The Federal Reserve Bank of Philadelphia has created innovative programs to grow community capacity, share best practices, and foster the local connections essential to sustaining and expanding our progress in the future.
Below are just a few examples of this, which we look forward to building on in 2024:
- The Anchors for Equity Research in Action Lab is exploring how anchor institutions, namely hospitals and higher education institutions, can align their business practices with community development goals, promoting inclusive economic growth and enhancing opportunities for underrepresented groups. We’re excited to support inaugural communities in Scranton, PA, and Atlantic City, NJ, as they partner with anchors to address local workforce challenges in 2024.
- The Reinventing Our Communities (ROC) Cohort Program will launch in 11 communities across nine states in early February. The yearlong program encourages strong local economies by helping communities across the U.S. address structural racism and barriers to economic mobility. Cohorts of cross-sector community leaders participate in workshops and peer learning to gain skills and create a tailored racial equity plan to address local challenges.
- The Worker Voices Project has provided new insights into how job seekers and workers in lower-wage roles navigated the labor market at the onset of the COVID-19 pandemic and through the recovery — and how it changed what they expect from a job. Learning about these workers’ firsthand experiences gives us a deeper understanding of economic conditions and labor market dynamics.