An Overview

An Overview of President Clintonís Trip
To Americaís New Markets
November 4-5, 1999

 

Under President Clinton and Vice President Gore, America is Enjoying a Time of Remarkable Economic Expansion. The strength and historic duration of our current economic expansion has helped bring economic opportunity to millions of Americans once cut off from the economic mainstream. Wages are rising for all income groups and welfare rolls are shrinking. The economy has created more than 19 million new jobs since January 1993. Unemployment has dropped from 7.2 % to just 4.2 %. But there is more work to do, particularly in those communities that are economically underserved, such as Newark, Hartford, rural Arkansas, and Englewood (in Chicago).

President Clintonís Trip will Focus Attention on Americaís New Markets — Untapped Areas for Potential Investment. November 4-5, President Clinton will lead a delegation of CEOs, Members of Congress and Cabinet Secretaries on a second trip this year of untapped markets in the following communities:

These Communities Are in Need of Capital and Investment. This tour will spotlight the great potential for growth, profit, and economic opportunity in these untapped markets. It will also show how long-term partnerships can be used as a model for tapping this potential.

Newark — The population of Newark, the largest city in New Jersey, has dropped from 329,248 in 1980 to an estimated 267,823 in 1998, a 18.7 % drop, while during that same time period, the overall U.S. population grew by 19.3%. (Bureau of the Census). The poverty rate, which increased from 26.3 % in 1989 to 35.3 % in 1993, dropped to 30.5 percent in 1995. (Bureau of the Census). The cityís unemployment rate for 1998 was 9.9%, down from 15.2% in 1993, but more than twice the national average and the 4.1% unemployment rate of Newark suburbs.

Hartford — The population of Hartford, has declined slightly from 136,392 in 1980 to an estimated 131,523 in 1998, a 3.6 % drop. (Bureau of the Census). In 1990, Hartfordís population was 36.3% African-American, 31.0% Hispanic and 30.7% white (non-Hispanic). (Bureau of the Census). The poverty rate, which increased from 27.5 % in 1989 to 38.3 % in 1993, dropped to 35.2 % in 1995. (Bureau of the Census). The cityís unemployment rate declined from 10.8 % in 1993 to 6.7 % in 1998. (Department of Labor).

Hermitage, AR — Hermitage is a town of about 700 people in Bradley County, Arkansas. For Bradley County in June 1999: the unemployment rate in Bradley County was 9.3 %, compared to 4.3 % nationally; the poverty rate in Bradley County was 20 % and the median household income in Bradley County was $21,644. (Economic Research Service, USDA)

Englewood — The population in Englewood was estimated to be 39,780 in 1998. (Claritas) The unemployment rate for the Englewood community was 14.8 % in 1998, compared to 5.7 % for the city of Chicago (Illinois Department of Employment Security). Median household income is estimated to be about $19,000 compared to $32,400 for the city of Chicago. (Metro Chicago Information Center – Metro Survey, 1999). Retail sales in Englewood were estimated to be $105 million in 1997. (Claritas) About half of the population of Englewood is estimated to receive food stamps, compared to 15 percent for the city. (Metro Chicago Information Center – Metro Survey, 1999).

A Record to Build On. President Clintonís effort expands on the innovative approach to community empowerment that he and the Vice President have pioneered for nearly seven years.

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