Healthy economy is platform for progress; more innovation needed

		Robust businesses will power our economy and increase the region’s prosperity, its prominence and its attractiveness to people and companies.

The Chicago region’s economy is strong by many measures, showing growth in employment, fast-growing companies and value added by employees. The amount of venture capital invested in the region has increased but compared to total U.S. venture capital investment, Chicago’s share has been stagnant.

The Chicago region’s labor force grew 7.7% during the 1990s, while the unemployment rate for the six-county region fell to 4.1% in 1999 from a high of 7.4% in 1992. Masked by these healthy regional numbers, however, are certain populations like the disabled community that continue to face high rates of unemployment. Labor force growth indicates that employees are attracted to the region’s employment opportunities, while a tight supply of labor can threaten the economic growth and productivity of the region.

At $40,600, the average annual wage in the Chicago region is more than 20% above the national average of $33,700. Since 1990, the region’s average wage has grown 15.4% after adjusting for inflation, compared to 8.4% nationally. Growth of the average annual wage is an indicator of job quality and the ability of residents to earn a living.