Main Street America Towns Reach 10-Year High For Community Reinvestment

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May 02, 2017, 15:00 ET

CHICAGO, May 2, 2017 /PRNewswire/ -- The National Main Street Center Inc. announced that the national network of over 1,000 Main Street America towns reached a ten-year high for community reinvestment during its annual conference in Pittsburgh, Pennsylvania. In 2016, these communities reinvested $5.75 billion from public and private sources, created 5,498 new businesses, 26,909 new jobs and rehabilitated 7,794 buildings, according to data compiled by the Center.

"Despite some media reports about the demise of Main Streets, many local business districts are thriving as a result of sound economic planning and community engagement," said Patrice Frey, president and CEO of the non-profit National Main Street Center, which supports the Main Street America communities.

In addition, Ed McMahon, senior fellow at the Urban Land Institute, a non-profit that focuses on how land use can enhance the environment, presented on why the community-driven, asset-based Main Street Approach works and discussed the connection between quality places and economic competiveness. Frey and McMahon shared the latest research during the Center's annual conference.

"The Main Street Approach is successful because it provides communities with a way to plan for their future," McMahon said. "All communities will undergo change, but communities that have a plan for that change set themselves up for long-term economic success. These are the types of communities people want to call home."

The Center also announced Renaissance Covington, Oretha Castle Haley Boulevard Merchants and Business Association, and West Chester Business Improvement District, as the three winners of the 2017 Great American Main Street Award (GAMSA) during the annual conference.

"The winners showcase the realized potential of commercial district revitalization," Frey said. "Whether it's attracting independent businesses, developing housing downtown or cultivating a thriving food scene, this year's winners have played a vital role in putting older and historic buildings back into productive reuse, creating a significant economic impact in their community.

Since 1980, Main Street America communities have reinvested $71.35 billion, created 132,000 new businesses, created 584,000 jobs and rehabilitated 268,000 buildings.

New data from Washington, Oklahoma, Pennsylvania, and Boston also demonstrates significant return on investment, totaling between $2.4 million and $22.3 million more in tax revenue than would have been expected without the presence of the Main Street program.