Chicago is stepping into the future with “Chicago 2050,” an ambitious blueprint designed to bolster the city’s economic landscape and job market. This forward-thinking initiative aims to provide clarity and direction amid the city’s evolving economic conditions.
Phil Clement, who serves as the President and CEO of World Business Chicago, reflects on the last major economic plan crafted in 2012. He notes that the city was due for an update, but the global pandemic shifted priorities towards immediate recovery and resilience.
With 2024 marking a new chapter, city leaders initiated a comprehensive strategy for the years 2025 to 2050. Spearheaded by Mayor and Deputy Mayor Kenya Merritt, the plan was crafted with input from hundreds of business leaders across Chicago, targeting robust economic growth.
Explaining the strategy, Clement highlights a traditional economic approach of identifying key industries poised for rapid growth. “We selected six industries,” he states, emphasizing the careful selection process.
Breaking from conventional economic development, the plan introduces two innovative “big bets” on emerging fields: quantum technology and clean energy. Clement underscores the significance of these sectors, declaring them vital for Chicago’s vibrant future.
“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/.
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