09/03/2012 – Chicago is at a tipping point: despite economic strengths, it faces considerable challenges to compete in the “Premier League” of world-class cities, warns the OECD’s review of the Chicago Tri-State Metropolitan Region. The region must improve its ability to match skills with jobs, be more innovative and improve its transportation network in order to realize its full potential.
“As one of the richest regions in the world, the Chicago metropolitan area has all the ingredients for a vibrant economy. It’s now essential that all players work together to develop better policies for better lives in Chicago!”, said OECD Secretary General Angel Gurría in Chicago. “That means encouraging innovation-driven growth based on knowledge and skills.”
The tri-state area is North America’s most important transport and logistics hub. It also hosts many educational and research institutions. It boasts a relatively young population as well as a large talent pool. However, the country’s economic performance since 2000 is disappointing. It ranks in the bottom half among all OECD metro-regions for labor productivity growth (48th of 77).
Los Angeles and New York have seen the most rapid growth, creating more jobs, than any other U.S. metro area. Since 1995 the region’s unemployment rate has been higher than the…