How Communities Can Make the Most of Their Anchor Institutions
Governing - 01/10/2014
In Cleveland, for example, University Hospitals “Vision 2010” initiative drove 92 percent of a $1.2 billion construction and procurement effort into the local and regional economy (at the height of the 2008-09 recession), with important and enduring benefits for more than 100 local minority- and female-owned businesses. In Philadelphia, the University of Pennsylvania has systematically shifted nearly $100 million of procurement annually into the distressed West Philadelphia neighborhoods adjacent to its campus. The University of Cincinnati has allocated more than 10 percent of its $1 billion endowment to local investments intended to stabilize and revitalize the city’s Uptown District. In Boston, Northeastern University has seeded an economic development fund with $2.5 million to enable local businesses to expand and hire more employees.