Federal Reserve Report Highlights Economic Impact of Regional Food Systems

      Posted On: July 28, 2017

Last week, the U.S. Federal Reserve Board of Governors, the Federal Reserve Bank of St. Louis, and the USDA, released a landmark study, Harvesting Opportunity The Power of Regional Food System Investments to Transform Communities. The book-length report  documents the sustained growth of the local-food sector, which is projected to increase to more than $20 billion by 2019. The report’s contributors include FMC Board member Gary Matteson, along with more than a dozen current and former USDA and Federal Reserve officials, economists, and business leaders

Speaking at an event celebrating the report’s publication Anne Hazlett, the assistant to the secretary for rural development at the USDA, affirmed the administration’s commitment to local and regional food systems. “Whether it’s through direct-to-consumer sales, farm-to-school programs or locally grown food in a grocery store, when I think about regional food systems, I see a strong tie to each of these four issues.”

Since receiving report, FMC staff have been poring over it and emailing quotes, citations, and charts back-and-forth—yeah, we know we’re market geeks. In order to break-up the 306 page report into more manageable tidbits, during the coming weeks FMC will be sharing research highlights that catch our eye. Here is one we especially liked:

In the meantime, however, we strongly recommend that you download a copy of the report to share with:

  • Local banks;
  • Chambers of commerce;
  • Funders and donors;
  • Community Development Financial Institutions (CDFIs);
  • Municipal governments.