Since the Great Recession, anchor institution strategies have evolved to include multianchor and citywide or regional efforts (instead of neighborhood-based efforts). The cities studied all worked on multianchor strategies instead of focusing on a single institution. Results have been mixed, with only New Orleans sustaining an anchor program during the study period. New Orleans stands out because city government launched its program, whereas local philanthropy has more often been the lead convener of anchor efforts. Atlanta's case study offers insights into the barriers to launching an anchor program, especially adapting a model developed in weak markets to a higher-growth city. Miami is notable for the regional nature of its program, which attempts to work across Miami Dade and Broward counties. The case study sites focused only on small business promotion and job access in their anchor programs, rather than also tackling real estate or financial investments, as other anchor programs have done. Takeaways for practice:Anchor institution strategies are not a one-size-fits-all tactic for addressing economic disparities. Anchor programs are often highly tailored to meet the anchor's specific business interests and the community's economic priorities. This common motive then often drives the program's focus areas. A robust and well-developed community engagement strategy is therefore essential to the success of an anchor program. Anchor strategies are a long-term effort, requiring a considerable investment of time and resources to launch successfully. Whether an institution is privately or publicly owned can affect its contributions to an anchor program, with public institutions sometimes having legal mandates related to contracting and procurement that can support or limit their anchor programs. Historically black colleges and universities are a relatively underexamined resource in anchor strategies, and they may offer a useful contribution to anchor programs. addresses emerging and critical issues in community development. Our goal is to provide information on topics that will be useful to the many actors involved in community development-governments, nonprofits, financial institutions, and beneficiaries. Find more research, use data tools, and sign up for email updates at frbatlanta.org/commdev. Abstract:Engaging universities and hospitals to address economic disparities-often referred to as anchor institution strategies-has been understudied in the Southeast. The author examines efforts to launch anchor institution strategies in the Southeast. First, the author reviews the anchor institution concept in economic development, noting how the strategy has evolved from single institutions focusing on a set of neighborhoods to expanding to multi-institution collaboratives that attempt to tackle economic inequalities at a city or regional level. Second, the author offers case studies of New Orleans, Atlanta, and Miami's efforts to establish anchor institution programs between 2016 and 2018, to illustrate how southeaster...

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The views expressed here are not necessarily those of the Federal Reserve Bank of Atlanta or the Federal Reserve System. The authors thank Kalee Burns and Wenhua Di for helpful comments and suggestions and Fernando Rios-Avila for his support, comments, and Stata expertise.

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