Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Businessweek Archives

How to build a local economy

On the other side of the state from Youngstown, where a business incubator is helping to stave off the worst effects of the declining industrial economy, Wilmington, Ohio, is trying to figure out what happens after 8,000 DHL jobs disappear. This AP story outlines their creative answer with a three-pronged strategy:

Shop at local stores to keep money from leaving the economy

Grow food to save money and relieve dependence on food banks

Weatherize homes to cut energy bills and put people to work

Local commerce and green jobs are an appealing solution to the problems facing places like Youngstown and Wilmington. The new stimulus bill has $11 billion to weatherize low-income homes. The campaign in Wilmington hopes to use $30 million of it to create 1,300 jobs making 10,000 homes more energy efficient. The program, Energize Clinton County, is being launched by two locals who are delaying the Peace Corps to work at home.

Will it work? Even if all those jobs are created, it’s still a fraction of the number that will be lost when the DHL hub closes. As I said below, the challenges in this economy are tremendous. But it seems clear that a local economy based on a broad Web of small and mid-sized businesses in different industries is more resilient than one dependent on luring a handful of large employers — and gambling that they stick around. So the question for entrepreneurs and communities alike: How do you create the conditions where those diverse local economies can grow, particularly in places like the Rust Belt that may suffer the worst of this crisis?

blog comments powered by Disqus