Discover Chicago 2050: Unveiling the Long-Term Vision for Economic Prosperity

Chicago is setting the stage for its future with “Chicago 2050,” a comprehensive long-term strategy aimed at fostering economic growth and job creation. This ambitious plan is designed to navigate the city’s evolving economic landscape.

Phil Clement, President and CEO of World Business Chicago, highlighted that the last strategic plan was crafted in 2012. Since then, much has changed, prompting the need for an updated vision.

The onset of the COVID-19 pandemic shifted priorities towards recovery and resilience, delaying any revisions to previous plans. However, as the city moved into 2024, leaders recognized the necessity of looking ahead and crafting a new roadmap for the years 2025 to 2050.

Collaborating with Mayor, Deputy Mayor Kenya Merritt, and a diverse group of business leaders, the city embarked on creating a forward-thinking growth strategy. This initiative was driven by a collective effort to anticipate and capitalize on future opportunities.

“In traditional economic planning, you aim to pinpoint key industries poised for significant growth, outpacing others in the process,” Clement explained. “We’ve identified six such industries that we believe will lead this charge.”

“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/.