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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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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
December 11, 2014

Veto Session Update

New Policy Update describes the Illinois General Assembly's recently adjourned two-week veto session and legislative initiatives that affect CMAP or are of interest to CMAP and its partners. Read More About Veto Session Update
November 25, 2014

Public input on IL Route 53/120 corridor land use plan

Thanks to all that participated in the IL Route 53/120 Corridor Land Use Plan open houses in Grayslake and Lake Zurich this November. Read More About Public input on IL Route 53/120 corridor land use plan
November 12, 2014

FUND 2040 for regional infrastructure

CMAP is building a coalition to support this proposed regional infrastructure fund for transportation, water, and open space. Read More About FUND 2040 for regional infrastructure
November 7, 2014

Cook County property tax classification effects on property tax burden

The use of property tax classification in Cook County makes it difficult to encourage and strengthen non-residential development in existing communities. Read More About Cook County property tax classification effects on property tax burden
October 28, 2014

Overview of Freight Flows into and out of the Chicago Region

A new Policy Updates series analyzes freight flows, trends, and challenges in the Chicago region. Read More About Overview of Freight Flows into and out of the Chicago Region
October 16, 2014

Over two dozen new projects added to CMAP LTA program

Twenty-five new projects led by local governments and nonprofits will receive CMAP staff assistance or grants to drive implementation of the GO TO 2040 comprehensive regional plan. Read More About Over two dozen new projects added to CMAP LTA program
October 9, 2014

GO TO 2040 updated in accordance with federal law

Please visit www.cmap.illinois.gov/2040 for all GO TO 2040 plan materials. Read More About GO TO 2040 updated in accordance with federal law
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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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