Can the economic impact of anchor institutions across the state help in attracting global companies? Assist in developing plans for growing small businesses and creating jobs in underserved communities? Or uncover new ideas for potential partnerships with local hospitals and universities?
Higher education institutions and hospitals, so-called “eds and meds,” are two types of anchor institutions that researchers at the Philadelphia Fed are studying to learn more about how these public-serving institutions impact their local and state economies. This includes developing an interactive dashboard that allows users to explore the economic impacts of anchor institutions across 524 U.S. regions and state profiles that detail the economic impacts of anchor institutions state-level measures of anchor institution economic impacts.
Deborah Diamond, director of the Philadelphia Fed’s Anchor Economy Initiative, shares insights from three experts who are using data on the economic impact of anchor institutions to start conversations, support greater collaboration, and drive economic growth in their regions and states.