Gulf Coast Economic Renewal (GCER)

Download GCER Trifold

The Problem

• A series of hurricanes ravages the US Gulf Coast in 2005, causing over $100 billion in uninsured losses.
• Millions lose everything, including jobs, assets, and records — but credit obligations continue.
• Response by creditors and insurers dramatically affects ability of individuals to return to normalcy.
• Economic renewal, which begins with individuals and households as the building blocks of communities, surges briefly, but is uneven and has slowed.
• Palpable uncertainty in region owing to lack of reliable, timely, and actionable information deters investment and hampers recovery.
• Credit and insurance problems plague households and small businesses throughout region. Government loans and grants slow to come and insufficient. Great disparity in recovery evident. (Source: PERC 2007)
• No federal funds allocated for economic development.

PERC’s Solution

• Amass extensive data set and make freely available to a broad range of stakeholders.
• Employ “Manhattan Project” approach to economic recovery analysis, bringing together data and expertise from Brookings UMI, the World Bank, Acxiom, Experian, Standard & Poor’s, and TransUnion.
• Focus on credit and insurance dimensions for individuals and small businesses.
• Generate series of reports measuring microto-macro assessment of affected communities financial well-being. Levels of analysis includes individuals, small businesses, and
  
• communities.
• Deploy on the ground resources in Gulf Coast to identify local data sets and partners.
• Provide policy prescriptions derived from interpretation of data and observations from Gulf Coast.
• Engage in extensive education and outreach in Gulf Coast and Washington DC.

The Roadmap

GCER Year 1 (Dec 05—Dec 06)

• Publish op-ed on credit impacts of Katrina with Brookings UMI.
• Co-host symposium on credit and insurance impacts of Katrina one-year later with Brookings UMI and the World Bank.

GCER Year 2 (Jan 07—Dec 07)

• Released “Recovery, Renewal, and Resiliency” in New Orleans on 2d anniversary of Katrina.
• Oversaw organic ad hoc network of small business owners, advocates, and government staff dedicated to economic development in Gulf Coast.
  
• Extensive outreach with public and private sectors in Gulf Coast and in Washington DC.

GCER Year 3 (Jan 08—Dec 08)

• Release first joint Brookings UMI, World Bank, PERC report.
• Release further small business reports.
• Develop beta of recovery monitor.