ABSTRACT
I.. Introduction: Economic Change in a Small City The economic changes that transformed large metropolitan areas and their central cities across the Midwest and elsewhere have also had a drastic effect on numerous smaller regions and cities. As leadership in some smaller cities focused on revitalization strategies, they usually encountered the additional challenge of more limited wealth that sometimes constrained options. Smaller cities are less likely to be home
to large community or private foundations that could make investments in assets, such as Playhouse Square in Cleveland. Smaller communities were also likely to have been home to fewer large corporations. If one or more of these businesses moved to other regions, the economic effects were frequently devastating in terms of the loss of jobs and the resulting depreciation in land values. Of equal significance, however, was the loss of executive talent and that often meant the availability of fewer people to work with public leaders and involve the private sector in the design and implementation of a revitalization strategy. The loss of corporations in smaller towns can also result in a shortage of leadership for positions on the boards of arts and cultural organizations, weakening the ability of these institutions to participate in redevelopment efforts. The loss of executive talent for these organizations is often a staggering setback when communities strive to maintain amenities to underscore their attractiveness and potential as locations for new and expanding businesses. If some of the arts and cultural organizations fail, then the ability to attract other businesses is further constrained as new companies could well fear the absence of amenities that could reduce their ability to attract and retain the human capital needed to be competitive and profitable. The acquisition of local businesses by out-of-town corporations can also reduce the availability of local executive talent to help a smaller city with its revitalization strategies. If a community is seen as a place where younger executives stay for a short period of time before resuming their climb on the parent company’s corporate ladder, they might be less likely to participate in community-building activities. These are just some of the challenges that confronted Reading, Pennsylvania.
