Pillar Highlight: Investing in Economic Mobility
January 22, 2024
BUILDING A VIBRANT MORE EQUITABLE REGION —
NICI’s mission is to build a more vibrant and equitable region by investing in bold economic development initiatives that help underserved communities thrive. Our strategy is rooted in three pillars: economic mobility, commercial development, and small business support. Throughout the year, NICI will highlight these pillars by sharing industry expertise, uplifting the voices of grantees, and applying our place-based approach.
Our first pillar, "Economic Mobility," is one of the key drivers in approaching our mission — but what exactly does Economic Mobility mean?
What is economic mobility?
At first glance, “economic development” and “economic mobility” might appear to be interchangeable ideas. While economic development speaks to the overall vision of community wealth, well-being, and benefits, economic mobility speaks to the active ability of both an individual and a community to transform and grow their economic status.
Economic mobility is evaluated both on an intergenerational (between generations) and intragenerational (within the same generation) basis.
Economic mobility at the community level
NICI is invested in supporting solutions that steward the economic development of Northern Illinois. A 2015 report from the Stanford Center on Poverty and Inequality¹ found that not only does economic mobility vary between geographic regions, but can even have wild variations between hyperlocal communities.
Rather than apply a one-size-fits-all strategy, NICI commits to understanding the obstacles specific to our local region.
Economic mobility as a NICI pillar
NICI invests in programs that support the ability to improve one’s economic status. When evaluating our mission, vision, and pillars, we looked closely at how economic development is achieved within a community, following the lead of economic experts with a focus on community wealth. In considering our approach to Economic Mobility, we look to “The Seven Drivers of Community Wealth Building” identified by Marjorie Kelly and Sarah McKinley of The Democracy Collaborative²: 1. Place, 2. Ownership, 3. Multipliers, 4. Collaboration, 5. Inclusion, 6. Workforce, and 7. System. The analysis of these drivers provided by Kelly and McKinley emphasizes the conditions necessary to provide communities with autonomy, opportunity, and long-term solutions. When we invest in Economic Mobility, we invest in these outcomes.
We do not envision a static economy, but one that can flourish and benefit every member of its community.
¹ Chetty, R., Hendren, N., Kline, P., & Saez, E. (2015). Economic Mobility. Pathways, 55-60.
² Cities Building Community Wealth Copyright © 2015 by The Democracy Collaborative