Community Economic Development

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Technical University of Munich *

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AMERICAN L

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Economics

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Nov 24, 2024

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1 Community Economic Development Name Institutional Affiliation Course Course Instructor Date

2 Community Economic Development The creative class and demography are the driving factors of economic progress, and local competitiveness is not merely technological and corporate. Currently, creativity has grown into among the most vital propellers of the community in New York City, Manhattan, with the city flourishing in the creative industry. The creative class is a social class that is envisioned as a driving force in New York City's economic progress. They have economic power that represents a significant move away from conventional industry-based economies and is ushering in a more complicated economic order (Porter, 1995). This creative class in Manhattan, New York, is primarily made up of young individuals who have moved to the city to live and create among others who embrace their interests and ideals (Perry, 2010). These people included artists, intellectuals, writers, performers, and entertainers, as well as many more who were interested in the arts and new forms of thinking. Economic insecurity is exacerbated by volatile working arrangements for some creative professionals and high percentages of self-employment. Part-time work is also prevalent: more than half of entertainers and more than half of musicians, creators, and comedians work part- time. These workers do not have the luxury of staff perks and protections, such as inexpensive health care and unemployment coverage (Porter, 1995). Finding affordable housing and work for creative professionals in the sector is getting increasingly challenging. While creative occupations have lost inhabitants in Manhattan neighborhoods, other, more affordable sections of the city are gaining.

3 Workers who are creative play an important role in innovation and industrial success. The deliberate placement of creative employees in strategic roles inside and outside creative industries is the key to transformation. Positioning workers in creative jobs become an approach to innovation (Porter, 1995) . Performances and watching sports include various activities, such as theater, dance, opera companies, musical concerts, and athletic teams. Amusement, betting, and leisure enterprises, such as health clubs and amusement parks, make up a large part of the job market. Another segment includes attractions like parks, museums, and historical places. Over one-third of these small companies were in the performing arts and sporting events subsector. Capitalizing on adjacent regional clusters offers the most promising prospects for the potential of inner-city economic growth. The core metropolis of Manhattan is surrounded by world-class financial and healthcare centres (Porter, 1995). It is close to a massive entertainment business and a major logistics services and wholesale complex. Organizations offering supplies, items, and support services might be established to capitalize on the inner city's closeness to several neighboring consumers in the cluster (Perry, 2010). The second advantage of these organizations is the potential they give for inner-city enterprises to differentiate themselves in secondary items and services. An inner-city corporation might leverage Manhattan's financial services capability to deliver services targeted to inner-city demands.

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4 References Perry, M. (2010). Controversies in local economic development. Local Economy , Stories, strategies, solutions, Routledge Porter, M. (1995). The competitive advantage of the inner city. In The city reader (pp. 358-371). Harvard Business Review.

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