Gulf Coast Economic Renewal (GCER)

• » A series of hurricanes ravage the US Gulf Coast in 2005, causing over $100 billion in uninsured losses.


• » Millions lose everything, including jobs, assets, and records — but credit obligations continue.


• » Response by creditors and insurers dramatically affects ability of individuals to return to normalcy.


• » Economic renewal, which begins with individuals and households as the building blocks of communities, surges briefly, but is uneven and has slowed.


• » Palpable uncertainty in region owing to lack of reliable, timely, and actionable information deters investment and hampers recovery.


• » Credit and insurance problems plague households and small businesses throughout region. Government loans and grants are slow to come and are insufficient. Great disparity in recovery is evident. (Source: PERC 2007)


• » No federal funds allocated for economic development.

• » Amass extensive data set and make freely available to a broad range of stakeholders.


• » Employ “Manhattan Project” approach to economic recovery analysis, bringing together data and expertise from Brookings UMI, the World Bank, Acxiom, Experian, Standard & Poor’s, and TransUnion.


• » Focus on credit and insurance dimensions for individuals and small businesses.


• » Generate series of reports measuring micro-to-macro assessment of affected communities financial well-being. Levels of analysis includes individuals, small businesses, and communities.


• » Deploy on the ground resources in Gulf Coast to identify local data sets and partners.


• » Provide policy prescriptions derived from interpretation of data and observations from Gulf Coast.


• » Engage in extensive education and outreach in Gulf Coast and Washington DC.

GCER Year 1 (Dec 05—Dec 06)

• » Publish op-ed on credit impacts of Katrina with Brookings UMI.


• » Co-host symposium on credit and insurance impacts of Katrina one-year later with Brookings UMI and the World Bank.

GCER Year 2 (Jan 07—Dec 07)

• » Released “Recovery, Renewal, and Resiliency” in New Orleans on 2d anniversary of Katrina.


• » Oversaw organic ad hoc network of small business owners, advocates, and government staff dedicated to economic development in Gulf Coast.


• » Extensive outreach with public and private sectors in Gulf Coast and in Washington DC.

GCER Year 3 (Jan 08—Dec 08)

• » Release first joint Brookings UMI, World Bank, PERC report.


• » Release further small business reports.


• » Develop beta of recovery monitor.

Disaster Recovery Dashboard:

Working with its partners The Brookings Institution, Urban Markets Initiative and the World Bank Group, PERC developed a prototype set of metrics (Disaster Recovery Dashboard) designed to gauge the depth and rigor of economic recovery in the wake of natural disasters. These metrics include individuals, small businesses, and communities. They are both people- and place-based.

PERC's joint effort with its partners represents the most sophisticated and comprehensive approach to measuring the responsiveness of effected communities to economic recovery programs. It provides powerful insights into the speed and scope of recovery as well as disparate impacts of disasters and variance in the rate and thoroughness of recovery across segments of society. It stands to be a powerful tool for development agencies, charitable organizations, disaster-relief organizations, municipal, federal, and state government agencies.

Financial Vulnerability Indices:

One crucial determinant of a community's ability to recover from an exogenous shock such as a natural disaster is the combined wherewithal of the individuals that comprise a community.

Working with the World Bank Group, PERC developed a pioneering set of financial vulnerability indices using individual credit file data, commercial credit file data, socio-demographic, and public record data. This tool provides a new prism through which to view the probable impacts of disasters as well as the ability of individuals and communities to recover from exogenous shocks.

The World Bank Group’s involvement in this project represents the first time in its history that it has ever conducted research in the United States. It is currently in the process of applying this prototype to a series of pilots in emerging markets that are vulnerable to natural disasters.