Akron is falling behind – but it’s not out of the race yet.

The town that once showed the way for other industrial cities afflicted by the decline of their core industries is now falling behind its peers. It has the tools and ingredients it needs to catch up, but it will now have to work harder than ever to come from behind.

Those are the simplified findings of a report released Wednesday, Feb. 17, by the Greater Ohio Policy Center with the support of Akron’s John S. and James L. Knight Foundation. The report, titled the “62.4 Report” in reference to the Akron's size in square miles, compares the city's performance on indicators of urban health and competitiveness to five peer cities in the Midwest and Northeast: Erie, Pa.; Fort Wayne, Ind.; Hamilton, Ohio; Syracuse, N.Y.; and Worcester, Mass.

“In the past, experts have noted that Akron has outperformed similar cities in weathering the decline in its manufacturing base, but the report finds that more recently Akron’s economic progress has not kept pace with similar mid-sized, post-industrial cities,” Greater Ohio and the Knight Foundation said in announcing their findings.

“Akron is at a crossroads,” said Lavea Brachman, executive director of the Greater Ohio Policy Center. “A number of substantial challenges face the city, but we found that leaders are already beginning to take the right steps to help Akron get back on the right track.”

Among the report’s findings:

A data analysis looking at trends from 2000 to 2013 showed a troubling decline in the economic health of Akron residents across a number of indicators, including income, employment, poverty and educational attainment. Regional leaders recognize the importance of reversing this trend and have launched a number of programs focused on reducing poverty.

Akron’s neighborhoods are still contending with the double blow of declining population and the mortgage foreclosure crisis. Beyond the challenges of long-term vacant housing, a portion of the available housing stock is in disrepair or is ill-suited to the size and lifestyles of middle-class families that the city hopes to attract.

Akron has seen little population growth among young professionals and immigrants, two key demographics that shape the city’s future growth. Despite this fact, young professionals have recently had outsized impacts on civic leadership, and the city’s North Hill neighborhood has gained national attention for its diverse immigrant population.

The city faces a skills gap. Many Akron residents require additional training to be able to take advantage of new job opportunities in health care, education and advanced manufacturing. Although promising initiatives are underway to address this issue, other challenges, such as regionally dispersed job opportunities, make accessing employment difficult for transit-dependent Akron residents.

The report notes that Akron is now in a major transition period, following the 2015 resignation of longtime mayor Don Plusquellic.

“This transition opens an important opportunity to consider next steps in shaping Akron’s future economic and civic health and the role the city’s leadership will play in advancing its growth,” the report found.

On the bright side, the report also found that Akron’s leaders are taking some of the right steps today to help the city succeed. For example, the report gives Akron’s leaders high marks for their communication with important local core companies and their business retention efforts.

But it also found areas where improvements could be made, including by helping to foster the formation and growth of more local, homegrown companies.

Some of the report’s key recommendations include:

Foster good leadership: Strategically develop, attract and retain local leadership.

Forge connections across sectors: Increase coordination to maximize the benefits of public and private investment.

Develop core city vibrancy: Focus on downtown and the city of Akron as the key sites for regional economic development.

Cultivate existing talent: Invest in Akron’s current residents, including low-income workers and families.