Search Results
Discussion Paper
Federal Government Transfers in the Rural Fifth District
In previous articles, we articulated the role that cuts in federal government workforce and spending might have on the Washington, D.C., region of the Fifth Federal Reserve District. But another key piece of federal government spending that impacts our Fifth District communities is transfer payments. For many households in the Fifth District, transfer payments from the government comprise a sizable share of personal income. Whether it be medical benefits, social security, or unemployment insurance, transfer payments serve as a tool for both poverty alleviation and household financial ...
Journal Article
Investing in the Great Outdoors
While the appeal of Mother Nature has always been self-evident to enthusiasts, the COVID-19 pandemic brought in new converts. Once it became clear that the virus spread less easily in open spaces, and with many indoor options shut down, outdoor recreation became a compelling option for anyone looking to escape their home or apartment in 2020.In addition to visiting state parks and trails in record numbers, many Americans moved from cities to suburbs, small towns, and rural places in search of more open spaces. According to a March 2023 report from Harvard University's Joint Center for Housing ...
Discussion Paper
Growing Younger: Are Rural Demographics Shifting?
As the Baby Boomer generation ages, America has been "graying." The Census Bureau estimates that within the next decade, there could be more adults over 65 than children under 18. Geographically, rural areas tend to be older than urban areas and median age rose across both rural and urban areas from 2010 to 2020. More recently, however, the story has changed; in the last three years, many rural counties have gotten younger. And about a third of them are getting younger while growing their prime working-age population, a key group needed for economic and employment growth that can help lead to ...
Journal Article
At the Richmond Fed: Collaborating to Improve Rural Access to Capital
Small towns and rural communities play a key role in the Fifth District's economy. Not only do they make up nearly one-quarter of the region, they also have important economic ties to neighboring cities and counties.That's why the Richmond Fed is addressing the economic health of rural areas as part of its broader mission of strengthening the economy. Working with partners on the local, regional, and national levels, the Bank's Community Development team recently launched the Rural Investment Collaborative to increase economic investment in small towns and rural communities throughout the ...
Discussion Paper
Impacts of Tariffs on Rural Businesses: Insights from Our Business Surveys
As a part of the Richmond Fed's March business surveys, we asked firms how tariff policies might affect their business. Additionally, we asked responding businesses to indicate their geographic footprint: urban, suburban, small town, and/or rural. We were particularly interested in understanding how rural-operating businesses expect to be impacted by tariff policies compared to their urban counterparts. In our analysis, we consider rural-only businesses to operate only in rural areas or small towns. We consider urban-only businesses to operate only in cities or suburban areas.We find that ...
Discussion Paper
Land at Risk: Heirs' Property in the Carolinas
In 2021, the Richmond Fed highlighted the issue of heirs' property (and its prevalence in Maryland and Virginia) in a Regional Matters post. Heirs' property occurs when land is transferred from one generation to the next without a clear will or definition of land ownership. Since multiple heirs can lay claim to a parcel of land, heirs' property can impede or complicate the sale of the land or the ability of owners to prove ownership, among other challenges.Using the same methodology for North Carolina and South Carolina, this Regional Matters illustrates the prevalence of heirs' property ...