Given the economic challenges facing rural communities, one might expect that world-class innovation could only be found on the wealthier urban settings like Silicon Valley, Boston, and New York’s tristate area. The current trend of infusing capital and creating jobs in metro hubs like these has led to the shallowing of economies in the remaining “fly-over states” – places bypassed when those with financial fly elsewhere to invest in urban opportunities.
The consequences are visible throughout rural America. When shallow economies lose their core economic base, they face a variety of challenges that erode the community, the costliest being out-migration: when younger workers move away to seek better prospects, leaving an aging population and dwindling resources behind.
Good news is on the horizon, though. Through the use of New Markets Tax Credits, forward-thinking enterprises are reinventing rural communities through public-private partnerships that attract new investment capital, support new enterprises and diversify economies...
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