World Business Chicago led a team of stakeholders and leaders in the design of Chicago’s new Plan for Economic Growth and Jobs, which was announced last week by Mayor Rahm Emanuel. Mayor Emanuel called for the plan in order to drive Chicago’s leadership in the global economy and articulate clear, actionable strategies for economic growth and job creation. The plan contains ten strategies that will help Chicago advance its economy and become a better destination for families and businesses.
“A global city like Chicago needs a clear set of goals, a clear framework for analysis and clear strategies for economic growth and the creation of jobs,” said Mayor Emanuel. “By establishing these, the business community can work in conjunction with labor, the public sector and the non-profit community to execute together and achieve these objectives. This is an important step in that direction and I am looking forward to incorporating the public’s input and comment as we develop this vision for our economic future, enabling the creation of more of the jobs that our city needs.”
The plan’s ten over-arching strategies that are recommended to drive economic growth and job creation in Chicago through 2020 and beyond include:
- Become a leading hub of advanced manufacturing
- Increase the region’s attractiveness as a center for business services and headquarters
- Enhance our competitive position as a leading transportation and logistics hub
- Make Chicago a premier destination for tourism and entertainment
- Make Chicago a nationally leading exporter
- Develop our workforce in a demand-driven and targeted manner
- Support entrepreneurship and foster innovation in mature and emerging sectors
- Invest to create next-generation infrastructure
- Develop and deploy neighborhood assets to align with regional economic growth
- Create an environment in which businesses can flourish
The strategies are the result of Mayor Emanuel’s goals at the outset of the planning process, including accelerating growth in gross regional product (GRP), jobs, productivity, income and wages. The plan contains an analysis of Chicago’s and the region’s performance across five market levers that drive this growth: economic sectors or clusters; human capital; capacity for innovation and entrepreneurship; physical and virtual infrastructure; and public and civic institutions.
The draft Plan for Economic Growth and Jobs is the result of a five-month effort by a steering committee of business, labor, civic and community leaders and led by World Business Chicago. The Mayor presented the plan for public comment and review. World Business Chicago will oversee management of the plan as it moves through the public domain, and work in collaboration with area leaders, civic groups, businesses, labor and residents to refine its strategies.
The Plan itself builds on existing growth initiatives to provide a framework for private and public initiatives in the years ahead. It takes a hard look at Chicago’s and the region’s strengths and challenges, sets measurable goals and recommends strategies to achieve them.
The Plan and related documents are posted at ChicagoGrowthAndJobs.com, where the public is invited to ask questions or comment.