December 4, 2014
Metropolitan Chicago is one of the world's great economic centers. Continued growth in the coming decades will depend on the State's and the region's abilities to reorient their economic development practices toward an increasingly competitive global marketplace. On December 4, 2014, CMAP released Reorienting State and Regional Economic Development: Challenges and Opportunities for Metropolitan Chicago, which examines policy and practices in both the state and region.
Like many other states and regions, Illinois and metropolitan Chicago have begun to reevaluate their economic development practices for greater efficiency and results. The report features case studies to explore this progress. It specifically focuses on and identifies opportunities to reorient current practices around four strategies:
- Strategic and prioritized investment of resources
- Coordinated workforce development initiatives
- Monitoring and evaluation of policies
- Competing in a global marketplace
This is the second in a series of reports on economic development policy and practices. Findings were informed by research from the previous report, which presented national case studies on common challenges and innovative, strategic, and transparent practices undertaken to bolster state and regional strengths.