(Community Matters) Steven and I were out of town so unable to attend the East Austin Economic Summit this weekend. Fortunately, Capital One Bank sponsored a mini-presentation yesterday over lunch in the Long Center’s Kodosky Lounge.
The presentation was focused on East Austin and made note of the rapid demographic changes underway in that community. Housing prices in parts of East Austin increased 60% in 2007. The area is hardly affordable for longtime, traditionally low income residents. Given the concentration of low skill workers, many of these folks are most vulnerable during today’s economic challenges. Of Austin’s 3,960 small businesses, about 35% are located in East Austin.
Our conversation expanded to discuss the current economic challenges faced by and to be faced by all Austin businesses. Some thought as to whether PeopleFund should consider expanding its target base to include all businesses with less than $1mm in revenues. Agreement that we must be counseling our clients to prepare for an even more serious and sustained downturn in business and recognition that many businesses will not survive the downtown.
I’m noticing that Matt Kouri and Greenlights are planning a townhall meeting for nonprofits to discuss the economy and what it means for nonprofits. ABJ article here; Greenlight’s website here.
Community Matters 