Richmond Fed Annual Report Explores Urban Decline

A new report from the Richmond Fed examines the dynamics of urban development, decline and redevelopment.

In the Bank’s 2016 Annual Report, senior policy economist Santiago Pinto and economics writer Tim Sablik discuss the forces that drive urbanization and the factors that determine where firms and households locate within cities. The authors also evaluate a variety of place-based and people-based policy responses to urban decline. Because every city is different, Pinto and Sablik caution that revitalization efforts that worked for one city may not work for another.

In addition to the essay, the annual report includes a summary of the region’s economic performance in 2016 and a link to the Bank’s financial statements. The report is available on the Bank’s website.

As part of our nation’s central bank, the Richmond Fed is one of 12 regional Reserve Banks working together with the Board of Governors to support a healthy economy and deliver on our mission to foster economic stability and strength. We connect with community and business leaders across the Fifth Federal Reserve District — including the Carolinas, District of Columbia, Maryland, Virginia, and most of West Virginia — to monitor economic conditions, address issues facing our communities, and share this information with monetary and financial policymakers. We also work with banks to ensure they are operating safely and soundly, supply financial institutions with currency that’s fit for distribution, and provide a safe and efficient way to transfer funds through our nation’s payments system.

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