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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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April 7, 2014

TFIC Releases $1.8 Billion Proposal for State Transportation Funding

The Transportation for Illinois Coalition proposal would support both pay-as-you-go spending and bonding for state transportation needs. Read More About TFIC Releases $1.8 Billion Proposal for State Transportation Funding
April 2, 2014

Updating the GO TO 2040 Implementation Action Areas

The GO TO 2040 update process has allowed CMAP to enhance the alignment of plan recommendations with responsible parties to reflect progress and other variables. Read More About Updating the GO TO 2040 Implementation Action Areas
April 2, 2014

Smart Growth America ranks Chicago region among national leaders in effective patterns of land use

Metropolitan Chicago's land-use trends are among the top U.S. regions according to a new national report on smart growth patterns of 221 major metropolitan areas. Read More About Smart Growth America ranks Chicago region among national leaders in effective patterns of land use
April 1, 2014

Community Data Snapshots updated

CMAP's Community Data Snapshots have been updated with new information from the U.S. Census Bureau's 2008-12 American Community Survey. Read More About Community Data Snapshots updated
March 28, 2014

Governor's Budget Address

Governor Quinn's FY15 budget proposal would affect GO TO 2040 priorities for tax policy and infrastructure. Read More About Governor's Budget Address
March 27, 2014

Civic Federation Releases Plan to Balance State Budget

The Civic Federation released its FY 2015 budget roadmap for Illinois, which would eliminate the State's $5.4 billion backlog of unpaid bills. Read More About Civic Federation Releases Plan to Balance State Budget
March 19, 2014

Report Analyzes Illinois Corporate Income Tax Payments

A Taxpayers' Federation of Illinois and Illinois Chamber of Commerce report looks at the roles that tax deductions and credits play in reducing tax liability. Read More About Report Analyzes Illinois Corporate Income Tax Payments
March 18, 2014

White House Releases FY 2015 Budget Proposal

A CMAP Policy Update looks at regional and national implications of the Obama Administration's proposed 3.9 trillion budget for federal fiscal year 2015. Read More About White House Releases FY 2015 Budget Proposal
February 18, 2014

Selecting and Updating GO TO 2040 Indicators

The GO TO 2040 comprehensive regional plan established a series of indicators and related targets to gauge implementation progress. As described previously , CMAP has initiated an update to... Read More About Selecting and Updating GO TO 2040 Indicators
February 4, 2014

North Cook Workshops RESCHEDULED

The North Cook workshops in Arlington Heights for Cook County's Planning for Progress effort have been rescheduled to February 11 due to snow.  Register  on-line. The... Read More About North Cook Workshops RESCHEDULED
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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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