Remaking Local Economies

For the last half-century, local governments have played a key role in economic development. With the goal of creating conditions for their residents to not just survive but thrive in place, these practices have promised residents stable jobs, educational opportunities, and improved quality of life.

Remaking Local Economies—a new research initiative spearheaded by the Lincoln Institute—is building a unique template for smaller US cities that goes beyond traditional growth-centric efforts, setting the stage for meaningful, truly equitable change.

Economic development can have real, qualitative impacts on individuals—but it’s too often conflated with economic growth. Cities tend to push for “more”—more jobs, more people, more business—without considering residents’ quality of life or ways to build on what already exists. This framing has often led to persistent inequities and local economies that put businesses before residents, to the detriment of the city.

What makes this approach unique is its adaptability, with strategies that stem from hundreds of data points and deep qualitative research to present a vision of economic development distinct from the one-size-fits-all approach of earlier eras and previous frameworks. Rather, the three-step process of looking in, leveraging, and locking prioritizes residents’ well-being and existing assets over the metrics-centric status quo that too often focuses on attracting external businesses and people.

With the underpinning to build capacity and accrue funding, individual cities can meaningfully implement economic development strategies that advance rather than sacrifice community well-being and racial equity.