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"We have a lot of faith in the Cambridge economy," Iram Farooq, assistant city manager for community development in Cambridge, Mass., tells the Boston Globe.
"We are in this moment of a little bit of readjustment.
The question is 'and this is anybody's guesshow long that period of readjustment will last.'" The city, just outside Boston, has seen industries shrink, life-sciences jobs disappear, and the number of jobs available in its borders are up 9% over the past two years, while its unemployment rate is better than the regional, state, and national averages, Farooq tells the Cambridge City Council's Economic Development & University Relations committee.
But the city, which has seen retail rents fall by 20% over the past few years, isn't immune from the national economy, which has seen higher interest rates and rising building costs.
"Nobody can debate the fact that we're in a down cycle nationally," Farooq tells the Globe.
"We remain a very fiscally strong organization in terms of how we think about our finances, in terms of the various benchmarks that we try to meet, in terms of our debt and reserves."
One bright spot, per Farooq: the opening of the Investor Catalyst hub, a venture
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
The Canadian city of Medicine Hat is kicking off the country's first-ever Energy Innovation Challenge to help small energy startups get their ideas off the ground and into the market, the CBC...more
Loneliness has been linked to a host of health issues, including heart disease, cancer, and respiratory depression. Now a Canadian company is hoping to change that with an app it's calling "OOt...more
Santa Barbara's 99.9 KTYD radio station is known for its rock 'n' roll, so it was only a matter of time before the station received an award for its community service. The nonprofit Santa Barbara...more
"It's very nice to be recognized. It's an honor to be a part of something that's global." So says P.B. Scott, president and CEO of the Musson Group, after being named the Master...more
As the world shifts away from fossil fuels, workers in coal-mining states in India are bracing for job losses, Bloomberg reports. According to a report from the Center for Policy Research,...more
"When I came to Harare from Zaka, I had nobody and knew nobody, but I had to define my career path and carve my own niche, hence the confidence that all these important people here now have in...more
The Greater Hermiston Community Foundation is accepting applications for its 2024 grant cycle. Local organizations serving Hermiston, Umatilla, Stanfield, Echo, and Irrigon are eligible to...more
Foundation: Kellogg Foundation
For more than 30 years,Henrie Treadwell has been fighting for racial equity at the University of South Carolina, where she became the school's first black graduate since Reconstruction, the...more
If you're an artist trying to break into the music business, there's a good chance you've never heard of entertainment law. But if you're a law student at Mercer University in Georgia, you may...more
Amy Reese, a veteran and CEO of ARC Business Solutions, says she's "thrilled to see the impact" her organization's "Business Boots on the Ground" program will have on military veterans in...more
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Social Entrepreneurship
Spotlight
Celebrity Chef Jamie Oliver Backs Social Saturday
UK will be celebrating its first national celebration of social enterprises dubbed as Social Saturday. World famous celebrity chef Jamie Oliver, who founded the Fifteen restaurant chain.
