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Tracking Philanthropic Support for Community and Economic Development: New Research from Two Federal Reserve Banks
How many grants do large foundations direct towards community and economic development (CED) activities? What kinds of activities are supported with these funds? Which metro areas receive the most philanthropic support and which receive the least?1 And why do some metro areas receive more than others? These are the questions that researchers at the community development departments of the Federal Reserve Banks of Philadelphia and Atlanta answer in newly completed research.
Diversification and Specialization Across Urban Areas
Los Angeles is famous for the entertainment industry, San Jose for technology companies, and New York for the financial firms surrounding Wall Street. While each of these urban areas has a unique identity related to a particular sector of the economy, each is also, in fact, very diverse in its industrial composition. Urban areas differ in the extent to which they have a diverse set of industries or, conversely, the degree to which they are very specialized in a particular industry. Richmond Fed analysis supports previous research findings on the extent to which diversification or ...
Leading, lagging, and left behind: identifying metropolitan leaders and labor market outcomes
From 1990 to 2010, the United States underwent significant changes in the makeup of the population and its educational attainment. During the period, bachelor's degree or higher attainment proportions rose significantly?7.9 percentage points?from 20.3 percent in 1990 to 28.2 percent in 2010. This growth happened unevenly, though. Of 283 metropolitan areas, only 78 were above the 7.9 percentage point increase, suggesting much more concentrated growth than would be expected if growth were experienced evenly. This paper documents the concentration of growth and examines four labor market ...