A new economic report is highlighting the economic challenges facing Oakland and offering a warning about what needs to happen to ensure the city’s future success. Velena Jones reports.
A new economic report is highlighting the economic challenges facing Oakland and offering a warning about what needs to happen to ensure the city's future success.
Oakland is at a critical juncture, according to a nearly-80 page economic indicators report released by the Oakland Chamber of Commerce Wednesday.
The report highlights just how big a role public safety plays in the town's future success.
“What our residents want, which is really investing in public safety to increase their confidence as well as investing in the things that will grow our economy base in Oakland,” said Barbara Leslie with the Oakland Metropolitan Chamber of Commerce. “So, we really want our policymakers to be very strategic about where they are investing their resources.”
Major factors slowing Oakland’s growth according to the report include employment recovery, which is still below pre-pandemic levels, extended remote work contributing to lack of downtown business, a lengthy permitting processes and sales tax revenue that is more than 20% below pre-pandemic numbers with a lack of big box retailers in city limits.
Adam Fowler, the founder of Civil Economics, wrote the report.
“A lot of challenges kind of keeping up and a lot of that I think is tied to perceptions of public safety on the streets, on the ground," he said.
The report found tourism is declining amid a lack of business and recreation, along with a growing number of hotels closing. However, despite those challenges Fowler believes Oakland can still be an economic driver.
Oakland Councilmember Ken Houston stresses that success comes back to making public safety a priority, despite the city's budget deficit.
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“People will visit your hotels, people will buy, people will open businesses. That’s all they said right there, public safety and that is my main, main, stance,” he said.
The good news is that Oakland remains a place of resilience. The report notes trade is recovering with a new commitment from the Port of Oakland to revitalize the area.
It also points to visual and performing arts as a growing market that could boost the economy.
As the Oakland Coliseum deal is waiting a final approval, Alameda County Supervisor Nikki Fortunanto Bas is doubling down on the county’s commitment to see it through.
“The investment that we make in arts and culture has multiple levels of impact," she said. "Two of my colleagues are actually listening in and joining those negotiations. We have met three times over the past five days. We are going to meet every day if that is what it takes to get this deal done."
Interim Oakland Mayor Kevin Jenkins highlighted the success of three major events in Oakland including NBA All-Star weekend, the AKA convention and Black Joy parade believes Oakland is on the comeback.
“We are more than our public safety issues, we are a place where you can thrive, do business and where you can have fun,” he said.
