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Economy

GO TO 2040 addresses the diverse factors that shape our region's business environment. It includes recommendations on industry clusters, innovation, workforce, and tax policy.  CMAP's work plan addresses these and other economic issues:

Economy Updates

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May 1, 2015

Intermodalism -- Metropolitan Chicago's Built-In Economic Advantage

CMAP's regional economic indicators microsite features key measures of metropolitan Chicago's economy and, where applicable, compares these measures to peer metropolitan areas.  The... Read More About Intermodalism -- Metropolitan Chicago's Built-In Economic Advantage
April 7, 2015

Access CMAP data with new online portal

The CMAP Data Hub provides partners with information and data relevant to planning in the seven-county metropolitan region.  CMAP uses demographic data to prepare forecasts of population... Read More About Access CMAP data with new online portal
March 4, 2015

Searching for Evidence of a Skills Gap in Manufacturing

New Policy Update looks at quantitative labor market data to determine the extent of the manufacturing skills gap in metropolitan Chicago. Read More About Searching for Evidence of a Skills Gap in Manufacturing
February 27, 2015

Governor Releases FY16 Budget Proposal

This Policy Update analyzes Governor Rauner's budget FY16 proposal in light of CMAP and GO TO 2040 priorities. Read More About Governor Releases FY16 Budget Proposal
February 9, 2015

White House Releases FY16 Budget Proposal

A Policy Update describes housing and workforce and economic development provisions in the Obama Administration's $4 trillion budget proposal for FY16 . Read More About White House Releases FY16 Budget Proposal
February 6, 2015

Municipal Reliance on Property, Sales, and Income Taxes and Their Relative Stability

Local revenue sources differ in terms of stability and this variation affects the ability of communities to provide consistent services and maintain tax burdens. Read More About Municipal Reliance on Property, Sales, and Income Taxes and Their Relative Stability
January 28, 2015

Reasonably Expected Revenues for the Regional Transportation System

While transportation is still a significant strength of northeastern Illinois, the region must enhance its existing funding streams and implement new revenue sources to support investments in the... Read More About Reasonably Expected Revenues for the Regional Transportation System
December 18, 2014

Civic Federation Report Profiles Unincorporated Cook County

The Civic Federation recently released a report profiling unincorporated areas across six Cook County townships. Read More About Civic Federation Report Profiles Unincorporated Cook County
December 18, 2014

STEM Employment Trends in the Chicago Region

Innovation is a key factor in maintaining a globally competitive region, and policymakers and industry leaders look increasingly to Science, Technology, Engineering, and Mathematics fields to help... Read More About STEM Employment Trends in the Chicago Region
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Metropolitan Chicago is one of the nation's few truly global centers. With a gross regional product of over $500 billion a year, the region's dynamic economy ranks third largest in the United States. Indeed, metropolitan Chicago's economic output not only outperforms other regions, it also surpasses that of many nations: if our region were counted as its own country, it would have the 20th largest economy in the world.

Yet in today's evolving global economy we cannot take this economic vibrancy for granted. As a global region, metropolitan Chicago competes not only against domestic centers but with markets around the world. Trends over the last ten years show the region's historic productivity advantage over the rest of the nation and globe has narrowed, as the region must respond to stark new economic realities.

To maintain and enhance metropolitan Chicago's position as a global economic hub GO TO 2040 lays out a vision that leverages our strongest assets as a blueprint for sustainable economic growth. The residents of northeastern Illinois are foremost among these assets, serving as the region's greatest renewable resource. The Chicago region has a deep pool of talented workers, yet we need to ensure our education and workforce development systems train not for the jobs of yesterday, but for those of tomorrow. On the workforce page of the economy section CMAP presents key indicators following GO TO 2040's emphasis on an educated and skilled labor force, paying particular attention to how skills are changing in an evolving economy.

The region's skilled workforce grants metropolitan Chicago an extremely high quality of life. By fostering economic innovation metropolitan Chicago can remain competitive while preserving its high standards of living. Innovation is the development and commercialization of new technologies that area faster, cheaper, and better than what came before. In the innovation page of the economy section CMAP tracks the region's progress transforming new ideas into concrete, marketable products.

While metropolitan Chicago enjoys a diverse mix of industries across almost every sector, it also realizes significant gains through its economic specializations. These industry clusters leverage local advantages, create quality jobs, spur innovation, and position the region to compete in the global economy. The clusters page of the economy section reports important trends in the freight and manufacturing clusters, two of metropolitan Chicago's strongest specializations.

Finally, the tax policy page of the economy section looks at current state and local tax policies compared to the vision articulated in GO TO 2040. While the private sector drives economic growth, this page explores how efficient governance and policy can provide a supportive climate conducive to investment and growth.

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