Economic Diversification in the Coachella Valley Considered
One quote that we hear a lot in our society and civilization over and over is; "don't put all your eggs in one basket," and yet, so many of our cities, counties, regions, and states in America do just that with their economies.
This is extremely dangerous; what is really need for a healthy economic situation is to have diversification.
For instance, one part of our nation may be a region that has farmland, and all the money coming in is from farming, but what happens when there is a drought? Does it make sense to be that naive in economic development planning to put all your eggs in one basket and leave your community at risk for such a potential eventuality? After all, droughts come and go, and so do business cycles, and industry sector rotations.
It appears that oil and real estate have a 10 year boom to bust cycle also.
And therefore, it makes sense to diversify.
What about a city like Las Vegas, which once was strictly the hospitality industry? That isn't very good if traveling is down, or during the global economic crisis.
Luckily, Las Vegas is pretty diversified now, so it will bounce back as the economy returns, but what about other tourist destinations? What about those cities that all the snowbirds go to in the wintertime, cities like Fort Lauderdale, or the Coachella Valley California, which has such cities as Indian Wells, Rancho Mirage, La Quinta, and Palm desert, all situated very closely to the once famous Palm Springs California? If cities like this do not become economically diversified, they stand the risk of literally economically imploding when there is a hick-up in the industry, or during a downturn in the business cycle when fewer people are traveling.
Luckily, in the Coachella Valley California there are also other industries such as farming, medical, and a good bit of retail.
Still, for an area like the Coachella Valley, they need to consider more Economic Diversification, they need to bring in other clean industries, and they need to consider the high-tech future that we are moving into as well.
I hope you will please consider this.
This is extremely dangerous; what is really need for a healthy economic situation is to have diversification.
For instance, one part of our nation may be a region that has farmland, and all the money coming in is from farming, but what happens when there is a drought? Does it make sense to be that naive in economic development planning to put all your eggs in one basket and leave your community at risk for such a potential eventuality? After all, droughts come and go, and so do business cycles, and industry sector rotations.
It appears that oil and real estate have a 10 year boom to bust cycle also.
And therefore, it makes sense to diversify.
What about a city like Las Vegas, which once was strictly the hospitality industry? That isn't very good if traveling is down, or during the global economic crisis.
Luckily, Las Vegas is pretty diversified now, so it will bounce back as the economy returns, but what about other tourist destinations? What about those cities that all the snowbirds go to in the wintertime, cities like Fort Lauderdale, or the Coachella Valley California, which has such cities as Indian Wells, Rancho Mirage, La Quinta, and Palm desert, all situated very closely to the once famous Palm Springs California? If cities like this do not become economically diversified, they stand the risk of literally economically imploding when there is a hick-up in the industry, or during a downturn in the business cycle when fewer people are traveling.
Luckily, in the Coachella Valley California there are also other industries such as farming, medical, and a good bit of retail.
Still, for an area like the Coachella Valley, they need to consider more Economic Diversification, they need to bring in other clean industries, and they need to consider the high-tech future that we are moving into as well.
I hope you will please consider this.