Fed Communities’ Post

“Overall, community college contacts reported increased enrollment for the upcoming academic year, particularly in part-time and certificate programs. Some reported that enrollment increase among individuals who left during the pandemic. Demand for support services such as food, transportation, and mental health services remained elevated, and one contact said it was ‘at an all-time high.’” “Contacts cited the need to adapt their programs to the changing demands of employers in areas such as IT, manufacturing, and healthcare, and to the needs of a shrinking traditional student population. Despite concerns about long-term enrollment declines, one contact noted that “it is our moment” to show community colleges’ return on investment,” notes the Federal Reserve Bank of Cleveland in their Community Conditions section of the most recent Beige Book. Find out what other nonprofit and community leaders, and workforce professionals serving lower-income people shared with the Federal Reserve for the August 2024 Beige Book. #BeigeBook #CommunityDevelopment #LMI https://bit.ly/4gbD3oT

Monitoring economic conditions among low- and moderate-income (LMI) populations is important, and so is understanding the health of the entities serving them. These entities provide vital services to LMI communities and are integral to the infrastructure that promotes economic resilience and mobility. According to results from the 2024 Community Perspectives Survey, while entities indicated that they were able to serve their communities well, they also said inflation and increased demand for services posed challenges. Compared with 2023, nearly 80% of entities reported an increase in demand for services, and 84% reported increased expenses. Entities identified funding and fundraising as their top challenge overall. For more findings like these—and others—explore the second part of a new report, Community Perspectives Survey: Insights from the Field. https://bit.ly/4g5AXqv

If you are a business owner, odds are you are a small-business owner. Small businesses are defined as those with fewer than 500 employees. We may call them small, but they are a large part of the economy and its growth. Every year, the Federal Reserve Banks conduct a survey to learn answers to those questions, specifically focused on small business financing, financial conditions, and emerging issues. The Fed’s Small Business Credit Survey gives voice to thousands of small business owners and makes it easy to understand through public reports. By sharing your perspective, you can proactively inform policymakers about your successes and challenges as you navigate doing business. Take the survey today! https://bit.ly/4dMgGVm

Just released: “Those Who Need It Can’t Afford It” How Childcare Challenges are Curbing Economic Opportunity. A new multimedia piece from the Federal Reserve Bank of Cleveland explores the impact childcare has on the American economy through photography, data visualizations, and stories from parents, researchers, childcare workers, workforce development practitioners, and city and state policymakers. Read their firsthand stories, available now: https://clefed.org/3Teg6re #Childcare #AffordableChildcare #FederalReserve #Workforce #Economy

Findings show community colleges are outpacing four-year institutions when it comes to addressing labor shortages in skilled trades like carpentry and aviation maintenance. And in some states, enrollment in non-credit programs is surpassing for-credit enrollment. Both community colleges and four-year institutions offer non-credit, skills-based programs, but community colleges are more likely to see enrollment in these courses which efficiently train workers for available jobs. Read on to learn more about the Federal Reserve Bank of Richmond’s findings, including the funding differences between four-year institutions and community colleges, what this support means for students preparing for careers, and the downstream impacts seen by employers seeking these workers. https://bit.ly/3yTRXPN

Efficient, inexpensive, and in-demand – two of those words are often missing when referring to homeownership options in the United States. Manufactured homes are making a comeback and challenging that convention. With much of the country’s for-purchase housing out of affordable reach for a growing number of households, these inexpensive homes offer a uniquely affordable onramp to homeownership. Available in a wide range of sizes and designs, manufactured housing units are smaller by an average of about 1,000 square feet than single-family homes. They’re also more affordable. Excluding any land costs, the average manufactured home purchase price is half that per square foot of a new site-built home. Read our latest blog for more on these efficient, inexpensive, and in-demand units and how they’re building and empowering residents. https://bit.ly/4cMtMk4

The 2024 Small Business Credit Survey is now open! The annual 12-minute survey is open to for-profit businesses currently in operation, those recently closed, and those about to launch. By taking the survey, business leaders and owners contribute to data that directly inform the Fed, federal government agencies, service providers, policymakers, and others—a public good ultimately benefiting their businesses and others like theirs. The survey closes November 1, 2024. Take the survey or share this opportunity with a business owner you know today: https://bit.ly/4dMgGVm

This week, join Federal Reserve Staff and leaders from community development organizations Thursday, September 5, from 3-4pm ET for a discussion about the findings and how these organizations continue to provide vital services to LMI communities and play a part in promoting economic resilience and mobility. Speakers for this webinar include, Michael Butchko, vice president of business intelligence at NeighborWorks America, Violeta A Gutkowski, associate economist at the Federal Reserve Bank of St. Louis, Melissa Johnson, managing director of state strategies at National Skills Coalition, and Frank Woodruff, executive director at Community Opportunity Alliance - Formerly NACEDA. Register now! https://cvent.me/Ll3OGE

Monitoring economic conditions among low- and moderate-income (LMI) populations is important, and so is understanding the health of the entities serving them. These entities provide vital services to LMI communities and are integral to the infrastructure that promotes economic resilience and mobility. According to results from the 2024 Community Perspectives Survey, while entities indicated that they were able to serve their communities well, they also said inflation and increased demand for services posed challenges. Compared with 2023, nearly 80% of entities reported an increase in demand for services, and 84% reported increased expenses. Entities identified funding and fundraising as their top challenge overall. For more findings like these—and others—explore the second part of a new report, Community Perspectives Survey: Insights from the Field. https://bit.ly/3T7DwOW

Happy Labor Day from your friends at Fed Communities! Today we acknowledge and celebrate the contributions of workers across all fields and industries. Your efforts and dedication are vital in building strong, healthy, thriving communities everywhere. 🧡