Rosengren visits W. Mass to learn about progress in Working Cities Challenge
Boston Fed president briefed on Pittsfield revitalization effort, reprises Oct. economic outlook speech
Federal Reserve Bank of Boston President Eric Rosengren traveled to Pittsfield on Friday to learn about progress on its Working Cities Challenge initiative and meet with local leaders on ways to build on advances spurred by the project.
Pittsfield, a former manufacturing city, was chosen for a Working Cities Challenge grant, awarded to cities throughout New England that are struggling to adjust to a post-industrial economy.
The work funded by a three-year, $475,000 Working Cities Challenge grant began in Pittsfield in 2016 and aims to improve economic opportunity for lower-income residents. The grant supports cross-sector projects in which local leaders and residents collaborate to break down persistent social and structural barriers, including limited access to education, transportation, and jobs.
Rosengren traveled to the western Massachusetts city to meet with local officials and nonprofit stakeholders, as well as leaders from Pittsfield’s Working Cities Challenge team. The Pittsfield initiative has several 10-year goals, including a 42.5 percent to 45 percent increase in the size of the local full-time workforce and a 1,300-person increase in the number of people with incomes at 200 percent over the federal poverty line.
Rosengren was also invited to appear Friday afternoon at a luncheon in Dalton with U.S. Rep. Richard Neal. At the event, Rosengren gave remarks on the national economic outlook, based on a speech he delivered earlier this month.
In those remarks, Rosengren said he expected continued strong economic growth through the second half of 2018, which he said will further push down the low unemployment rate, and could increase inflationary pressures.
View the slides from President Rosengren’s Oct. 26 presentation by clicking here.