Journal Article

Looking for Progress in America's Smaller Legacy Cities: A Report for Place-based Funders

Abstract: Place-based funders2 can play an important role in connecting economic growth to economic opportunity. Looking for Progress in America's Smaller Legacy Cities describes a study tour undertaken by representatives from four Federal Reserve Banks and more than two dozen place-based funders, under the auspices of the Funders? Network-Federal Reserve Philanthropy Initiative. What began as an inquiry into four small legacy cities ? Chattanooga, TN; Cedar Rapids, IA; Rochester, NY; and Grand Rapids, MI ? that appeared to have experienced some measure of revitalization in the post Great Recession environment evolved into an understanding that revitalization in these places is moving along two distinct paths: an ?arc of growth? and an ?arc of opportunity.? In the context of these small legacy cities, growth and opportunity is unfolding separately along these two long-term ?arcs,? leading to the conclusion that broad community prosperity lies in: 1) recognizing that growth alone does not naturally lead to opportunity; and 2) advancing deliberate policies, investments, and programs that connect growth to opportunity. Tour participants observed that without the action of organizations like placed-based funders, that connection rarely occurs.

Keywords: Community development; unemployment; poverty; economic development; population;

Bibliographic Information

Provider: Federal Reserve Bank of Chicago

Part of Series: Profitwise

Publication Date: 2017

Issue: 3

Pages: 21-28