innovation in these industries. according to the u. s. census bureau, 97 percent of the country ’ s land mass is rural, and about 60 million americans call a rural community their home. 1 to put that number in perspective, the rural population of the united states is larger than the combined populations of the new york, los angeles, and chicago metro areas. if we were talking about the economies of those great cities, we ’ d stress their regional differences, the complexities of demographic change, and the distinct challenges each city faces to remain vibrant and innovative. when the focus shifts to the rural economy, however, the discussion tends to be overly broad and simplistic. the diversity and complexity of our vast rural communities too often gets lost — and i think that needs to change. there are challenges in rural communities. we know them all too well. there is a notable gap in access to broadband. as of 2016, 31 percent of americans in rural areas were not able to access broadband compared to just 2 percent of americans in urban areas. 2 this can have a significant business impact on ag producers — for example, limiting access to internet - based cattle auctions or inhibiting the ability of dairies to leverage technology to remotely access animal nutritionists to formulate feed to maximize milk production. 1 / 3 bis central bankers'speeches many rural schools struggle to attract and keep qualified teachers who can teach stem and advanced math classes. these subjects are vital to preparing our children for the opportunities and challenges of a more competitive and technological workplace. 3 one in five people in rural areas have a bachelor ’ s degree, compared to one in three in urban areas. 4 this educational disparity helps explain why the employment - to - population and labor force participation rates in rural areas are lower than in many urban areas. 5 another contributing factor to low rural labor force participation is the opioid crisis, which the entire nation is struggling to overcome. policymakers need to be aware of and be willing to confront these issues. but let me be clear : i am optimistic about the future of rural america. the narrative of rural decline is too sweeping and brushes aside the diversity of the rural experience. just as many cities thrive while others struggle, there are deteriorating rural communities and rural communities that are thriving and growing. so let ’ s build on these successes and highlight a few of the positives. following six years of steady population losses, up through 2016, the rural population appears to have stabilized. and while

and dynamic, and subject at times to unpredictable shocks, such as a global financial crisis or a pandemic. at those times, forecasters have to think outside the models. this work also takes large doses of courage and humility. and, finally, judgment. to complement this rigorous process, there has to be good judgment, based on knowledge and experience. perhaps the most important legacy of the past century for the division of research and statistics is the resilience, the creativity, the energy, the rigor, and the commitment with which r & s has risen to the many challenges it and our country have faced in that span of history. on behalf of the board and the fomc, thank you for that, and hearty congratulations on your first 100 years of service to the public. 2 / 2 bis - central bankers'speeches