ProfitWise News and Views
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We begin 2016 with a look at findings from the ‘LMI (low- and moderate-income) Survey’ summarized by business economist Emily Engel, who also administers the survey. Chicago is one of six Reserve Banks that participates in the survey. Our Seventh District respondents include approximately 150 individuals (of 1,500 surveyed) involved in some aspect of community development. Emily, Illinois economic development director Jason Keller, and a recent addition to Community Development and Policy Studies (CDPS), research analyst Taz George, explored five innovative products (at varying levels of development and scale) in the mortgage lending and housing sphere(s) in an article entitled, “Residential mortgage lending for underserved communities: Recent innovations.”
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In the final edition of 2015, we feature summaries of two 2015 conferences. Senior business economist Susan Longworth and Michael Berry, director of policy studies, prepared the summary of “Tools Toward Market Restoration,” which explored methods and strategies to revitalize places struggling economically following the Great Recession. Longstanding conditions of low employment and educational attainment levels, economic and social isolation and general disinvestment affected these areas for decades before the recession, which was also a topic discussed. “Future Focus: Preparing for Workforce 2020,” explored the so-called worker skills gap, why employers are having difficulty filling open jobs and ways that workforce development efforts must evolve to meet changing needs, among other areas. The Fed’s Jason Keller, economic development director for Illinois, with Norman Walzer and Diana Robinson of the Center for Governmental Studies at Northern Illinois University, provide, in addition to the summary, supplemental demographic data and information on emerging employment trends in an article entitled “Workforce 2020: Is it time for disruptive innovation?.” Finally, Marva Williams, economic development director for Iowa, explores black migration to Iowa, and misconceptions about public assistance as the prime motivation for people moving to the state. Download the publication.