Our Chicago: What is Chicago 2050? The long-term plan for economic growth explained
CHICAGO (WLS) -- Chicago's economy is changing, and the city is mapping out what's next: "Chicago 2050," a long-term plan focused on growth and jobs.
Phil Clement, the President and CEO of World Business Chicago, said 2012 was the last time there was a plan.
At about the time that it might have been updated and revised Chicago was dealing with the pandemic. At that time the focus was on recovery and resilience.
In 2024, it was time to start thinking about a long-term plan for Chicago from 2025 to 2050. They began with the Mayor, Deputy Mayor Kenya Merritt and hundreds of leaders from Chicago's business community and they came up with a growth strategy.
"In traditional economics, you would want to do or you would identify key industries that you think are going to grow. And they're going to grow faster than other industries. So, we selected six," Clement said.
"We did two things that are really different than normal economic development. One was, two big bets. We said we got to bet on the future. So, those are in the area of quantum and clean energy. And then the last category...said the vibrancy industries are so important to Chicago."
The Chicago 2050 document includes ten recommendations to follow.
Kenya Merritt, is not only the deputy mayor, she's also the Acting Commissioner of the Department of Cultural Affairs and Special Events.
She says the city now has a North Star, "and everyone is rowing in the same direction."
Merritt was especially excited about the vibrancy factor that's now part of Chicago's economic strategy.
"In the past, culture has been the cherry on top. It has been the afterthought," Merritt said. "While we know it's incredibly important to the quality of life of our residents, we are now recognizing that Chicago can leverage this as our competitive advantage."
Merritt says Chicago's culture attracts talent, drives business growth, it creates tourism and she says it creates stronger neighborhoods.
So what are the jobs of the future?
"Chicagoland probably will not be the inventors of A.I. technologies. But where we are really good is at the intersection of an industry that we're strong at and AI," Clement said. "So, AI needs applications in things like financial technology, agriculture. And then if you see how that's going to be super amplified by the presence of quantum, which takes AI and makes it run incredibly faster and better, as long as we embrace those trends we'll be really well-suited."
For more information, visit worldbusinesschicago.com/chicago-2050/.
