Chicago Looks to Build its Resume as a Global Economic Power
The economic landscape of Chicago and the surrounding region has been a focal point for business and civic leaders as well as some prominent organizations over the last couple of weeks.
On Friday, the Chamber released the highly anticipated OECD Territorial Review of Chicago Tri-State Metropolitan Region and discussed the findings and recommendations in the report. The week prior, World Business Chicago, the city's nonprofit economic development agency, released its “Plan for Economic Growth and Jobs”, which is Mayor Emanuel’s first economic growth plan. At the same time, Chicago’s business community is preparing to showcase Chicago on the global stage at the NATO summit in May.
It has become clear that regional, urban economies are the economic engines that power national economies. Despite the many economic challenges faced by the Chicagoland region, Chicago ranked number four in The Atlantic’s 25 Most Economically Powerful Cities in the World released in September. With an economic output of $460 billion, Chicago trailed only Tokyo, New York City and London. For a city currently facing as many problems as it is, this ranking can provide optimism for the future.
The city’s new economic growth plan, the OECD Tri-State Review, and the upcoming NATO summit provide an excellent opportunity to significantly improve a regional economy that already ranks among the world’s strongest.