The Center for Rural Economies works to strengthen small town and rural economies by generating research, sharing knowledge and resources, and building partnerships that help these communities thrive. It informs monetary policy and our understanding of the U.S. economy by monitoring the impact of employment and prices trends on small town and rural economies. We envision strong and resilient small towns and rural communities that create lasting opportunity for employment and economic growth.
The Center for Rural Economies, an initiative of the Federal Reserve Bank of Richmond, is dedicated to addressing the unique economic challenges and opportunities facing small towns and rural communities. Here’s how the Center directly supports the Richmond Fed’s mission to strengthen the economy and our local communities as a regional Reserve Bank:
We conduct comprehensive, data-driven research on rural economic development, exploring key areas such as education and career pathways, business dynamics, and economic resilience. Our research is informed by our regular interactions with community and business leaders, which provide valuable insights that help shape our work and inform monetary policy.
This post explores the experiences of rural CDFIs using data from the most recent CDFI Survey, including funding challenges and reliance on federal funding.
Bethany Greene describes the flow of federal funds into Fifth District communities as transfer payments, from health care and Social Security benefits to unemployment insurance payments. In particular, she discusses regional variances in communities' reliance on this funding, especially in rural areas. Greene is a regional economist at the Charlotte branch of the Federal Reserve Bank of Richmond.
Mary Donnan and Victor Farmer discuss two projects in the Fifth District that illustrate the challenges of economic development in rural communities and the importance of philanthropic organizations in addressing those challenges. They also reflect on how the Richmond Fed's Community Investment Training program, whose core curriculum is provided by Invest Appalachia, helped move the projects forward. Donnan is executive director of the Alleghany Foundation and Farmer is director of the Boone Memorial Health Community Foundation.
The Center offers programs like the Rural Investment Collaborative, annual Investing in Rural America Conference, and ongoing webinar series to support and empower rural communities. These initiatives provide actionable resources, enhance access to funding, and foster collaboration among rural organizations and leaders.
The annual Investing in Rural America Conference brings together rural leaders, experts, and innovators to share insights, strategies, and success stories. This conference offers unparalleled networking opportunities and a chance to learn from those at the forefront of rural economic development.
The Rural Investment Collaborative™ seeks to improve economic investment in small towns and rural communities. We collaborate with rural hubs and funding sources to help communities develop project proposals and make access to funding easier.
Community Conversations are powerful, on-the-ground exchanges where Richmond Fed leadership engage directly with rural business owners and community leaders. These candid dialogues provide invaluable insights that shape our monetary policy decisions and research initiatives, ensuring our work remains relevant and responsive to rural America's needs.
Explore our interactive map showcasing the small towns and rural communities we've visited across the Federal Reserve's Fifth District, which includes Maryland, North Carolina, South Carolina, Virginia, West Virginia and Washington, DC. Each highlighted area offers valuable insights and case studies, providing real-world examples of challenges faced and innovative solutions implemented by these communities. Our hope is they will serve as inspiration and learning opportunities for others.
“The Center for Rural Economies represents our commitment to strengthening rural communities and economies. By centralizing our efforts, conducting rigorous research, and fostering partnerships, we're working to create lasting opportunities and build resilience across rural America."
Daniel Davis
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