Business View Magazine | October 2020

367 BUSINESS VIEW MAGAZINE OCTOBER 2020 La P COUNTY, Industrial and recreational diversity az ARIZON G lobal pandemics, natural disasters, political storms, blows to international trade and industry - all of these remind us that economic conditions can shift in the blink of an eye, sometimes, literally, overnight. For these reasons and more, recent years have witnessed resiliency emerge as a major theme, particularly within the context of business operations where it acts as a performance indicator measuring a company’s bounce-back potential. But resiliency isn’t just important to private business; it matters for municipalities and economic development organizations (EDOs) as well. Studies have shown that counties with a specialized industrial composition are more susceptible to external shocks, and therefore less likely to spring back into shape quickly once their core industry suffers a downturn. Alternatively, counties with greater industrial diversity have been found to better withstand those economic shocks — their spread shields them from any adverse effects and increases the proportion of demand that can be supplied locally. Therefore, planning for resiliency means