Federal Reserve Speeches·Sep 30, 2026, 3:25 PM ET

Cook, The Dual Mandate in Rural America

A Federal Reserve Governor delivered a speech in Asheville, North Carolina, acknowledging the national scope of the Investing in Rural America conference & the partnership of all 12 Reserve Banks & the Board of Governors.
Rural communities contribute critical resources like food, energy, & building materials while serving as vital links in regional supply chains for furniture, vehicles, & electronics.
Labor market dynamics in rural areas show unemployment rates close to national levels, though labor force participation & job creation rates remain slower than in urban areas.
Inflation in rural areas rose faster than in urban areas during the early pandemic recovery, driven primarily by increased energy costs & higher housing prices.
Home values in nonmetro counties rose approximately 36 percent between March 2020 & March 2023, compared to 21 percent in dense urban counties, due to remote work trends & demand for space.
Vacation property prices in high-share areas surged 47 percent in the three years following the pandemic, creating affordability pressures for long-time residents & seasonal workers.
Small businesses represent 96 percent of rural establishments & employ 7.4 million people, with new firms accounting for 24 percent of gross job creation despite being only 9 percent of all small businesses.
The Federal Reserve promotes rural vitality through research on post-disaster recovery, credit access via Community Development Financial Institutions (CDFIs), & workforce development initiatives.
Specific Federal Reserve activities include a Richmond Fed report on Hurricane Helene impacts, a Minneapolis Fed study on tribal CDFIs, & a St. Louis Fed book on investing in rural prosperity.
Engagement efforts include a national forum on rural investment, a Philadelphia Fed assembly on small business networks, & a Richmond Fed Community Investment Training program with strong Western North Carolina representation.