Economic Growth & Mobility Project
The Economic Growth & Mobility Project (EGMP) is a strategic initiative of the Philadelphia Fed that works to advance entrepreneurial solutions to inclusive economic growth and create pathways out of poverty in communities across the Third District and our nation.
Why: Economic Mobility and Economic Growth
Research shows that inequality strains economic growth. A global study found that when an additional 1 percent of income goes to the top 20 percent of income earners, GDP falls. But when the same gains are made by the bottom 20 percent, GDP rises. Fostering economic mobility is good for economic growth.*
* Era Dabla-Norris et al., Causes and Consequences of Income Inequality: A Global Perspective, International Monetary Fund, 2015.
How: Fostering Innovative Solutions
Using research produced by the Federal Reserve and others, EGMP convenes Research in Actions Labs — catalytic partnerships between public, private, and philanthropic stakeholders in the Third District that address specific issues of economic mobility.
Our Areas of Focus
Creating access to opportunity in systems and networks, from transportation to affordable housing to broadband.
Preparing today’s people for tomorrow’s jobs through education, skills development, and building career pathways.
Promoting inclusive economic development strategies that create and grow decent-paying jobs.
24 May ’21