Small towns have an opportunity to address challenges from health care to transportation, but there are barriers to accessing funding

Housing and transportation represent the two largest living expenses in most households, but local investment can address households’ travel needs.

Although U.S. employment in manufacturing has decreased since the 1980s, the industry has become a vital employer in rural areas, where it pays above-average wages.

President Tom Barkin discusses pools of funding available to small towns, the barriers these communities face in accessing funding, and explores potential solutions to these barriers.

Intermediary organizations, including anchor institutions, rural development hubs, and collective impact backbone organizations, play an important role in rural capacity building. 

President Tom Barkin discusses critical investments to support rural economic development.

The rural areas and small towns that are succeeding have several key elements: a story, regional cooperation, and dedicated funding — tied together by something harder to define.

As a regional Fed, it is in our mission to help wherever we can to promote economic vitality in our District. So, starting in early 2018, the Richmond Fed stepped up its efforts to learn about rural and small-town economies and to seek ways in which outcomes could be improved and potential unleashed.

Although people often associate high housing costs with urban areas, many households in rural areas also struggle with costly housing

Focusing on a complete household’s needs, Garrett County Community Action Committee’s integrated “2Gen approach” links children to high-quality early education and their parents to services that build financial security.

Community development financial institutions (CDFIs) like Woodlands Community Lenders are uniquely positioned to help rural towns address unique challenges through place-based revitalization and by attracting investment.

Vance-Granville Community College’s early college high schools and workforce programs are improving education and job opportunities for area residents.

Choptank Electric Cooperative on Maryland’s Eastern Shore is an example of how many electric cooperatives are providing broadband service in rural communities.

In our new Rural Spotlight series, we explore solutions to the economic challenges faced by rural communities in the Fifth District.

Host Tim Sablik discusses his recent research on the value of entrepreneurs in the economic growth of rural places and small towns, as well as the obstacles that they face compared to more urban communities. Sablik also talks with Erika Bell and Laura Ullrich about what they have learned from their contacts in North Carolina and South Carolina about rural entrepreneurship. Bell is community development regional manager for the Carolinas and Ullrich is a regional economist in the Richmond Fed's Charlotte branch.

Sierra Latham and Peter Dolkart discuss their work on the availability of affordable housing in small towns and rural communities. Latham is a senior research analyst at the Federal Reserve Bank of Richmond and Dolkart is a community development regional manager based in the Richmond Fed's Baltimore office.

Tressa Gardner provides an overview of the Southeastern Institute of Manufacturing and Technology (SiMT), the business incubator and other programs that it operates, and its role in supporting economic development in northeastern South Carolina. Gardner is associate vice president of SiMT.

Mary Ann Gilmer of Goodwill Industries of the Valleys discusses the nonprofit's training program for healthcare workers and the importance of this work in rural communities, especially during the COVID-19 pandemic. Gilmer is chief strategy and people officer at Goodwill.

Tom Barkin, president of the Federal Reserve Bank of Richmond, discusses the challenges and opportunities facing rural communities and smaller towns, and why the Richmond Fed has been working to address them.

Daniel Paul Davis and Andrew Dumont discuss an approach to economic development in rural communities that is detailed in a book they have edited, "Investing in Rural Prosperity."

Angela Wells, executive director of Smart Beginnings Danville Pittsylvania, discusses how her Southside Virginia organization supports parents, schools and early child care providers in preparing children for success in school and in life.

Deborah Markley discusses how community foundations support capacity building and development to improve the well being of rural communities.

Duane Yoder, executive director of the Garrett County Community Action Committee, discusses how his organization adopted a holistic model for addressing poverty in rural communities.

Dave Clark discusses the role of Woodlands Development Group and his organization's community development financial institution in driving economic development in north central West Virginia.

Tim McGaha of Choptank Electric Cooperative offers his perspective on the company's program to bring broadband Internet to rural communities in Maryland.

Alex Marré and Anna Read discuss how communities can maximize broadband resources.