Economic Development Action Strategy
City of Atlantic City, NJ
Economic Strategy
Atlantic City has been navigating a challenging legacy, leveraging strategic partnerships and innovative approaches to foster a resilient and diversified economy. This journey has seen the city enhance its resources and opportunities, aiming to recover from economic downturns, including those spurred by environmental events and the COVID-19 pandemic. Despite the reliance on lower-wage sectors like tourism and leisure, efforts are underway to broaden the economic landscape. The city is actively working to bridge the divide between the bustling waterfront and the less developed inland areas, aiming for more cohesive urban development and equitable growth across all communities.
OUR APPROACH
Fourth Economy was enlisted to formulate a strategic action plan aimed at enhancing growth and advancing economic and real estate development projects that benefit the community. We integrated insights from previous planning endeavors, analyzed relevant data, and engaged a wide array of stakeholders and residents to ensure comprehensive community input. This resulted in a detailed action plan that highlights strategic opportunities, offers a thorough market analysis, and outlines ways to attract private and public investments effectively.
THE RESULTS
This strategic action plan lays out a roadmap for implementation, setting clear metrics for success and ensuring ongoing community engagement to monitor progress. It incorporates real estate development, economic diversification, and community engagement to drive shared prosperity. As a result of the plan, the City received a $750K grant from the New Jersey Economic Development Authority (NJEDA), targeting the revitalization of projects poised to generate up to $14M in additional tax revenue, create over 600 jobs, and invest in the City’s attraction and retention approach for new residents and businesses. Over $3 million has been designated for other strategy priorities, including improvements to streetscapes, facades, and transit, enhancing walkability, and supporting local entrepreneurs through grants to foster growth in key industries.
Location
Atlantic City