Place-Based Solutions

Proposed Legislation Called a “Milestone for Place-Based Solutions”

A recent analysis by the Brookings Institution has named the Build Back Better Act, the $2.2T legislative package recently passed by the US House of Representatives, “a milestone for place-based solutions.”  The bill contains numerous provisions aimed at strengthening regional innovation hubs, manufacturing institutes, and regional industry clusters through deep federal investment. According to Brookings, the bill represents “a genuine breakthrough for the growing recognition that smart investments aimed at strengthening the economies of particular regions or localities can enhance overall welfare and prosperity.”

Brookings identifies over 30 place-based programs in the bill that, if enacted, would “accelerate the development of low- and zero-emissions technologies, promote rural prosperity, establish incubator spaces for Main Street small businesses in underserved communities, and provide funding for Indigenous communities.” Although it still faces obstacles in the US Senate, the bill’s progress is a strong sign that legislators are more aware of — and willing to act on — the need for place-based economic policy than at any point in at least several decades. According to Brookings, the bill “represents the most significant American embrace of place-based ideas since the Great Society — or maybe even the New Deal.”

LifeCity supports place-based economic development strategies that emphasize equity and sustainability in pursuit of an economy that works for good. As inequality grows and access to quality employment and resources diverges geographically, targeted economic development programs are ever more critical to creating a society in which every person has the opportunity to thrive.