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Show GO TO 2 04 0 Pr e f e r r e d Re g i o n a l Sc e n a r i o Workforce and human capital The quality of our labor force will be one of the most important factors influencing future prosper-ity. The economic importance of a skilled, educated workforce is recognized by our region's leaders and the general public, and is reinforced by research that shows education levels to be the strongest predictor of future economic growth for regions. Improving the labor force will require increases in the quality of education systems in the region, particularly by identifying and eliminating gaps between early childhood, K-12, and higher educa-tion systems; another recommendation will be to increase collaboration between these education levels through a comprehensive P-20 (preschool through advanced education) approach. Similarly, gaps between education systems, employer needs, and workforce development programs need to be addressed, with particular attention to increasing the role of community colleges as a critical link in this relationship. These efforts should include work-force training programs for jobs that do not require advanced education and should support develop-ment of skills that are relevant to green businesses. Also, the region will need to continually attract and retain skilled and educated workers and will support arts and culture and other amenities that are shown to be effective at this. PAGE 22 25% 30% 35% 40% preferred scenario 29.4% reference scenario 28.1% growth rate, wage income preferred scenario 40.3% reference scenario 39.3% Economy growth rate, jobs growth rate, economic production preferred scenario 36.8% reference scenario Source: Chicago Metropolitan Agency for Planning 35.8% Economic competitiveness Economic prosperity is caused by many factors, including high-quality infrastructure, a skilled labor force, a supportive business environment that fosters innovation, and a good regional quality of life, among others. The preferred Regional Scenario is expected to improve regional prosperity by addressing these contributors to economic growth. The charts below show the increased jobs, wages, and economic production created by the infrastructure investments in the preferred Regional Scenario. Human and community development outcomes Many positive impacts of the preferred Regional Scenario are in areas beyond physical planning. Investing in human capital, in infrastructure for walking and biking, and in low-income communities is expected to have positive impacts on human and community development outcomes in areas such as education, health, safety, hunger, food systems, workforce development, arts and culture, emergency preparedness, and human rela-tions. More detailed evaluation of these outcomes is online at www.goto2040.org/human_community_development. |
