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    • Perspectives from Main Street: Conditions Worsen in Low- to Moderate-Income Communities

    Posted by Federal Reserve Bank of Philadelphia on November 10, 2020

    As COVID-19 continues to have profound effects on people’s lives, the Federal Reserve Bank of Philadelphia, in partnership with the 11 other Reserve Banks and the Board of Governors of the Federal Reserve System, is surveying representatives of nonprofits, financial institutions, government agencies, and other community organizations to determine the pandemic’s impact on low- to moderate-income (LMI) communities.

    Our latest Perspectives from Main Street report summarizes findings from our October survey. The majority of organizations said COVID-19’s impacts on a range of issues — from employment and education to basic consumer needs and health — got modestly or significantly worse since August.

    While the Third District state data are not a representative sample, there are several areas where the results vary from or are more pronounced than national indicators in the full report:
    • The majority of respondents in the nation (59 percent) and larger majorities of respondents in Pennsylvania (60 percent), New Jersey (69 percent), Delaware (67 percent), report that LMI communities are experiencing significant disruption and expect recovery to be difficult.
    • Income and job loss were cited as the top impacts for respondents in the nation (38 percent) and in Pennsylvania (34 percent), New Jersey (45 percent), and Delaware (58 percent).
    • The majority of respondents in the nation (56 percent) and in Pennsylvania (60 percent), New Jersey (79 percent), and Delaware (50 percent) report that it will take 12 months for community conditions to return to pre-pandemic levels.
    Year-round, the Philadelphia Fed and the the Federal Reserve System work to foster economically resilient communities. Gathering actionable information is especially important during this unprecedented time. We’ll continue to seek and share ongoing perspectives from Main Street.

    To learn about Philadelphia Fed’s Community Development and Regional Outreach Department, visit our website.

     

     

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