Strategies That Work for Small Market Economic Development

23:24
 
Share
 

Manage episode 222149769 series 1767659
By Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio streamed directly from their servers.

Small cities, small towns and rural areas are facing a variety of structural headwinds, from demographic declines to globalization to the digital transformation of the economy. But locally owned community banks remain a strong countervailing force to help these communities navigate the transition, economic development expert Aaron Renn says on the latest ABA Banking Journal Podcast.

Renn, who is a senior fellow at the Manhattan Institute, also offers ideas for bankers to consider as they contribute to local economic development through their lending, investing and participation in civic organizations, including tips for “exporting lifestyle” to nearby commuter hubs, identifying key local assets, and finding the kinds of infrastructure investments that actually pay off. He also flags risky or ineffective development strategies.

However, the continuing bank consolidation trend remains a challenge, notes Renn. He describes consolidation in a variety of industries — utilities, retail, manufacturing — as “one of the great unappreciated negatives in the civic culture of cities” as key decisions are increasingly no longer made by local stakeholders.

Additional resources:

114 episodes available. A new episode about every 5 days averaging 18 mins duration .