Report Outlines New Approach to Economic Equity

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Economic development is a key factor in every city’s growth. Over the last several decades, local economic development in the United States has usually involved cities, states, and regions battling against one another in an effort to attract new residents, companies, and jobs. Typically, the trend for economic development comes in the form of tax breaks, subsidies, location incentives, and favorable tax rates.

However several cities are now using a new strategy to generate economic development. Boise (7.74% Latino population), Denver (31.2% Latino population), and Pittsburgh (2.66% Latino population) are some of the many cities that are creating walkable, vibrant, inclusive neighborhoods that are attracting residents and employers, supporting existing businesses, and fostering entrepreneurs.

Companies of all types and sizes are moving to areas that offer great quality of life for their employees. Cities are trending toward creating great walkable neighborhoods that are helping to attract new residents, new jobs, and new investments.

Smart Growth America, an advocacy group dedicated to making better neighborhoods for people to live in, has issued a new report entitled Amazing Place: Six Cities Using the New Recipe for Economic Development, which looks at how Boise, Denver, and Pittsburgh, as well as Greenville (5.46% Latino population), Minneapolis (9.82% Latino population), and Nashville (10.12% Latino population).

Despite how different all of these cities are, they all utilize smart growth development to successfully attract new companies and new residents. The new report emphasizes how communities of all sizes can learn from these examples.

This new approach to economic development can help communities create diverse and durable local economies. Among the report’s highlights are the different ways to create vibrant walkable neighborhoods and regional centers. Cities that want to compete in today’s economy can and should use many of these strategies to create places that are unique to their community.

Read the report here.

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