Definition of Economic blight:
Economic blight is the visible and physical decline of a property, neighborhood, or city due to a combination of economic stagnation, population decline with residents and businesses leaving the area, secular decline in real incomes, and the cost of maintaining the quality of older structures. These factors tend to feed on each other, with each contributing to an increase in the occurrence of the others.
The bad affects of a destructive economic status on city hubs and main street towns. In recent times, investors have banded together to try to revitalize communities that have been hit hard by economic difficulties.
Economic blight is a process of deindustrialization and depopulation, usually associated with structural change in the economy. Historically many cities and regions have grown and developed as an initial smokestack industry, major commercial hub, or other core industry attracted immigration and the agglomeration of service sector and commercial activity. When, through technological development or changing trade patterns for example, the original business or industry that provided the basis for development in an area goes into long-term secular decline, then the development process can regress. However, even though the jobs and the people in an area may leave, the heavy industrial capital, infrastructure, and cultural remains are left behind. This is the essence of economic blight. Population, incomes, and employment fall amidst large, underutilized, and decaying sunk-cost investments such as empty factories, crumbling highways, or abandoned mines. People associate the term "economic blight" with buildings that are in disrepair and other problems related to residential flight, such as property abandonment, graffiti, violent crime, drug trafficking, and the presence of street gangs.
How to use Economic blight in a sentence?
- Economic blight is a process of long-term decline in economic performance in a geographic region, accompanied by significant decay of large sunk-cost investments and increase in negative social phenomena. .
- Economic blight is popularly associated with cities in the U.S. Midwest known as the Rust Belt, but it occurs in other urban and rural areas as well.
- Economic development tends to occur as a process of agglomeration of economic activity in cities and regions around core industries. When technological change or long-term trends turn against the core industry, economic blight can set in.
Meaning of Economic blight & Economic blight Definition