Remaking Local Economies

In small and midsized US cities, economic development tends to focus on a familiar set of strategies: wooing high-tech, high-growth companies; attracting highly educated workers from out of town; and redeveloping downtowns to cater to these individuals and firms. Although such practices can look good on paper, they often exacerbate existing inequalities.

But some places are investing in a different kind of economic development. “Well-being growth” prioritizes people, sectors, and places that have been historically underserved, or even harmed, by conventional economic development practices. By identifying and strengthening existing assets, communities can help all residents thrive.

Drawing on quantitative analysis of more than 300 cities and in-depth qualitative research in 20 of those cities, this report explores the risks of relying on conventional economic development strategies and highlights the opportunities offered by thinking differently. It introduces the “3L Framework”—an economic development approach characterized by looking in, leveraging, and locking—to help communities achieve well-being growth. With real-world examples and policy recommendations, it provides a road map for communities interested in prioritizing the well-being of all their residents.

This report is part of Remaking Local Economies, an initiative spearheaded by the Lincoln Institute of Land Policy with support from the Robert Wood Johnson Foundation.