RICHMOND, Va., Aug. 16 /PRNewswire/ -- The Community Affairs Office of the
Federal Reserve Bank of Richmond released its findings on inner city
purchasing power, challenging the assumption that every low- to moderate-
income neighborhood is economically disadvantaged. "A Window of Opportunity:
The Concentrated Buying Power in Inner Cities" reveals that despite low
average incomes, high population density translates into a local market with
substantial purchasing power. According to the study, purchasing power in
Washington, D.C., and Baltimore, Md., is currently untapped within the study
area's census tracts, while in the other eight cities certain circumstances
have allowed buying power to be captured in the aggregate.
The report, expanding on models created by Harvard Professor Michael
Porter, Social Compact, and others, analyzes the potential purchasing power of
10 cities within the Fifth Federal Reserve District. By reviewing population
density and median household incomes at a census tract level, study areas were
chosen to further analyze potential buying power.
To review this report online, visit the Bank's Web site at
http://www.rich.frb.org/cao/mrkwisrpt.html or to obtain a free copy, contact Julia
Greene at 804-697-8457.
The Federal Reserve Bank of Richmond serves the Fifth Federal Reserve
District, which includes the District of Columbia, Maryland, North Carolina,
South Carolina, Virginia, and most of West Virginia.
SOURCE Federal Reserve Bank of Richmond
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Related links:
http://www.rich.frb.org/cao/mrkwisrpt.html
http://www.rich.frb.org
CONTACT:
Frances Stanley, 804-697-8468, or Lisa Oliva,
804-697-8192, both of the Federal Reserve Bank of Richmond
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