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The Untapped Urban Market:
Attracting Business to the Inner City
Conference Summary On May 1, 2001 the Buffalo Branch, Federal Reserve Bank of New York, in partnership with the University at Buffalo Department of Planning, presented the "Untapped Urban Market: Attracting Business to the Inner City." Held at the university's Center for Tomorrow, the conference brought together a number of national experts to discuss the economic challenges faced by inner-city communities and map effective strategies for business development. The over 130 attendees came from throughout New York State and represented a wide-range of organizations concerned about inner-city redevelopment, including housing agencies, banks, economic development agencies, community development corporations, and grassroots coalitions. The conference explored the important issue of inner-city economic development from a variety of perspectives. Much of the discussion focused on the notion that America's inner cities harbor significant yet unrecognized business opportunities, including untapped retail markets and underutilized labor markets. However presenters offered differing approaches to urban business development, with some promoting private-sector led initiatives based primarily on economic self-interest and others encouraging larger roles for government and community organizations. At the same time, there was general agreement that if cities are to attract new investment, they must provide the basics: good schools, safe streets, modern infrastructure, qualified workers and competitive taxes and services. Other key points from the event include:
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