Chicago 2050: A Plan for Economic Growth & Jobs
Client: World Business Chicago | Partner: McKinsey & Company
Opportunity
World Business Chicago (WBC) is the city's public-private economic development agency focused on attracting businesses to the Chicago region while driving inclusive growth and fostering innovation. Established in 1999, WBC works to promote the city and region as a leading global business hub, offers a wide range of services to support business expansion, and connects companies with city resources. In 2012, McKinsey & Company helped WBC develop the “Plan for Economic Growth and Jobs (PEGJ),” after which Civic Consulting Alliance supported the execution of several priority initiatives from the report.
In 2019, Civic Consulting Alliance supported an internal project “Economy 2030,” in which WBC analyzed and updated sector priorities and strategic initiatives from the 2012 Plan for Economic Growth and Jobs (PEGJ). The strategies were referenced by the Mayor’s 2020 Chicago Recovery Task Force, an initiative supported by Civic Consulting Alliance and EY, to develop a roadmap and implement post-COVID-19 recovery and development efforts for the City of Chicago.
In 2025, with a new CEO and a new set of challenges and opportunities in a post-COVID world, Civic Consulting Alliance and McKinsey were asked to develop a five-year roadmap to guide WBC’s initiatives to grow the regional economy.
Action
During the first two phases of report development, McKinsey conducted key economic analysis and early-stage ideation to define the plan’s aspirations, priority sectors, and strategic objectives.
“Partnering with Civic Consulting Alliance strengthens our firm’s ability to deliver high-impact pro bono work in the community. Our teams bring problem-solving expertise and move quickly on complex challenges, knowing the CCA team remains alongside the client to implement, sustain, and see the work through. This continuity makes CCA a key partner to our social impact program.”
— Matt Straus, Partner, McKinsey
After McKinsey concluded its engagement, our team served as a throughline to ensure continuity by providing project management and effective stakeholder engagement with over 300 leaders in Chicago’s business ecosystem to build alignment around the emerging strategic initiatives.
This sustained collaboration culminated in the comprehensive “Chicago 2050” report that captured WBC’s plan.
Impact
“Civic Consulting Alliance brings deep knowledge of the levers that drive economic vitality and the right relationships across Chicago’s business ecosystem. Their long-term partnership has been critical in helping us align initiatives and position the region for sustainable growth.”
World Business Chicago (WBC) has now refreshed its economic development strategy with a mix of new and refreshed ideas.
“Chicago 2050: A Plan for Economic Growth & Jobs” (Chicago 2050) is WBC’s first economic development blueprint since Mayor Rahm Emanuel commissioned a similar effort in 2012.
The top-line goal of Chicago 2050 is to grow the region’s economy to $1.4 trillion in annual output and 5.05 million jobs by 2034, from $924 billion and 4.8 million today, primarily by sustaining the region’s value propositions and attracting more outside capital for both development and companies.