Leadership Spotlight: An Interview with Rich Overmoyer, Founder and Senior Vice President, Strategic Initiatives, Steer
- Rich Overmoyer
- 2 hours ago
- 5 min read
In addition to marking its 15th anniversary this year, Fourth Economy is celebrating a leadership transition. Rich Overmoyer co-founded Fourth Economy in 2010 and served as President and CEO until October, when he stepped into the role of Senior Vice President Strategic Initiatives for Steer North America. He led the effort to join Fourth Economy with Steer Group in 2021, and now serves both organizations by focusing on expansion into new sectors and advancing Fourth Economy’s core business within Steer North America.
We asked Rich to reflect on his leadership, the growth of the firm, and what he has learned over 15 years of working with clients to develop their economies. We also had to find out how Rich has been spending his time along the Rhode Island coast since relocating there from Pittsburgh in 2024.
Over the past decade and a half, you led Fourth Economy from a startup team of three into a firm with national reach that has led nearly 500 projects in 40 states. Reflecting on this growth, how would you describe this moment – for you, the firm, and more broadly?
I am an entrepreneur at heart, and Fourth Economy has provided me and others with the opportunity to be creative as we work to serve our communities. We began during the lingering aftermath of the Great Recession, recognizing that a better approach to economic strategy work was needed. Fourth Economy made economic and environmental resilience, diversity and equity, and people the highest priority in our work.
Over time, we grew our portfolio of clients to a national footprint because of the strong relationships we formed and the impact of the work we led. The past few years involved a lot of pivots and the development of new approaches to our work. With the pandemic, we needed to rework how we led community engagement, the way we approached data, and the strategies needed. We thrived from helping communities navigate such a trying time.
At the time, I thought the pandemic was a once-in-a-lifetime global event, and here we are as the U.S administration and other world leaders pursue agendas that I see negatively impacting our communities. This provides the next moment for our team to define its role and help the helpers.
What have been the initiatives or projects you led over the past decade and a half that had the biggest impact on you and the firm?
I think the Indiana Regional Cities project has had some of the most impact on me and the work we do. The Indiana Regional Cities Initiative was launched in 2015 to address the state's population stagnation. With a $126 million investment, the initiative funded strategic development projects in three selected regions, leading to over 420 projects and catalyzed an estimated $1.6 billion in economic impact. It has created approximately 1,000 jobs per year in funded regions, added roughly $37 million in annual GDP growth, and attracted around 8,000 new residents.
The Fourth Economy team had the privilege of supporting the development of the Regional Cities Initiative. Through that work, we researched what led to the transformation of economies and communities in regions around the country and published our findings on how they did it in our report, “Benchmarking U.S. Regional Cities: A Study Guide for Transformation.”
I have summarized the key strategic components in my mind as: a vision and the hope that change was possible, a well-researched strategy that built on assets and a realistic perspective on what it would take to regain strength, a nonpartisan approach to decision-making, and investment.
What are the guiding principles you have followed to achieve this work? Which of them did you bring into the organization with you, and which have you learned through working with Fourth Economy clients?
I grew up in Erie, PA, in a neighborhood that saw the loss of tens of thousands of manufacturing jobs over two decades. I studied at the University of Pittsburgh’s Graduate School of Public and International Affairs, and then began working at Pennsylvania’s Department of Human Services (Public Welfare at the time) with a focus on how to help individuals and families affected by poverty. While the impact of that work was rewarding, I realized that it truly is the economy that was causing the negative impacts that our clients were dealing with, and I should focus more there.
As we started Fourth Economy, the guiding principle we set was that the economy should help people. I believe it was a distinct focus from other firms in our space, which set us apart in terms of the type of work we should engage in. We brought with us the values of curiosity, creativity, and empathy to drive us to find original solutions and strategies.
As I make this move and reflect on the past few years, patience is one of things that I have learned from our projects. A lot of the work we do is focused on fixing issues that have been created over decades, and our recommendations can make a difference, but often over many years. The capacity that our clients have to implement our recommendations often dictates how quickly changes can occur.
What strategic decisions have you made to hire and retain talent, and how do you see the talent of the Fourth Economy team reflected in client results?
We have always sought out talent that aligns with the needs of our clients and, as a result, hold a broad skill set. During the pandemic, we transitioned to remote work and have enjoyed the opportunity to bring on talent from around the country. Our diverse team experiences and past work provide a well-rounded approach to our work, allowing us to challenge each other as we collaborate with clients.
What is your new role with Steer, Fourth Economy’s parent company?
I’ll be an advisor, supporting client relationships, business development, and strategic growth initiatives. This gives me the opportunity to share over twenty years of consulting experience and tap back into my entrepreneurial skills to help Steer grow in North America and beyond.
You’ve been enjoying spending time along the Atlantic Coast since relocating to Rhode Island last year. What are your favorite oceanfront businesses to frequent?
Exploring Rhode Island has been a wonderful experience and it turns out most everyone I know outside the state has never visited. It’s been fun to explore and then introduce places to guests. Here are a few, though I could go on…. There is so much to experience!
