Increasingly, community development efforts are focused on "community wealth building" — a systems approach to creating more inclusive local economies, a report from the Democracy Collaborative finds. The report, Cities Building Community Wealth (90 pages, PDF), outlines how community wealth building develops underutilized local assets; promotes broad-based local ownership; encourages buy-local strategies and generates multiplier effects; facilitates collaboration among nonprofits, philanthropies, anchor institutions, and cities; creates living-wage jobs; and develops a supportive ecosystem for inclusive economic activity. Whereas traditional approaches to economic development focused on attracting businesses, with decision-making processes led by government and the private sector, the report notes, the new approach is all about creating sustainable economies that work for communities and their residents. The report also outlines strategies for building community wealth and highlights examples of successful projects.