Economy
How Anchor Institutions like Hospitals and Universities Can Help Cities
They've got a permanent presence—and great hiring and purchasing potential.
Last year, standing across the entrance to the University of Chicago Medical Center in Hyde Park, I eavesdropped on a conversation about how the expansion of the hospital building had eaten up a neighborhood corner store.
When a big, well-funded institution sets itself down in a struggling neighborhood, it can disrupt things. But if these "anchor institutions" really include and engage the communities, they can also turn the neighborhood around. That's the core of a new report by the Center for American Progress. The report details how the government can help leverage the potential of these "anchors" in revitalizing the cities where they're located.