Robust economic growth that reduces inequality

The region is endowed with extensive assets, including its people, industries, educational and research institutions, infrastructure, and location. Yet, the region has experienced prolonged slow growth. During 2001-16, overall economic productivity here increased on average just 0.8 percent annually, coupled with just 0.2 percent annual employment growth.^{{{Chicago Metropolitan Agency for Planning analysis of Bureau of Economic Analysis and Economic Modeling Specialists International (Emsi) data.}}} Across numerous metrics, the region has consistently lagged behind peers and national averages. Advancing the region’s economic goals requires action now to bolster a range of private and public initiatives already underway on a regional level. Moreover, economic opportunity and prosperity remain out of reach for many residents, particularly for black and Hispanic residents and people with disabilities. These disparities frequently have roots in discriminatory policies and practices that have shaped opportunity for people in the region and across the nation. New research points to the need for coordinated action by underscoring the role of economic inequality in impeding metropolitan Chicago’s ability to start and sustain stronger growth. In short, state and local governments, the private sector, and educators need to pursue continuous improvements to excel in a modern economy. Smart, inclusive, coordinated strategies can ensure that metropolitan Chicago remains a destination for business activity, innovation and invention, and diverse human capital( The skills, knowledge, experience, and ingenuity of the region’s residents ).