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Nj future redevelopment forum 2019 vey

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Jennifer Vey presentation for morning plenary session at Redevelopment Forum 2019.

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Nj future redevelopment forum 2019 vey

  1. 1. EXPANDING OPPORTUNITIES FOR PEOPLE AND PLACES Jennifer S. Vey Brookings Metropolitan Policy Program March 8, 2019
  2. 2. 1 New technologies & demographic trends are altering demands for place 2 The knowledge economy is leaving too many people and places behind 3 Communities need to invest in transformative, place-based solutions Why transformative placemaking?
  3. 3. New technologies & demographic trends are altering demands for place
  4. 4. The relationship between place and economy is constantly evolving
  5. 5. The relationship between place and economy is constantly evolving
  6. 6. spatial patterns Dispersion Source: Brookings, “Metro areas are still racially segregated,” Jenny Schuetz, 2017 Concentration Segregation
  7. 7. The digital revolution is impacting economic growth and development Photo credit: Unsplash.com
  8. 8. The digital revolution is impacting economic growth and development Collaborative Change in cumulative funding of asset-sharing start-ups 2010 - 2016 Source: World Economic Forum, “White Paper: Collaboration in Cities: From Sharing to ‘Sharing Economy’,” 2017. 23.3 $billion
  9. 9. The digital revolution is impacting economic growth and development Collaborative Change in cumulative funding of asset-sharing start-ups 2010 - 2016 Source: World Economic Forum, “White Paper: Collaboration in Cities: From Sharing to ‘Sharing Economy’,” 2017. 23.3 $billion 20.6% - 4.2% e-commerce struggling retailers Establishment growth by industry, 2012 - 2016 Source: Brookings, “Where will online orders get fulfilled? The changing local geography of e-commerce,” 2018 Online
  10. 10. The digital revolution is impacting economic growth and development Collaborative Change in cumulative funding of asset-sharing start-ups 2010 - 2016 Source: World Economic Forum, “White Paper: Collaboration in Cities: From Sharing to ‘Sharing Economy’,” 2017. 23.3 $billion 20.6% - 4.2% e-commerce struggling retailers Establishment growth by industry, 2012 - 2016 Source: Brookings, “Where will online orders get fulfilled? The changing local geography of e-commerce,” 2018 Online 43% 57% Source: Gallup, “State of the American Workplace,” 2017 Share of employee by workplace arrangements, 2016 In the office Some Remote work Flexible
  11. 11. Our demographic revolution is driving new demands for where people live, work and play
  12. 12. Image: Google maps Walkable suburban district Market and demographic trends are yielding positive impacts Waterfront Arts & creative district Innovation district Downtown Small town main street
  13. 13. The knowledge economy is leaving too many people and places behind
  14. 14. The knowledge economy is favoring some workers over others 43% 23% 17% 62% White Black Hispanic Asian College graduate millennials by race-ethnicity, 2015 Source: Brookings, “The millennial generation: A demographic bridge to America’s diverse future,” 2018
  15. 15. The knowledge economy is rewarding large places Source: Brookings, “Geographic gaps are widening while U.S. economic growth increases,” 2018 10.2% 14.6% 9.4% 4.5% 2.4% U.S. 1,000,000+ 250K to 1,000,000 <250K Non-meto areas Employment growth by community size tier, 2010-2016 (%) The 53 largest metro areas accounted for 66% of the nation’s output growth between 2010 and 2016
  16. 16. Source: Economic Innovation Group, “Distressed Community Index,” 2018 Prosperous zip codes account for 54% of new businesses during the recovery 180,100 78,000 49,300 23,200 -13,300 Prosperous Comfortable Mid-tier At Risk Distressed Increase in business establishments between 2012 and 2016 Places of concentrated advantage and disadvantage exist within regions
  17. 17. Communities need to invest in transformative, place-based solutions
  18. 18. • Investments not only in creating high quality places, but in those that empower broad and diverse networks of local entrepreneurs, organizations, and workers to spur creativity, business development, job growth • Investments not only in lots or blocks, but in reginally significant economic districts where clusters of economic, physical, and civic assets cluster and connect • Investments not only in highly resourced areas, but in areas where economic and human capital assets have been overlooked and undervalued Transformative placemaking means…
  19. 19. Meeting Coworking Eating Testing Creating Networking Learning Working Visiting Colliding Caffeinating Biking Socializing
  20. 20. Transformative placemaking requires new … Knowledge Practices & tools Policies & investment strategies
  21. 21. “ “ “The spectacle of people following current custom for lack of will or imagination to do anything else is hardly a new failing.” William H. Whyte
  22. 22. Jennifer S. Vey Senior Fellow & Director Metropolitan Policy Program @jvey1 March 5, 2018

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