St. Petersburg, FL – Executives from the Federal Reserve Bank of Atlanta, including Atlanta Fed President and Chief Executive Officer Raphael Bostic, traveled to St. Petersburg on Wednesday to discuss strategies to improve Affordable Housing, Contracts with Minorities and Women, Data Driven Initiatives and Job Creation.
Municipal and community leaders explored themes related to community economic development (CED) systems; capital absorption and systemic CED opportunities and challenges; partners to achieve greater economic mobility and resilience; and strategies to achieve our overall goals.
The tour included a series of community partner roundtables and a bus tour of the city.
“Collaboration and partnership are the cornerstones of progress. These conversations help our city assess strategies employed elsewhere, how they are working or not, and how they can be successfully implemented in St. Petersburg for the benefit of our residents, businesses, workforce and stakeholders,” said St. Petersburg Mayor Kenneth T. Welch. . “Through these conversations, we were able to reflect with the Federal Reserve Bank of Atlanta on current opportunities and challenges facing our community, creative strategies for community economic development, and ways to promote economic mobility and resilience in Saint -Petersburg.”
Takeaways from the meeting included:
- Community Economic Development and Partnership – to enable the city and local leaders to better address a range of low- and middle-income needs and challenges through a better working relationship with the FRBA as well as access to their research, tools and expertise to help improve economic vitality for all residents of our city.
- Economic Mobility and Resilience – equipping our community with “Awareness Infrastructure” tools and information, such as the Federal Reserve’s “Opportunity Occupations Monitor,” that will boost economic mobility and resilience to better assist the city and leaders locals to understand and explain why some people and places in our city are thriving economically and recovering from economic shocks while others are struggling.
- Federal Reserve research and policy expertise – will better inform city and local leaders about how and why many deep-rooted systemic barriers prevent people, especially historically underserved communities and people of color, from reaching their full potential cost-effective to better serve our residents.
The Federal Reserve Bank of Atlanta has agreed to return to St. Petersburg in the fall to bring together experts who can provide advice and resources on economic development strategies. Mayor Welch and Deputy Mayor Stephanie Owens will work with Fed staff to further explore this important collaborative opportunity.
“The purpose of our trip was to better understand St. Petersburg’s unique economic opportunities and challenges, including the issues faced by communities that are not fully participating in the economy, and to hear people talk about the how the stresses of high inflation are affecting their lives,” said Atlanta Fed Chairman Raphael Bostic. “We have heard of the efforts being made to help the region move forward, and we We look forward to working with the City of St. Petersburg to ensure the economy works for everyone.”
Bostic is a member of the Federal Open Market Committee, the Federal Reserve’s monetary policy governing body. The Federal Reserve Bank of Atlanta serves the Sixth Federal Reserve District, which covers Alabama, Florida, and Georgia, as well as parts of Louisiana, Mississippi, and Tennessee. The Bank has branches in Birmingham, Jacksonville, Miami, Nashville and New Orleans.