Past Economic Decline
In the post-war era, Massachusetts experienced a decline in manufacturing and neighborhoods that were once composed of factory housing. For example, Beverly’s Gloucester Crossing and the Point in Salem had been left neglected over recent decades, leaving areas blighted and without stable resources for their residents.
The shift in the economy has caused housing costs to rise, while wages for many of our residents have not.
Lacking resources and capacity to rebuild and reposition, smaller Massachusetts cities such as Salem and Peabody, both Gateway cities, and Beverly have been slow to draw new economic investment. The North Shore region is anchored by these midsize urban centers and the regional economy very much depends upon their economic revitalization and progress.
Today’s Economic Growth
In each community, a CDC provides an organization framework for a robust public-private partnerships representing a significant economic development opportunity for smaller, suburban cities to achieve economic growth while addressing the growing needs of low-income residents. Our greatest strengths are the unrealized potential of these communities and the opportunity to overcome these economic development challenges.