Our regional economy cannot allow its rich, multicultural businesses to function in silos. Stronger, more strategic connection and investment in BIPOC businesses is a model for inclusive business growth. Phot ocourtesy Federal Way Chamber of Commerce

Our regional economy cannot allow its rich, multicultural businesses to function in silos. Stronger, more strategic connection and investment in BIPOC businesses is a model for inclusive business growth. Phot ocourtesy Federal Way Chamber of Commerce

Economic equity is foundational for growth

Data can be used as a powerful tool to address the business resiliency of a community. The Greater Federal Way Chamber issued an Economic Equity Assessment to better understand economic conditions such as the distribution of industry, small business clusters, gender and racial disparities, and the unique challenges faced by businesses within their sectors.

Data, however, will only tell part of the story. The statistics in the Equity Assessment show that disparities exist, and while data alone does not tell us how we can address disparities, it can serve as a tool to direct future conversations in the community.

“At the Chamber, we work to enhance growth by identifying areas in which Federal Way business is performing well and others where the local economy and specific populations face persistent challenges,” said Chamber CEO Rebecca Martin, CCE. “How do we enhance growth for strong business clusters? What are the barriers to business success?”

Share of businesses owned by non-white individuals or equally by white and non-white, 2017. Graph courtesy Federal Way Chamber of Commerce

The data in the Economic Equity Assessment supports the message the Federal Way Chamber has been sharing for the past several years. Our regional economy cannot allow its rich, multicultural businesses to function in silos. Stronger, more strategic connection and investment in BIPOC businesses is a model for inclusive business growth.

Economic equity dynamics look at outcomes within a community, not overall topline numbers. Examining disparities by gender, race and geographic area can provide insights about barriers to economic opportunity, who to engage in outreach efforts, and how to strategically address challenges.

Graph courtesy the Federal Way Chamber of Commerce.

Based on analysis of data, focus areas to explore for economic growth include a range of possibilities.

  • Diversifying the economic base to include more primary employers who sell goods and services outside of the Federal Way community.
  • Addressing disparities in homeownership which provides security and can be leveraged to form businesses and grow wealth.
  • Increasing labor force participation and business ownership by women, who are underrepresented in higher-paying occupations, despite equal education levels.
  • Supporting businesses owned by people of color.
  • Small businesses of every race and gender could benefit from technical assistance, mentorship and other resources aimed at entrepreneurs and small, growth stage business.

The data supports the Chamber’s continuing multiyear effort to secure funding for a business accelerator, added Martin. In 2022, Martin was one of 21 Chamber CEOs from 17 states selected for the national Fellowship for Inclusive Economic Growth by the Association of Chamber of Commerce Executives.

“To collectively build a path to the power of owning a business, we need to create a business climate that offers access to economic opportunity for small business ownership of every size, race, and gender,” she said. “This is what inclusivity means to the Greater Federal Way Chamber.”

The Equity Assessment data for the Federal Way area represents zip codes that include neighboring municipalities and parts of unincorporated King County. In other circumstances, conditions for the Federal Way area are benchmarked to King County, the state of Washington, and the United States

Read Economic Equity Assessment, the Sector Data Report. Review the Chambers Economic Dashboards on occupational diversity, labor force & skill set, business recovery and quality of life HERE.


Talk to us

Please share your story tips by emailing editor@kentreporter.com.

To share your opinion for publication, submit a letter through our website https://www.kentreporter.com/submit-letter/. Include your name, address and daytime phone number. (We’ll only publish your name and hometown.) Please keep letters to 300 words or less.

The news and editorial staff of Sound Publishing, Inc. had no role in the preparation of this post. The views and opinions expressed in this sponsored post are those of the advertiser and do not reflect those of Sound Publishing, Inc.

Sound Publishing, Inc. does not accept liability for any loss or damages caused by the use of any products, nor do we endorse any products posted in our Marketplace.

More in Local Marketplace

Call 253-854-1244 or visit iddinslaw.com to request a complimentary phone consultation. Learn more at iddinslaw.com or on Facebook and Twitter. Charles Cotugno Photo.
Good old-fashioned lawyer lends a hand with problems big and small

Kent law group’s 15-minute consultations help clients feel more comfortable hiring an attorney

Rob Iddins (right), managing partner of Iddins Law Group in Kent. Call 253-854-1244 or visit iddinslaw.com/contact-us to request a complimentary 15 minute phone consultation. Charles Cotugno photo.
Kent firm makes law more accessible, transparent

Attorneys can be intimidating, but this local law firm gives clients peace of mind

Small business owners in Kent are encouraged to apply for the Small Business Flex Fund by the end of February! Learn more about the program or apply for your loan at SmallBusinessFlexFund.org.
Free business guidance and low-interest loans for a stronger Kent: Apply before Feb. 28!

Get help applying for the Small Business Flex Fund to help your business grow

Dani Rice was paralyzed in a routine medical procedure: “Now thanks to WA Cares, we have more options. We both put in a little from our paychecks now, and WA Cares will pay for a home care aide, when we need one.”
You Never Know What Will Happen. WA Cares Gives Peace of Mind.

Chances are you or someone you love has experienced what it’s like… Continue reading

Rob Iddins (right), managing partner of Iddins Law Group in Kent. Call 253-854-1244 or visit iddinslaw.com/contact-us to request a complimentary 15 minute phone consultation. Charles Cotugno photo.
Small business owners in Kent are encouraged to apply for the Small Business Flex Fund before Feb. 15! Learn more about the program or apply for your loan at SmallBusinessFlexFund.org.
Low rates, supportive lenders: Kent small business owners, apply now!

Time is running out to apply for Washington’s Small Business Flex Fund

Federal Way Community Center.  Combined with the city’s ideal location, the overall quality of life in the area is high  due to its natural beauty, school system, ethnic diversity, cultural food options, and relative affordability.
Living up to our economic potential in Federal Way

How do we build prosperity in the Federal Way region? It’s a… Continue reading

WA Cares covers people with pre-existing conditions. WA Cares photo
m
Commercial Press Operator Job- Goss U70 [Night or Day shift!]

Sound Publishing is searching for Coldset Web Press Operator professionals in Washington… Continue reading

m
Kent Small Businesses Awarded $10K Grants Through Comcast RISE

360 Motors , From the Ground Up Floral , Nations Realty ,… Continue reading

Iddins Law Group attorney Christian Pearson. Call 253-854-1244 or visit iddinslaw.com to request a complimentary phone consultation. Charles Cotugno Photo.
What’s next? Understanding wrongful death and probate

This Kent law firm can help your family resolve a wrongful death case with compassion and efficiency

Patricia Kibbe, President/CEO of Evergreen Business Capital Community Finance. EBCCF is part of a network of nonprofit, community-based lenders providing the Small Business Flex Fund in Washington State.
Flexible loan helps Washington’s smallest businesses bounce back

Apply before February 2023! Grow your business with support from your community