Growth & Opportunity News: Areas of Economic Distress on the Rise
Connecting people & communities to economic opportunity | Fall 2016
AREAS OF ECONOMIC DISTRESS ON RISE IN NORTHEAST OHIO
Fund for Our Economic Future and Team NEO research shows that between 2012 and 2014, the number of economically distressed tracts and the number of people living in areas of economic distress across Northeast Ohio increased. A
reas of economic distress are defined as those where less than 65 percent of the working-age population is employed or looking for work and where median household income falls in the bottom quartile. While
recently reported Census Bureau numbers show a decline in poverty in Cleveland and other Ohio cities from 2014-2015, rates are still high and these numbers are considerably worse for minorities. Our work is far from finished.
The number of distressed tracts and the number of people living in an area of economic distress rose by 24 percent and 23 percent, respectively, since 2012.
There are 120 distressed tracts in Northeast Ohio.
10 of 18 counties have one or more distressed tracts.
The total distressed area population is 258,308. That's 6 percent of the region's total population, or, one in 17 individuals.
In the last issue, we shared a summary of the findings of the national workforce development demonstration, WorkAdvance. The full report is out. Look for additional Northeast Ohio-specific findings later this fall.
The Fund for Our Economic Future has named Heather Roszczyk as its Akron Entrepreneurship Fellow, tasked with connecting entrepreneurs to resources, providing financial support to existing and emerging efforts, and promoting entrepreneurship in the city of Akron.
"What's the role of economic development organizations in inclusive growth?" Pete Carlson of Regional Growth Strategies asks in his latest blog post.
"Many EDOs have been rethinking and retooling their existing systems to deliver more inclusive growth. In other words, changing the way they do business," Pete writes. "The new systems that are starting to emerge have two main features in common. The first is that they focus on leveraging existing assets to grow new jobs from within the region. And the second is that they consciously forge much closer links between economic, workforce and community development, as well as transportation and land use planning."
In September, nearly 450 individuals attended the Federal Reserve Bank of Philadelphia's biennial Reinventing Our Communities conference. PowerPoint presentations and select video and audio recordings from the conference are now available in the agenda section on the event website.
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This newsletter is presented by the Fund for Our Economic Future, in collaboration with the Community Development Department of the Federal Reserve Bank of Cleveland, as part of a joint initiative to identify and spread effective local and regional strategies for growing jobs in ways that also expand opportunity.