Regional and metropolitan-scale solutions are essential for addressing issues like climate change and infrastructure challenges. Federal investments are encouraging regional collaboration, but fragmented funding across agencies complicates coordination.

The State Small Business Credit Initiative (SSBCI) has been a key tool in supporting small businesses through funding provided under the American Rescue Plan Act. With nearly $10 billion allocated, the program focuses on leveraging private capital to assist small businesses through equity, credit support, and technical assistance.

SSBCI is helping drive local economic recovery and growth, but its long-term success depends on effectively matching public funding with private investment.

In 2023, key trends include shifts in federal funding for cities, the growing role of state and local governments in economic development, ongoing affordable housing challenges, a focus on industrial transitions, and the increasing importance of place-based strategies in urban development.

Local leaders across sectors are increasingly relied upon to address critical challenges, demonstrating the power of collaboration in tackling issues like housing affordability, supply chain disruptions, and workforce development.

The 52nd Street Investment Playbook outlines a comprehensive strategy to revitalize West Philadelphia's 52nd Street Corridor by promoting local property and business ownership, supporting minority-owned enterprises, and attracting investments for over 30 projects estimated at $160 million.

Developed collaboratively by the Nowak Metro Finance Lab, The Enterprise Center (TEC), and the Philadelphia Equity Alliance (PEA), the Playbook emphasizes the importance of community wealth-building through targeted interventions in transformative real estate, business support, infrastructure, public realm enhancements, community development, and housing.

The Innovative Finance Playbook, created by Blueprint Local, the Nowak Metro Finance Lab, and the U.S. Economic Development Administration, outlines strategies to expand access to capital for underserved entrepreneurs. It emphasizes creating tailored financial products and support systems to address gaps in traditional banking, fostering inclusive economic growth through innovative approaches to investment and resource allocation.

U.S. cities face challenges in utilizing federal climate investments, requiring cross-sector collaboration to maximize the impact of these funds, drawing on successful European models.

Bruce Katz discusses the pandemic's negative impact on minority-led businesses and explains why the "New Normal" is a misleading concept. He shares insights on the future of diversity in the workforce and the importance of routines in business growth.

Public-public partnerships are essential to address fragmentation within U.S. cities' public sectors, as multiple entities with distinct governance structures and funding streams often work in silos. Enhanced collaboration among these entities is needed to effectively implement climate solutions and maximize the impact of federal investments.

Investor purchases of single-family homes are rising in distressed U.S. neighborhoods, driven by supply-demand imbalances and targeted investment strategies. This trend, fueled by corporate landlords and institutional investors, is reshaping local housing markets and creating challenges for homeowners and renters.

The Nowak Metro Finance Lab and Reinvestment Fund have teamed up to analyze changing housing markets in three very different cities: Philadelphia, PA; Jacksonville, FL; and Richmond, VA. For decades, Reinvestment Fund has implemented their Market Value Analyses (MVA) in cities across the US to understand the diverse tapestry that is America’s local housing markets.

The 2022 G7 Urban Ministers' meeting highlighted cities' role in achieving Sustainable Development Goals and addressing climate change, advocating for multilateral action and bottom-up approaches to tackle global challenges.

The U.S. housing shortage is exacerbated by investors focusing on high-return rental properties, limiting opportunities for homeownership and wealth-building, particularly for lower-income and younger individuals. Addressing these investment dynamics is key to creating more inclusive housing solutions.

Infrastructure investments alone can't revitalize neighborhoods; they must be paired with funding for housing, local businesses, and commercial corridors, supported by public-private partnerships for comprehensive regeneration.

Erie, Pennsylvania, has developed a strategic Playbook with 35 projects focused on revitalizing the city, prioritizing equity by supporting minority-owned businesses and homeowners. These projects aim to drive inclusive growth by leveraging federal resources and local assets for community revitalization.

Supply Chain Finance (SCF) is an innovative financial tool that enhances cash flow across supply chains by leveraging contracts for goods and services to provide capital to businesses. Unlike traditional asset-based lending, SCF focuses on the creditworthiness of buyers—often large corporations or governments—thereby enabling underserved entrepreneurs to access capital without relying on personal assets.

This approach has been underutilized in the U.S. market, despite its potential to support diverse-led businesses and foster inclusive economic growth.

As the United States emerges from the COVID-19 pandemic, it is becoming increasingly clear that cities are entering a period of deep economic uncertainty and adjustment.

This paper is deeper discussion about more ambitious interventions that cities must design and deliver to spark an inclusive long-term recovery, particularly absent the arrival of federal funding for structural investments in housing, childcare, or higher education.

The Procurement Economy can grow Black- and Latino-owned businesses and reduce wealth gaps, but bureaucratic barriers and limited capital access hinder progress. Simplifying processes, fostering diversity, and investing in ecosystems can unlock its full potential for inclusive growth.

Investor purchases of single-family homes limit affordable housing, worsen racial wealth gaps, and harm Black and Latino communities. Urgent action and innovative solutions are needed to preserve homeownership opportunities and build community wealth.