Unlocking Growth: Empowering American Cities with Data-driven Economic Insights

Fifth Third unveiled today the debut of Empowering American Cities, a result of a collaborative effort with the Kenan Institute of Private Enterprise at the University of North Carolina at Chapel Hill. This initiative provides customized, local economic insights tailored for business leaders aiming to expand their operations. 

“Midsize cities are central to our footprint. However, there's a lack of data to grasp why some cities thrive while others lag,” stated Tim Spence, chairman, CEO, and president of Fifth Third. “Empowering American Cities will offer unique economic perspectives centered on data, empowering business owners to make informed decisions, drive investment in their companies, communities, and ultimately, the nation.” 

Empowering American Cities utilizes exclusive data from the Kenan Institute, housed within UNC Kenan-Flagler Business School. The Institute introduced Extended Metropolitan Areas (EMAs), grouping U.S. regions interconnected in significant economic ways, covering nearly 90% of the U.S. GDP. These EMAs span from major hubs like New York City to cities like Wilmington, North Carolina, each with distinct economic traits. 

“By combining the Kenan Institute’s research prowess and economic acumen with Fifth Third’s firsthand insights, this collaboration will offer timely assessments of economic conditions. It will help identify effective policies and business strategies for entrepreneurs, communities, and municipalities nationwide,” noted Gerald Cohen, chief economist at UNC Kenan Institute. 

Empowering American Cities presents custom dashboards based on Kenan Institute research for all EMAs, facilitating direct comparisons of fiscal characteristics and other economic indicators. These insights can expedite business decisions fostering sustainable growth. 

“Through this partnership, the Kenan Institute and Fifth Third Bank will enhance understanding of local economies across America,” affirmed Jeff Korzenik, chief economist at Fifth Third Commercial Bank.

“There's an ongoing need to comprehend the economy at a level meaningful to local businesses and community leaders, and we're committed to addressing this need.” 

Kenan Institute economists and Fifth Third Bank leaders collaborated on Regional Economic Snapshots for 30 select areas, analyzing factors propelling these communities forward. These snapshots evaluate evolving indicators such as labor supply, consumer demand, and local growth dynamics. 

In the coming months, public events in select markets will feature the Empowering American Cities economist team sharing detailed local economic forecasts.