Income inequality is an increasingly dominant theme in American culture and politics. Data from the IRS covering mean and median income of filing households for 2012 by zipcode allow us to map and interpret the fascinating geography of income differences. Where are the richest areas, the poorest and the most unequal? read more »
Legacy cities have legacy costs, including disinvestment from the inner city, as well as regional economic decline. The spiral has been ongoing for decades. The new white paper by consultants Richey Piiparinen and Jim Russell entitled “From Balkanized Cleveland to Global Cleveland”, funded by the Cleveland-based neighborhood non-profit Ohio City Inc., examines the systemic reasons behind legacy city decline, all the while charting a path to possible solutions. read more »
The term 'walking away from the property' usually refers to owners who leave a home when they can't make the mortgage payments. In Youngstown, Ohio, it may gain a new meaning: to describe banks that abandon a vacant property in foreclosure, and leave neighbors to cope with the blight. Now banks that walk away from their properties are being reigned in by a local community organization. read more »
Perhaps no urban legend has played as long and loudly as the notion that “empty nesters” are abandoning their dull lives in the suburbs for the excitement of inner city living. This meme has been most recently celebrated in the Washington Post and the Wall Street Journal.
Both stories, citing research by the real estate brokerage Redfin, maintained that over the last decade a net 1 million boomers (born born between 1945 and 1964) have moved into the city core from the surrounding area. “Aging boomers,” the Post gushed, now “opt for the city life.” It’s enough to warm the cockles of a downtown real-estate speculator’s heart, and perhaps nudge some subsidies from city officials anxious to secure their downtown dreams. read more »
Freeways, particularly urban freeways, have had a bad press for several decades now. They are accused of despoiling scenery, destroying habitat and causing urban sprawl. Many observers report with glee on the latest news of a small segment of urban freeway being dismantled. read more »
The world’s biggest and most dynamic economy derives its strength and resilience from its geographic diversity. Economically, at least, America is not a single country. It is a collection of seven nations and three quasi-independent city-states, each with its own tastes, proclivities, resources and problems. These nations compete with one another – the Great Lakes loses factories to the Southeast, and talent flees the brutal winters and high taxes of the city-state New York for gentler climes – but, more important, they develop synergies, albeit unintentionally. read more »
To paraphrase the great polemicist Thomas Paine, these are times that try the souls of optimists. The country is shuffling through a very weak recovery, and public opinion remains distinctly negative, with nearly half of Americans saying China has already leapfrogged us and nearly 60 percent convinced the country is headed in the wrong direction. Belief in the political leadership of both parties stands at record lows, not surprisingly, since we are experiencing what may be remembered as the worst period of presidential leadership, under both parties, since the pre-Civil War days of Franklin Pierce and James Buchanan. read more »
Over the past 60 years, financial services’ share of the economy has exploded from 2.5% to 8.5% of GDP. Even if you believe, as we do, that financialization is not a healthy trend, the sector boasts a high number of relatively well-paid jobs that most cities would welcome.
Yet our list of the fastest-growing finance economies is a surprising one that includes many “second-tier” cities that most would not associate with banking. read more »
The 2013 edition of our list shows many things, but perhaps the most important is which cities have momentum in the job creation sweepstakes. Right now the biggest winners are the metro areas that are adding higher-wage jobs thanks to America’s two big boom sectors: technology and energy. read more »
The following is an exerpt form a new report, Enterprising States, released this week by the U.S. Chamber of Commerce Foundation and written by Praxis Strategy Group and Joel Kotkin. Visit this site to download the full pdf version of the report, or check the interactive dashboard to see how your state ranks in economic performance and in the five policy areas studied in the report.
Nothing better expresses America’s aspirational ideal than the notion of small enterprise as the primary creator of jobs and innovation. Small businesses, defined as companies with fewer than 500 employees, have traditionally driven our economy, particularly after recessions. Yet today, in a manner not seen since the 1950s, the very relevance and vitality of our startup culture is under assault. For the country and the states, this is a matter of the utmost urgency. read more »