By Christiana K. McFarland and Emily Robbins.
To better understand the specific, local-level impacts of unequal recovery and the policy implications for city leaders, we conducted the Local Economic Conditions Survey 2015. Cities and Unequal Recovery analyzes that survey and offers a place-based perspective on economic recovery from the unique vantage point of those who are held most accountable for prosperity and equity in cities: chief elected officials.
Here’s what we found:
At the local level, most cities experienced either greatly improved or slightly improved conditions.New businesses and business expansions are widespread in cities, however, labor force challenges threaten to stymie this business growth.The trend of increased home values is great news for local property tax rolls and for existing property owners, but bad news for the growing number of individuals that are currently priced out of the housing market.The widening income inequality in cities is striking, and underscores the fact that local economic recovery is not taking root across the entire socioeconomic spectrum.While comebacks in key business sectors and property markets are stabilizing local economies, rising tides do not lift all boats. As cities continue to attract more residents and businesses, they are faced with the challenge of ensuring that the benefits of growth reach everyone in the community. This new local economic reality must be matched with strategies to address inequality not only as a deeply concerning social problem, but an economic one as well.
This is the first post in a series about NLC’s new economic analysis, Cities and Unequal Recovery, which reveals ways that cities can support and accelerate inclusive economic growth.