With the designation of the Great Falls National Historic Landmark District as a National Park, Paterson has the potential to draw visitors from well beyond the city limits and to transform the greater Spruce Street neighborhood. In order to maximize the development potential of this area and to place the rest of downtown Paterson in a favorable position for future growth, a study team conducted an economic analysis and prepared a series of case studies of small to midsized cities that have used culture and cultural tourism as a mechanism for revitalization.
The focus of the economic analysis was to analyze current trends and future projections to help define the economic potential of Paterson and the greater Spruce Street neighborhood. The study team examined labor market information from government sources and conducted an economic impact analysis based on employment projections and wage data.
The goal of the case studies was to identify the ideas, strategies, and programs that have been successful in the repositioning of the cities as attractive destinations. In turn, the community leaders and stakeholders of Paterson may consider these strategies in future redevelopment efforts.