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Over the next few years, Ramsey County's economic prosperity will be
<br /> driven through a commitment and focus on growing new, high-wage jobs and
<br /> increasing access to these jobs.This will increase its most important drivers of
<br /> _/ economic growth: small businesses.This new and competitive economy must
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<br /> center the voices of those most impacted by historic injustice and the global
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<br /> y, WOULD ^ pandemic. Because County resources are not sufficient to meet all of the needs
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<br /> r�'; r i~� C REAT£ identified,our priority is on addressing the needs of our most economically
<br /> MONO T bussMESS / NE
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<br /> /� vulnerable residents and investing in key economic,cultural and transportation
<br /> NTRPR IS£S .� �/�/ • �/ corridors. County leaders and staff,together with partners across the housing
<br /> spectrum, will work together to address critical housing needs, support services,
<br /> and disparities;to align public, private and philanthropic resources in support of
<br /> Ramsey County needs 500 more minority business new housing supply, and preserving existing affordable housing while improving
<br /> climate resiliency and reducing household utility costs.
<br /> enterprises (MBE) to match the U.S. ownership rate.
<br /> Adding 500 businesses owned Black, Latinx, Asian, and These economic priorities must work in tandem with the county's priorities
<br /> Indigenous people would create 6,690 new jobs in Ramsey around place-based investments to ensure residents have an affordable place
<br /> County3. to call home and can affordably get to where they need to go.This involves
<br /> leveraging and prioritizing resources,greater cross jurisdictional coordination
<br /> A widening undercapitalization in of minority business enterprises is stifling and deeper partnerships with cities across the county to develop sites for
<br /> overall economic growth,causing the county to miss out on the economic industry and housing, and cultivating opportunities for residents to lead cultural
<br /> contribution of approximately 500 Black, Latinx,Asian, and Indigenous and business district growth and anti-displacement mitigation.
<br /> business enterprises.
<br /> Ramsey County is committed to growing its economic competitiveness
<br /> through strategies centered on inclusion so that all households are able to live
<br /> Ramsey County needs Iii"' in stable, safe housing located near jobs,transportation, essential services, and
<br /> 15,000 deeply affordable community amenities. Ramsey County will thrive because of its racial,ethnic,
<br /> housing units to address the MX
<br /> t and socioeconomic diversity, not in spite of it.
<br /> need for those most severely :. D 0 :•
<br /> impacted by the lack of ...i 1: Fourth Economy: If all Black,Latinx,Asian,and Indigenous residents received the same average
<br /> wages as white workers.
<br /> affordable housing4. 2: Fourth Economy:The Ramsey County Minority-owned Business Enterprise(MBE)ownership
<br /> Most Black, Latinx,Asian, and AFFORDABLE gap versus the U.S average.
<br /> g personH 0 U S I N G UNITS 3: Fourth Economy: If Ramsey County closed the MBE ownership gap by adding 500 MBEs at
<br /> Indigenous cost-burdened 4 the same average employment for current MBEs in Ramsey County(13.4)it would add 6,690
<br /> households are earning less than new jobs.
<br /> $51,700,which equates to 50% of 4:65,000 households in Ramsey County pay more than 30%of their income on housing,while
<br /> the area median income(AMI). Black, nearly 30,000 pay more than half of their income on housing.The gap of 15,000 affordable
<br /> Latinx,Asian, and Indigenous renters are more likely to be cost burdened rental units for the lowest income residents(AMI-30)is the gap that the market is least likely to
<br /> address.
<br /> than white renters. Ramsey County's biggest need is affordable rental units 5:The Area Median Income for the Minneapolis-St.Paul-Bloomington,MN-WI HUD Metro
<br /> at 30%AMI, plus a need for more rental units with two or more bedrooms5. FMR Area in 2020 is$103,400.See report.
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