As many of you may have noticed, the conference is now named Reinventing Our Communities. While the conference has been rebranded, we are still committed to engaging in efforts to support the revitalization of older industrial communities. The new name reflects our desire to promote inclusive revitalization efforts that promote more equitable growth.
This year's conference theme is Transforming Our Economies, and we have asked our plenary and workshop speakers to identify the ways in which local economies may need to change in order to reach their full potential. Research on economic mobility and revitalization is showing that in order to be more economically competitive, postindustrial communities must connect people, places, and capital in an inclusive way. A transformative economy encompasses multiple industries and business types and is agile and responsive to changing technology and consumer preferences. In addition, a transformative economy develops the local workforce for a global marketplace and provides wealth and opportunity inclusively to all segments of the population.
Investing in our future workforce is a key attribute of an inclusive, transformative economy. Several articles in this issue of Cascade highlight ways the apprenticeship model has been used to increase access to job opportunities for young people. The Barclays and the BankWork$ programs focus on connecting young people to career opportunities in the banking sector and both examine the short-term and long-term economic benefits of creating career pathways for young people. These articles and others on the topic of apprenticeships emphasize the importance of building collaborations, using effective intermediaries, and providing youth-focused financial capability training.
Through both the conference and our Cascade publication, the Federal Reserve Bank of Philadelphia’s Community Development function is committed to sharing tools that translate knowledge and ideas into workable strategies. I hope that you will enjoy this issue of Cascade and will consider joining us here in Philadelphia in September.