Local

COVID-19 underscores need to diversify Tahoe tourist economy

The COVID-19 outbreak will increase Lake Tahoe as housing costs skyrocket, year-round occupancy declines, and more workers commute from afar or look for jobs elsewhere. It helped to uncover the growing vulnerability of the increasingly tourism-dependent economy. The results of a study commissioned with the help of a grant from the U.S. Department of Economic Development show the need to diversify Tahoe’s economy, build more affordable homes and utilize an increasingly skilled workforce. Is emphasized. The economy of long-distance commuters, worker shortages, and flat to declining over the last decade has not recovered in its own right and has recovered against devastating changes that have a deeper impact on the visitor-based economy. It shows a powerless economy, “the study says. Tourism now accounts for more than 60% of Lake Tahoe’s $ 5 billion regional economy, up from 40% in 2010, according to a non-profit center survey released this week. It is a dangerous proposal to put a great deal of emphasis on just one industry for the lives of the population and the tax base for schools, medical care and public services, “the report concludes. “And the recession, worsening wildfires, and changing weather patterns increase the risk,” scientists say, as climate change has made the west much warmer and drier in the last three decades, making the weather more extreme. Make wildfires more frequent and destructive. The pandemic caused the latest recession that began in early 2020, but a massive wildfire this summer forced evacuation and closed South Shore’s Nevada Casino and other businesses. Enjoy ski resorts, mountain hikes and beaches along the 72-mile coastline of North America’s largest alpine lake. At 6,200 feet above sea level in High Sierra, it straddles the California-Nevada line and holds enough water to cover the entire state of California.14 Ski resorts arrived in the form of fluffy snowflakes for a century, although We are now more concerned about seasonal changes in precipitation, which now falls more frequently as winter rains. Billions of dollars in annual tourism spending and soaring real estate values, “the report said. But a deeper look reveals that the local economy is “not functioning.” For many residents who are struggling to find employment and affordable housing for living wages. ” “This is accelerating the existing labor shortage across Tahoe’s service-based economy.” About two-thirds of Tahoe’s households outperform their current income to cover housing and general living expenses. Is also a small income. Two children based on the “living wage calculator” used by the Massachusetts Institute of Technology. More than half of all workers in the Tahoe region do not live in the basin, and average home prices have risen by an average of 35% since 2020. According to a new report, it’s $ 875,000. These commuters face increased traffic congestion, cause more air pollution and erosion, and contribute to the reduced transparency of the famous cobalt blue and turquoise waters. More than half of all homes in the basin. On the positive side, the number of highly qualified residents has steadily increased over the last decade. The Tahoe Prosperity Center’s board of directors includes local executives, city and county officials, and the head of the Tahoe Regional Planning Bureau. Heidi Hilldrum, Center Director of the US Department of Economic Development, described the region’s economic recovery and resilience strategies. The latest data is used to build on the framework it presents. “Imagine Tahoe: Prosperity Plan 2.0,” said Hildrum. “Tahoe’s economic profile is complex and the outlook for the situation here is highly dependent on personal experience and socio-economic status.” Stated. To make the economy stronger and more resilient, we need to understand where we are standing today, especially in the aftermath of disasters like the Caldor fire, “she said. ..

The COVID-19 pandemic is increasingly on Lake Tahoe as housing costs skyrocket, year-round occupancy declines, and more workers commute from afar or look for jobs elsewhere. It helped to uncover the growing vulnerability of tourism-dependent economies.

The results of a study commissioned by the Tahoe Prosperity Center with the help of a grant from the U.S. Department of Economic Development have shown that Tahoe’s economy has become more diversified, more affordable homes have been built, and an increasingly skilled workforce. He states that he emphasizes the need to utilize it.

“Exorbitant home prices, high living costs, long-distance commuters, labor shortages, and a flat to declining economy over the last decade have not recovered in their own right and are devastating changes affecting visitors. Shows a strong economy in the deeper base economy, “the study said.

Tourism now accounts for more than 60% of Lake Tahoe’s $ 5 billion regional economy, up from 40% in 2010, according to a non-profit center survey released this week.

“It is a dangerous proposal to rely heavily on one industry for the lives of residents and on the tax base of schools, medical care and public services,” the report concludes. “And the risks are increasing due to the recession, worsening wildfires and changing weather patterns.”

Scientists say climate change has made the west much warmer and drier, more extreme weather, and more frequent and destructive wildfires over the last three decades. The pandemic caused the latest recession that began in early 2020, but a major wildfire this summer forced evacuation and closed casinos and other businesses in Nevada on the South Shore.

Approximately 15 million people from around the world typically visit each year to hit ski resort slopes, hike mountain forests, and enjoy the beaches along the 72-mile coastline of North America’s largest alpine lake.

It straddles the California-Nevada line at an altitude of 6,200 feet in high Sierra and holds enough water to cover the entire state of California at a depth of 14 inches.

And while ski resorts arrived in the form of fluffy snowflakes for a century, they are now more concerned about seasonal changes in precipitation, which is more frequent as winter rains.

“On the surface, the Tahoe Basin economy looks strong, supported by billions of dollars in annual tourism spending and soaring real estate values,” the report said.

But looking deeper, the local economy “has not been successful for many residents who are struggling to find employment for living wages and affordable housing.” “This is accelerating the existing labor shortage across Tahoe’s service-based economy.”

Based on the Living Wage Calculator used by the Massachusetts Institute of Technology, about two-thirds of Tahoe’s households earn less than they currently need to cover their housing and general living expenses. Of technology.

More than half of all workers in the Tahoe region do not live in the basin, and average home prices have risen 35% since 2020 to an average of $ 875,000, the new report said. These commuters face increased traffic congestion, cause more air pollution and erosion, and contribute to the reduced transparency of the famous cobalt blue and turquoise waters.

The survey counted 53,688 residents throughout the year, a decrease of 11% from 2010. Part-time residents own more than half of all homes in the basin.

On the positive side, the number of highly qualified residents has grown steadily over the last decade, with the availability of a pool of knowledgeable and skilled talent to support existing and / or new businesses in Tahoe. Suggests. “

The Tahoe Prosperity Center’s board of directors includes local business executives, city and county officials, and the head of the Tahoe Regional Planning Bureau.

Heidi Hill Drum, director of the center, has received $ 164,000 in seed capital funding since the U.S. Department of Economic Development chose seed capital funding to facilitate the development of regional economic recovery and resilience strategies. It is said that there is.

The latest data will be used to build on the previously presented framework “Envision Tahoe: Prosperity Plan 2.0”.

“Tahoe’s economic profile is complex, and his view of the situation here is well-known for his personal experience and socio-economic status,” said Hildrum.

“Before identifying where we want to go to make the economy stronger and more resilient, we need to understand where we are standing today, especially in the aftermath of a disaster like the Caldor fire. There is, “she said.

COVID-19 underscores need to diversify Tahoe tourist economy Source link COVID-19 underscores need to diversify Tahoe tourist economy

Related Articles

Back to top button