Principle: Resilient Economy
A community’s economy comprises all of the economic activity that both supports and relies upon the livelihoods of its residential population. A strong economy depends on continual local investment and active production and consumption of goods and services. A community with a Resilient Economy is prepared to deal with both positive and negative changes in its economic health as a result of unforeseen circumstances or external events. To build a Resilient Economy, a community must maximize reliance on local assets so as to lessen the negative impact of uncontrollable external economic forces through careful, flexible and creative development. Indicators of a Resilient Economy include thriving businesses and commercial areas, the capacity of a municipal government to provide public services and make necessary infrastructural updates, balanced and sustainable land use and development patterns, and strong disaster recovery processes.
Over the past few decades, New Castle’s economy has fared well through changes in the political, financial, environmental and cultural climates, as well as through a number of notable and isolated events. Overall, the community has recovered financially from the economic impacts of the 2008 financial crisis, the September 11th terrorist attacks, and Superstorms Irene, Floyd, and Sandy, to name a few examples. This chapter establishes goals that will enable New Castle to strengthen its economy through development of local assets and place-based, sustainable revitalization.Fiscal Condition