Federal Reserve Bank of Boston

How can smaller cities recover after their industrial base disappears? The answers that Boston Fed researchers found to that question became the basis of the Bank’s signature community development program, Working Places. The initiative has since reached 30 communities in five states. On its 10th anniversary, program director Colleen Dawicki joins Six Hundred Atlantic to discuss successes and lessons learned. The core of Working Places is building networks between people who might not normally interact, such as the business sector and social services. Then, they collaborate to address chronic local issues. This collaboration is not easy, but Dawicki says it’s worked in several places. She looks ahead as the initiative evolves to include more communities. Listen to the episode: https://lnkd.in/e4H9iWm9

Boston Fed President & CEO Susan M. Collins participated in a conversation with Lee Pelton, President & CEO of The Boston Foundation at the 2024 Mass Black Expo. Collins discussed the Bank's broad portfolio of work to support a vibrant economy that works for all. Visit bostonfed.org to read a transcript of the conversation: https://lnkd.in/eh7GtZmJ

Boston Fed President and CEO Susan M. Collins recently visited Vermont to learn more about the state’s economic conditions. Her visit — which took her from Springfield to Rutland to South Burlington — included conversations with business and community leaders, as well as tours of two manufacturing facilities run by reel maker Carris Reels, Inc. Read the full recap of Collins’ visit: https://bit.ly/3Yu33oC

Licensed childcare capacity in Vermont has decreased in the last decade while costs have risen. But quality has improved, according to state ratings of these programs. Read more about recent trends in Vermont childcare and how policymakers have responded in a new NEPPC Regional Brief by Boston Fed economist Bo Zhao and visiting scholar María Luengo-Prado: https://lnkd.in/dBrnPqcU

House price growth has slowed in New England and nationally since February 2024, gradually approaching pre-pandemic levels. In Boston, the commercial real estate market has continued to face challenges: Vacancy rates in both downtown and suburban Boston are rising faster than the national average, while office rents have remained largely stagnant. Learn more in the latest New England Economic Conditions report from Boston Fed economist Pinghui Wu: https://lnkd.in/e25A3ppJ

Boston Fed President Susan M. Collins visited Vermont last Thursday to hear about regional economic conditions and visit a reels maker in Rutland. Here are some takeaways from the trip: Collins met with members of the Working Communities Challenge team in Springfield, a former hub for machine tools manufacturing. She heard about cross-sector efforts to increase the town’s lagging workforce participation rate. “There’s a lot of focus on the big cities like Boston. But a lot of people and a lot of our economy is outside of those cities,” Collins said. “It’s in towns, it’s in rural areas, it’s in smaller cities. And those are really important for a vibrant economy.” Collins visited Carris Reels in Rutland to get a look at operations at the 73-year-old manufacturer. Carris Reels make reels for the wire and cable industries and has been 100% employee-owned since the 1990s. Carris Reels became employee-owned through an employee stock ownership plan, which proponents say keeps businesses and jobs local. Collins attended a roundtable discussion at industrial computer maker OnLogic, located in South Burlington, which featured leaders from a range of sectors, including aviation, health care, and dairy. A big concern among attendees was housing – both its rising cost and Vermont’s lack of housing stock. They said it’s driving young people away and making it tough to attract workers of all skill and income levels. Visit bostonfed.org for a full recap: https://bit.ly/3Yu33oC

The 2024 Small Business Credit Survey is now open: This annual 12-minute survey is open to for-profit businesses currently in operation, those that have recently closed, and those about to launch. The survey helps business leaders and owners contribute to data that directly informs the Fed, federal government agencies, policymakers, and more – which ultimately benefits businesses, among others. The survey closes Nov. 1, 2024. Take the survey, or share it with a business owner you know: https://bit.ly/3Xe081l

Boston Fed President and CEO Susan M. Collins and Research Director Egon Zakrajsek recently participated in the Technology-Enabled Disruption conference in Atlanta.  The event – which was organized by the Boston Fed, the Federal Reserve Bank of Atlanta, and the Federal Reserve Bank of Richmond – explored how technology-enabled disruption impacts businesses, workers, and consumers, as well as the overall economy and economic inclusion. Watch each session: https://bit.ly/3Nje31Q

Compared to the rest of the U.S., a greater share of jobs in New England require a license. The rates of occupational licensing in Connecticut and Rhode Island are among the nation’s highest, according to a new NEPPC Regional Brief coauthored by Boston Fed senior economist Osborne Jackson. What are the potential implications for workers, employers, and consumers in the region? Read the brief to learn more: https://bit.ly/4fjccpR

Boston Fed President Susan M. Collins and First Vice President Karen Pennell welcomed representatives from the six New England Bankers Associations to the Reserve Bank for a discussion about both challenges and opportunities for the banking industry in the region.