Two communities, one in North Carolina and one in West Virginia, were among those studied for the Federal Reserve's report on concentrated poverty. Recently released, The Enduring Challenge of Concentrated Poverty: Case Studies from Communities Across the U.S., looks at the factors that give rise to high-poverty neighborhoods and the challenges they face. The report was the result of a joint project between the Community Affairs functions of the Federal Reserve System and the Brookings Metropolitan Policy program.
In the Federal Reserve Bank of Richmond's Fifth District, West Greenville, N.C. and McDowell County, W.Va. were among those studied due to extreme poverty levels that have transcended decades. The data for both communities, provided by state agencies and the U.S. Census Bureau (2000 Census), is striking.
In West Greenville:
In McDowell County, an Appalachian region that ranks as one of the poorest small communities in the country:
The report is important because it enhances the Federal Reserve's understanding of high poverty communities and their needs, and identifies issues for future research. Locally, the Richmond Reserve Bank plans to explore community development partnerships in McDowell County and West Greenville to address the report's observations.
The full report and the two case studies are available at http://richmondfed.org
The Richmond Fed serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. As part of the nation's central bank, we're one of 12 regional Reserve Banks that work together with the Federal Reserve's Board of Governors to strengthen the economy and our communities. We manage the nation's money supply to keep inflation low and help the economy grow. We also supervise and regulate financial institutions to help safeguard our nation's financial system and protect the integrity and efficiency of our payments system.
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