The Fourth Economy team publishes a regular, semi-monthly eNewsletter, entitled Economic Architecture, which provides news, editorial insights, and stories of innovation, collaboration, economic & community development, and other drivers of the fourth economy.

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Tracking Retail Closures

At Fourth Economy we have been tracking the news about retail store closures.  These store closures often can leave significant redevelopment challenges for local community and economic development officials. In future posts we will highlights some of the ways that communities are dealing with these buildings. According to Business Insider more than 5,000 store closures have been announced so far, with the potential for nearly 9,000 store closures by the end of 2017. These store closings are the most physical manifestation of the challenges facing the retail sector.

As a resource to the community, Fourth Economy has started to identify and compile a list of retail store closings. Tracking down the locations has proven to be a challenge, but we have identified 1,768 of these closings so far.  You can see the results in the above Working Map of Retail Closings, created in Tableau Public.  We are providing this as a resource to the community and will continue to update it as closings are announced and locations identified.  If you know of any closings in your area, please send them to engage@fourtheconomy.com and we will update the map.

Stay tuned for more.

Co-authors: Jamie Reese & Katie Grauer

We’re hiring!

We’re looking for an innovative and creative professional with experience and expertise in graphic design, brand management, business development, and web design. Fourth Economy is hiring a Graphic Design and Communications Manager to help us communicate our plans and recommendations to our clients and the stakeholders they serve.

Send cover letter and resume and work samples that demonstrate your design approach and capabilities to pia.bernardini@fourtheconomy.com.

Fourth Economy Analyzes Pittsburgh Region Life Sciences

Pittsburgh Region Life Sciences Benchmarking & Opportunities Analysis

The Pittsburgh Region Life Sciences Benchmarking & Opportunities Analysis report was prepared for the University of Pittsburgh with financial support from the Richard King Mellon Foundation and Hillman Family Foundation.

Fourth Economy Consulting conducted the analysis and report development in partnership with Warner Advisors during the summer of 2016. This report is meant to inform key Pittsburgh regional stakeholders about the assets and opportunities that exist in the life sciences industry sector and highlight areas of future focus. Read more from the Pittsburgh Post-Gazette here. The complete report is available here.

 

Pioneering a New Approach to Economic Development

A core principle at Fourth Economy is that economic development works best when it works at the intersection of environmental, social, and economic issues—a concept referred to as sustainable or triple bottom line economic development. A recent article published in Economic Development Quarterly by one of our Fourth Economy Pioneers gives some background into this concept.

Janet Hammer of The Collaboratory, the lead author of this research, notes that while traditional economic development delivers programs, policies, or activities designed to create or retain jobs and wealth, sustainable economic development does so in ways that also contribute to environmental, social, and economic well-being over time. This triple bottom line approach recognizes that economic development both influences and is influenced by a spectrum of factors like quality of life, fiscal health, resource stewardship, and resilience. Continue reading “Pioneering a New Approach to Economic Development”

Pay for Success Explained (and Illustrated)

By Chris Ellis and Sara Blumenstein

At Fourth Economy, we are interested in—and experts in—a new generation of funding mechanisms that are enabling the expansion of interventions with proven results. (See these posts from last year introducing Social Impact Bonds and Three Questions to ask to demonstrate impact.)

The key stakeholders involved in a Pay for Success transaction

 


Continue reading “Pay for Success Explained (and Illustrated)”

The Four Keys to Effective Collaborations

The Fourth Economy team strongly believes in the power of partnerships in improving community and economic development outcomes. Through our work, we have managed numerous collaborations and identified four keys that lead to effective partnerships.

Patience, Participation, and Partnership

Effective collaboration can be difficult and often takes time. Therefore, it requires that all stakeholders have patience throughout the process of building partnerships and developing solutions. As partnership groups face challenging times, it is critical that they overcome these difficulties together and remain engaged in the effort. One difficulty that may arise is that as individuals and organizations collaborate to further a common purpose, they are typically guided by their own self-interest. These motivations are not always negative and can often support the success of collaborative groups when they are aligned with the goals of the larger partnership. In addition to acknowledging these self-interests, during initial conversations, these groups should identify outcomes and boundaries to focus their work. The group should allow for some flexibility in these areas as issues can change, but too much flexibility will impede the group’s ability to effect change and could cause stakeholders to leave the group. Continue reading “The Four Keys to Effective Collaborations”

New Economics of Land Use

A great American poet once said, “For the times they are a-changing.”  That is especially true today in our economy. Underneath the radar of the rhetoric and public spotlight, the changes in the economy are generating a ripple effect for how industries and people use land.  Land use is not a topic that is top of mind for most people, but a few local governments are waking up to the reality that a number of forces are beginning to change the need for land, and ultimately its value.  Local governments care deeply about land use, or they should, because the value of land translates into the property tax revenues they need to maintain the community. Continue reading “New Economics of Land Use”

Fourth Economy’s Rich Overmoyer and Chelsea Burket Appear on “Our Region’s Business”

Fourth Economy CEO Rich Overmoyer, along with Director, Sustainable Communities, Chelsea Burket were recent guests on “Our Region’s Business” hosted by Bill Flanagan. They discussed Fourth Economy’s role as a platform partner for the Rockefeller Foundation 100 Resilient Cities initiative. Watch their appearance by clicking on the video below.

What is the Economic Cost–or Benefit—of Sanctuary Cities?

In the past election cycle, the term “sanctuary cities” was used quite a bit, often without defining it or providing an objective view of the advantages or disadvantages of adopting these policies. Cities considering adopting these policies should consider both their values and the economic costs or benefits of implementing sanctuary policies and what is entailed in enforcing immigration policy on a local level.

In 2008, Immigration and Customs Enforcement (ICE), an arm of the Department of Homeland Security, began a program called Secure Communities, which encouraged local law enforcement organizations to send arrested persons’ fingerprints to ICE to check for a record of illegal immigration. If there is a match, ICE issues a detainer against the jailed individual, so that they can be held in jail, even if they are not found to have committed a crime, while ICE decides if they should be deported. Continue reading “What is the Economic Cost–or Benefit—of Sanctuary Cities?”

Three Questions to Demonstrate Impact

Last month, my colleague Chris Ellis shared some insight into Pay for Success as part of a larger conversation we’ve been having about innovative financing. Many of our clients are doing innovative work in the public and nonprofit sectors, and have found that thinking creatively about solutions often means facing challenges in securing the necessary resources to implement them. Pay for Success is one such promising model, and it relies heavily on the need to evaluate outcomes – which means that our approach to evaluation needs to be just as thoughtful and innovative as our approach to problem solving. Continue reading “Three Questions to Demonstrate Impact”