Search Results
Comparing the Uses of Local Fiscal Recovery Funds in the Seventh District’s Large Cities and Their Counties
In response to the economic impacts of the Covid-19 pandemic, the U.S. federal government enacted the landmark American Rescue Plan Act (ARPA). A key component of the act was providing $350 billion in funding to state and local governments through the Coronavirus State and Local Fiscal Recovery Funds (SLFRF) program. This program was designed to allow state and local governments to use the money in a fairly flexible manner to reflect how the pandemic had affected their areas’ economies. The only significant restriction was prohibiting these governments from using the funds allocated by the ...
Speech
Monetary Policy Listening Tour
During opening remarks at a listening session at the Philadelphia Fed, President Patrick T. Harker told the audience, which included Fed Vice Chair Richard H. Clarida, that while data are important to setting monetary policy, ?the views and experiences of people and businesses across our communities are also crucial components of how we measure the health of the American economy.? The session is part of Fed Listens, a Federal Reserve effort to review how to best pursue its mandate of maximum employment and price stability.
Introduction to the Cleveland Fed Survey of Regional Conditions and Expectations (SORCE) Indexes
This District Data Brief introduces the Cleveland Fed Survey of Regional Conditions and Expectations (SORCE) indexes, which provide a timely summary of economic conditions in the Fourth Federal Reserve District. The indexes are based on responses to the Cleveland Fed SORCE, a survey of business and community leaders about regional economic conditions.
Report
Understanding Migration Trends to Prepare for the Post-Pandemic Future
As the country has emerged from the pandemic, the places where people have traditionally lived and spent their money have shifted. Considering how our region has fared relative to the rest of the nation, this analysis reveals the region’s strengths and weaknesses and points to seven key insights that should guide policy decisions as we prepare for the post-pandemic years.
Pathways to Developing Affordable Housing in Detroit: Perspectives from the Community Development Investment Roundtable
Last summer, the Federal Reserve Bank of Chicago hosted the Community Development Investment Roundtable in Detroit, Michigan. Almost 50 community investment leaders from government (at the city, county, and state levels), philanthropy, banking, and business, as well as community development financial intermediaries, gathered at this event to share insights and develop strategies to deliver greater investment in Detroit’s economically marginalized communities. Informed by presentations on the housing market and community development conditions in Detroit, participants worked together to come ...
Do Amenities, Building Age, and Floor Plans Affect Office Vacancy Rates?
The Covid-19 pandemic forced many employees to work from home. While fully remote work isn’t as common, structured hybrid work schedules that require employees to work in the office two or three days a week have become more commonplace. Workers coming into the office less frequently has decreased the demand for office space. The pressure on tenants to populate their office space with workers has increased. In some instances, firms have updated their space to offer highly sought-after amenities to persuade workers to return to the office more often.
Speech
The economic outlook and monetary policy
Lehigh Valley Partnership and Lehigh Valley Economic Development Corporation. Allentown, PA. President Charles Plosser gives his views on the regional and national economy and discusses why he remains optimistic about the economic outlook. He also shares his thoughts about monetary policy and explains why he departed from the majority view at the July and September FOMC meetings.
What Can Geolocation Data Tell Us About Childcare Use and Accessibility?
In the U.S., many parents of young children may not have enough childcare providers near them, which may limit not only their childcare access but also their employment opportunities. In this article, we explore how data on people’s visiting patterns to childcare providers might help inform our understanding of the geographic distances between where families live and where providers operate, as well as how these distances and the capacity of providers can affect childcare access. Our research is part of the Chicago Fed’s Spotlight on Childcare and the Labor Market, a targeted effort to ...
Seventh District Midyear Review: Economic Growth Continued to Be Solid in the First Half of 2024
Overall, economic growth was steady during the first half of 2024 in both the nation and the Seventh Federal Reserve District.1 Real gross domestic product (GDP) growth slowed some in both, but employment growth was up, especially in the District. Over the last few years, the District has almost always lagged the nation in both real GDP and employment growth, continuing a decade-long trend. Slower growth and slower inflation often go hand in hand, and recent data indicate inflation has indeed been somewhat lower in the Midwest.
Discussion Paper
How Colleges and Universities Can Help Their Local Economies
Policymakers are increasingly viewing colleges and universities as important engines of growth for their local areas. In addition to having direct economic impacts, these institutions help to raise the skills of an area’s workforce (its local “human capital”), and they do this in two ways. First, by educating potential workers, they increase the supply of human capital in a region. Perhaps less obviously, these schools can also raise a region’s demand for human capital by helping local businesses create jobs for skilled workers. In this post, we draw on our recent academic research ...