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Discussion Paper
Towards a more prosperous Springfield, MA: what jobs exist for people without a college education?
This paper analyzes projections of Massachusetts employment opportunities by occupation to address concerns about a shortage of jobs for those who lack a college education. While occupations requiring a college degree will grow more rapidly over the period 2006-2016 than occupations that do not require college, replacement needs will ensure large numbers of job openings that do not require college. Wage levels in jobs that do not require college are generally low, however. The exceptions usually require meaningful training of another sort, such as long-term on-the-job training or courses in ...
Discussion Paper
Jobs in Springfield, Massachusetts: understanding and remedying the causes of low resident employment rates
As part of the Federal Reserve Bank of Boston's commitment to supporting efforts to revitalize the economy of Springfield, Massachusetts, this paper explores the causes of and potential remedies for the city's low resident employment rates. When compared to the state as a whole and to other midsize New England cities, the share of employed city residents is low, particularly for residents of downtown Springfield and its nearby neighborhoods. By analyzing the availability of jobs across Springfield's various neighborhoods and in nearby towns and cities, this paper's goal is to learn why so few ...
Discussion Paper
Using credit reporting agency data to assess the link between the Community Reinvestment Act and consumer credit outcomes
We use a regression discontinuity design to investigate the effect of the Community Reinvestment Act on consumer credit outcomes using data from the Federal Reserve Bank of New York?s Consumer Credit Panel database (Equifax data) for the years 2004 to 2012. A bank?s activities in census tracts with median family incomes less than 80 percent of the metropolitan statistical area (MSA) median family income count toward a lending institution?s compliance with CRA rules. Assuming census tracts with median incomes at 79.9 percent of the MSA median are the same as census tracts at 80 percent?except ...
Journal Article
Servicer performance in processing HAMP loan modifications: a survey of Massachusetts-based counseling agencies
The Home Affordable Mortgage Program (HAMP) attempts to help homeowners avoid foreclosure by compensating servicers that allow borrowers to modify the terms of their mortgages. To understand the seemingly troubled HAMP process, the Community Development unit of the Boston Federal Reserve Bank of Boston administered surveys to loan-modification counselors. The results indicate that the process takes much longer than the guidelines indicate and that servicers frequently claim the applications are incomplete. The surveys were run twice to assess any improvements.
Working Paper
Does Springfield receive its fair share of municipal aid? : implications for aid formula reform in Massachusetts
This paper examines the distribution of unrestricted municipal aid in Massachusetts, which has been a major concern to civic leaders and elected officials of many communities, including Springfield. The paper develops a measure of the municipal fiscal gap indicating the relative need of municipalities for state aid. The analysis shows that in recent years, unrestricted municipal aid has not been distributed in proportion to the gap measure among the 10 largest cities in Massachusetts. For example, despite having the largest municipal gap, Springfield received almost the lowest per capita ...
Discussion Paper
Reinvigorating Springfield's economy: lessons from resurgent cities
As part of the Federal Reserve Bank of Boston's commitment to supporting efforts to revitalize the economy of Springfield, Massachusetts, this paper analyzes the economic development approaches of other mid-sized manufacturing-oriented cities during the past half century. From among a comparison group of 25 municipalities that were similar to Springfield in 1960, the study identifies 10 "resurgent cities" that have made substantial progress in improving living standards for their residents, and that are recognized as vital communities in a broader sense by experts on urban economic ...
Report
Lessons from resurgent cities
In 2008, the Federal Reserve Bank of Boston began a project to help reinvigorate the city of Springfield, Massachusetts. This cross-departmental initiative uses the Boston Fed's research and convening capabilities to complement the efforts of other organizations dedicated to improving economic and social conditions in New England's fourth-largest city. As noted in an earlier joint Federal Reserve-Brookings Institution study, Springfield has one of the highest rates of concentrated poverty in the country: one-third of the city's poor live in neighborhoods where poverty rates exceed 40 percent. ...
Discussion Paper
Toward a more prosperous Springfield : a look at the barriers to employment from the perspective of residents and supporting organizations
Compared to the city, the region, and the state, labor force participation rates in Springfield's downtown and surrounding neighborhoods are very low. Residents and community leaders have expressed concerns about the employment prospects for the low-income residents that make up these neighborhoods. The purpose of this discussion paper is to highlight the perspectives of residents and community-based organizations on why so few residents of Springfield?s downtown neighborhoods are employed and to look at the some of the resources available to Springfield residents to help them address ...
Discussion Paper
Greater Springfield employment challenges: findings of employer survey and interviews
This paper presents the findings from in-depth interviews and a survey of employers in the Greater Springfield area regarding (a) employment opportunities for entry-level workers with limited skills and (b) barriers that residents of Springfield's low-income neighborhoods face in accessing these jobs. The survey and interviews indicate that entry-level jobs that do not require college are available in the Springfield area. However, even entry-level jobs require the ability to perform a variety of tasks, and many applicants lack the skills needed to perform these jobs or have work readiness ...
Discussion Paper
Towards a more prosperous Springfield, Massachusetts: project introduction and motivation
The Federal Reserve Bank of Boston has committed to supporting ongoing efforts at the state and local levels to revitalize the City of Springfield, Massachusetts. Drawing upon its analytical capabilities, its experience working with community organizations and earlier research on poverty in Springfield, the Bank seeks to develop strategies that will enable Springfield residents, particularly those living in impoverished neighborhoods in and near downtown, to participate more fully in the Springfield economy and the revitalization process. The Bank?s efforts are also intended to complement the ...