OECD Sees Tri-State Region as Major Global Economic Center
Last Friday, the OECD released its Territorial Review of Chicago Tri-State Metropolitan Region and a panel discussed the findings and recommendations in the report, which is the 23rd OECD territorial review and the first of its kind in the United States.
Angel Gurría, Secretary-General for the OECD, listed several of the positive economic trends uncovered during the study as well as the many challenges the Chicago Tri-State region faces over the next decade. Mayor Emanuel and Cook County Board President Toni Preckwinkle spoke on the importance of the study and the effects it can have on the Chicago region’s economic future.
The Chicago Metropolitan Agency for Planning (CMAP) is releasing a series of blog posts that will analyze the OECD’s recommendations.
From the first blog post:
The Territorial Review focuses on the tri-state region's economy, offering recommendations to enhance the competitive edge of the region and spur future development. The first chapter, on the assets and challenges of the metropolitan economy, addresses the mega-region’s important role in our interconnected global economy, and compares it to other regions around the world. CMAP and other organizations throughout the tri-state region participated in the development of this report with OECD. GO TO 2040 was an influential starting point for the team’s research and policy recommendations, and CMAP provided a large amount of data, policy guidance, and other input for the report.
In documenting the assets of the region, the OECD review presents the tri-state area as a major global economic center. As OECD shows, the mega-region is productive, contributing 3.4 percent of national GDP despite having only 3.1 percent of the population. With 57 headquarters of Fortune 500 companies, the three-state corridor is a center of North American and global business activity. This status as an economic powerhouse, according to the OECD review, derives from a high-quality education system, an attractive quality of life, strong human capital and network connectivity, and a diversified and globally oriented business mix.
CMAP’s future Policy Updates will continue to analyze the OECD report and how it can help advance its GO TO 2040 plan.
Click here to read the full blog post.