steering Committee,” which will be co-chaired by Placer County Supervisor Cindy Gustafson and Chris McNamara, owner of OutdoorGearLab, LLC and TechGearLab. The Basin Wide Steering Committee includes approximately three dozen individuals from various communities around Lake Tahoe who represent business, education, workforce, community, government and tribal organizations.

Drum added, “We appreciate the federal funding support to launch this initiative and the willingness of a broad set of stakeholders to collaborate on this critical plan of action.”

Uniting Tahoe’s Communities to Strengthen Regional Prosperity 775-298-0267

The committee will have its first meeting on September 15 to review the findings of a Baseline Study and discuss diversification strategies. TPC will also conduct survey research to solicit input from businesses, workers and residents throughout the Basin.

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Source: TPC

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