Thank you to everyone who joined us today to celebrate the achievements of Texas community partnerships. We are thrilled to be part of this important milestone as we mark the end of the Advance Together pilot round and announce the second round of this initiative.
In 2021, at the height of the COVID-19 pandemic, I attended the Dallas Fed’s Advance Together launch event to welcome the honorees to this effort and wish them well. This was a truly special opportunity to celebrate the progress and accomplishments of the four participating partnerships, each representing diverse communities and regions across our great state of Texas.
Advance Together is a program that fosters local public-private-nonprofit partnerships aimed at improving education and employment outcomes in low-income communities in Texas. The Dallas Fed and the Federal Reserve System are focused on reducing and removing barriers to educational achievement and workforce development to foster a strong, resilient economy.
As the nation’s central bank, the Federal Reserve is focused on two mandates: price stability and maximum employment. As we think about maximum employment, we must also consider how to foster an inclusive economy that provides economic opportunity for everyone, regardless of their circumstances.
Each Reserve Bank utilizes its community development function to understand the economic status of its communities through community engagement and surveys. Each Reserve Bank develops initiatives and focus areas to support these efforts in response to the local needs of their respective districts.
Collaboration is key for better community outcomes
Advance Together was designed to address key challenges in education and workforce development where progress is often limited by a lack of coordination between key organizations, fragmentation of existing resources, or incomplete approaches that don’t fully identify or address the root causes of community issues.
Boston Fed research has found that durable economic success across business cycles depends less on factors like industry mix, demographics, or even geographic location. Rather, it is the ability of local leaders to collaborate across different sectors that leads to economic resilience. Leaders who work together along a specific plan and path, over a period of time, toward a comprehensive vision, achieve better outcomes and more inclusive economic growth.
Several years ago, the Dallas Fed identified an opportunity to support community partnerships in Texas, particularly in the areas of education and workforce development.
Working across different sectors and industries brings its own challenges – each with different goals, tasks and even discussion vocabulary.
We know collaboration is necessary and possible. Advance Together provides structure, ongoing support, and investment from external partners to help communities strengthen collaboration. Building deep, trusted partnerships takes time and skill.
And it takes time and resources for communities to agree on a common understanding of complex local needs, like improving college and career preparation or developing pathways to minimum wage employment.
This effort requires all partners to work in the same direction, toward a common strategy and goal. When communities work together effectively, the result is greater access to economic opportunity.
AT Team Introduction
Today we are here to celebrate the success of our pilot participants and I would like to introduce everyone again.
The Big Country Manufacturing Alliance raises awareness and creates accessible pathways to high-paying manufacturing careers through training, recruitment and retention. The Deep East Texas College & Career Alliance helps rural students and first-generation college students obtain the higher education credentials employers want in their workforce. The Education Partnership of the Permian Basin develops continuum of support from cradle to career through efforts to improve early childhood outcomes and college and career readiness in the region. The Travis County 2-Gen Coalition expands practices and policies that support the second generation of parents and children in achieving educational achievement and long-term economic stability.
Conclusion
As we begin today’s celebration, I want to commend the Dallas Fed team for their vision in creating this incredible opportunity for our partners. I also want to thank the Advance Together partnership for their hard work and progress. And I want to congratulate them for the work they will continue to accomplish in their communities as they move forward. This work is rewarding, and it will continue to pave the way for a more inclusive economy.
