Understanding Rural Economics & Creating Stronger, More Sustainable Rural Economics Series

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Understanding Rural Economics

Local government officials, community leaders, business owners, and others are invited as we follow the flow of monies in to and out of local economies, in search of ways to keep more money circulating locally. Business and economic restructuring has not been kind to rural America, as business ownership is now often far removed from the communities where the businesses are located, coupled with the exodus of commerce as retail trade shifted from main street to regional hubs to online shopping and the titan of e-commerce, Amazon.

Many once prosperous rural communities are experiencing a “downward spiral” as population decline, business closures and budgetary constraints compound to impact the rural narrative. Despite this shift, thriving rural towns dot the landscape. Rural is an area rich in resources that can be mobilized to shift rural from “fly-over-country” to a land of economic prosperity. However, a one-size-fits-all approach to community economic development is not a viable path forward as America’s rural places are unique, as are the challenges they face. Regardless of their differences, rural America needs a fresh approach to community economic development based on an understanding of the circumstances that led them to their current state and a commitment to work together to chart a pathway to a better future. The path forward utilizes the community’s unique strengths, abundant land and natural resources, scenic and cultural amenities, entrepreneurial spirit, sense of community, and youth as drivers of the 21st-century rural economy.