Despite broad interest in estimating the economic costs of gun violence at the national and individual levels, we know little about how local economies respond to increased gun violence, especially sharp and sudden increases (or surges) in gun violence. This brief summarizes findings that surges in gun violence can significantly reduce the growth of new retail and service businesses and slow home value appreciation. Higher levels of neighborhood gun violence can be associated with fewer retail and service establishments and fewer new jobs. Higher levels of gun violence were also associated with lower home values, credit scores, and homeownership rates.