Boston, MA, April 03, 2024 (GLOBE NEWSWIRE) -- The Initiative for a Competitive Inner City (ICIC) and SRI today unveiled a groundbreaking report titled "Regional Economic Connectivity: A Strategy to Build Opportunity in Distressed Communities." This comprehensive analysis offers a fresh perspective on economic development, emphasizing the integration of under-resourced communities (URCs) into the broader economic framework of metropolitan areas through strategic industry cluster development. The Kresge Foundation and The Robert Wood Johnson Foundation provided generous support for this research.
The report aims to bridge the economic divide by fostering connections between distressed communities and the more prosperous parts of their metropolitan areas. By focusing on industry clusters that are thriving in the broader region and establishing them within URCs, the strategy promises to catalyze job creation and wage growth where it is needed most.
"Regional Economic Connectivity" not only identifies the mechanics of economic integration but also provides actionable insights for economic development professionals, policymakers, community leaders, and private and public sector partners. Through detailed case studies and a data visualization tool, the report identifies how connectivity has been achieved for a diverse set of industry clusters in five metropolitan areas, and draws conclusions for economic development policy and practice:
- Production Technology and Heavy Machinery in Cleveland-Elyria, OH.
- Communications Equipment and Services in Hickory-Lenoir-Morganton, NC.
- Education and Knowledge Creation in Fresno, CA.
- Insurance Services in Miami-Fort Lauderdale-West Palm Beach, FL.
- Information Technology and Analytical Instruments in Austin-Round Rock, TX.
The report highlights the importance of anchor institutions in driving connectivity, the role of related clusters in fostering broader economic integration, and the necessity of ensuring that jobs in URCs are accessible to local residents through targeted workforce development and employer commitments. State and local governments, along with regional organizations, are encouraged to implement strategies to attract and retain cluster-related firms in URCs.
“Through this report, ICIC and SRI offer a novel approach to economic development that prioritizes both growth and equity,” said Howard Wial, Senior Vice President and Director of Research at ICIC. “By establishing a framework for regional economic connectivity, we can ensure that the expansion of the economic ‘pie’ benefits everyone, especially those in our most distressed communities.”
“Connectivity prioritizes clusters that already have a track record of success and growth in the region,” noted Christiana McFarland, Director, Center for Innovation Strategy and Policy at SRI. “This growth is often driven by innovation and technological change, such as in manufacturing, and offers URCs a pathway into the economy of the future.”
For a deeper understanding of the findings and recommendations, learn more: https://icic.org/research/community-economic-development/regional-economic-connectivity/.
About ICIC:
The Initiative for a Competitive Inner City is a nonprofit research and strategy organization that aims to drive economic prosperity in under-resourced communities through private sector investment to create jobs, income, and wealth for local residents.
About SRI:
SRI is an independent nonprofit R&D institute with deep roots in Silicon Valley. With a nearly 80-year legacy of innovation across a range of industries, SRI technologies, research, and ideas have had a meaningful impact on every one of our lives. From AI and technology in education to biomedicine and robotics, SRI has created new industries, billions of dollars in market value, and lasting benefits to society.
