Why Invest In Downtown Revitalization?

Downtowns have an important role in the economic, cultural, and social identity of a place.

Downtown Importance for Rural Growth

For the first time in over a decade, rural areas are experiencing a growth in population. With the rise in hybrid and virtual work, as well as an increased desire for lower cost of living and more space, small towns and cities have an opportunity to take control of this new demand to encourage smart growth that maintains character while bringing prosperity.

Though nearly two-thirds of Americans would consider moving to a small town or rural place, many had concerns about internet availability, employment opportunities, access to shopping and retail locations, and isolation.

A well-developed plan for downtown revitalization allows a small town or city to address these concerns while maintaining the historic charm and affordable living that attracts people in the first place.

Placemaking

Placemaking, or investments in creating vibrant public spaces, can help build attachment and pride in a community and create quality places where people want to be.

A 2023 Study in the City, Culture, and Society journal showed people were 50% more likely to spend time in a location with placemaking interventions and had a 63% increase in positive feelings about the built environment. This attachment helps places to become more resilient to economic and social changes and improves the quality of life for residents.

Placemaking can tie together and improve upon the histories and culture that make a place special, attracting tourists and residents alike to bring energy and attention to an area.

Small Business and Economic Growth

Downtowns act as an economic engine for the cities that they are in. Despite making up a relatively small portion of land area, downtowns on average contain 12% of the citywide assessed land value, 25% of total employment, and 38% of office space.

A strong and vibrant downtown benefits small businesses, as increased foot traffic can drive sales from residents and draw in tourists for a broader customer base. In 2023, national investments in main street programs resulted in a net gain of 6,630 businesses and over 35,000 jobs.