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The anchoring index zip#
In one recent period, one out of every seven applicants for staff positions was hired from the seven zip codes nearest the campus.
The University of Southern California, which has instituted a program to increase employment from neighborhoods immediately surrounding its campus. The Duke-Durham Neighborhood Partnership Initiative, which has invested more than $2 million in an affordable housing loan fund to promote home ownership and community stabilization. The hospital expanded this initative in 2010 by partnering with two other local anchor institutions, Detroit Medical Center and Wayne State University, and has already seen an impact of $400,000 in redirected purchasing to local businesses. The Henry Ford Hospital in Detroit provides incentives to managers to hire locally and has set in place a policy to pay local vendors in advance to provide working capital. Penn aims to increase this amount to $120 million by 2010. The University of Pennsylvania, which has shifted over 10 percent of its annual expenditures to purchasing locally, thereby injecting an estimated $80 million into the West Philadelphia economy in 2006-2007. By 2006, CHW had lent over $49 million to 88 nonprofits and over 60 percent of these loans had been repaid. Beginning in 1992, CHW's Community Investment Program began providing low interest rate loans to nonprofit organizations. Catholic Healthcare West (CHW), a large hospital non-profit based in San Francisco, has productively leveraged capital to make community investments. Prominent examples from the university and hospital sectors include: The anchoring index how to#
Over the past two decades, useful lessons have been learned about how to leverage the economic power of universities in particular to produce targeted community benefits. The largest and most numerous of such nonprofit anchors are universities and non-profit hospitals (often called "eds and meds"). If the economic power of these anchor institutions were more effectively harnessed, they could contribute greatly to community wealth building. Indeed, in many places, these anchor institutions have surpassed traditional manufacturing corporations to become their region's leading employers.
Emerging trends related to globalization-such as the decline of manufacturing, the rise of the service sector, and a mounting government fiscal crisis-suggest the growing importance of anchor institutions to local economies. Anchor institutions are nonprofit institutions that once established tend not to move location.
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