Recently, the Minneapolis Downtown Council laid out a vision for 2025. It includes new buildings and infrastructure, new residents and new jobs.
The plan even advocates for a new Vikings stadium. Unfortunately, it misses the most significant opportunity for economic growth in our city, and indeed our region.
Conspicuously absent from that plan is any mention of diversity, equity or disparities. Zippo. Nada. Silent.
This despite the fact that it is now well-documented that equity is the superior growth model for all.
As stated in the well-respected national research organization Policylink's recently published paper, "public and private-sector leaders need to recognize that preparing the change in population for the needs of the modern economy is the key to our future and must make investments that allow all people to maximize their potential ... [B]y building the capabilities of those who are furthest behind, America not only begins to solve its most serious challenges but also creates the conditions that allow us all to flourish ... equity and growth need each other more than ever."
The Twin Cities region as a whole is home to some of the largest employment disparities in the country. The regional black unemployment rate increased from 13.8 percent in 2007 to a staggering 20.7 percent in 2010.
That 6.9 percentage point jump is larger than the total white unemployment rate, which currently sits at 5.75 percent.
This puts the current unemployment rate for black Twin Citians at 3.6 times the rate for white Twin Citians. Minneapolis in particular has lots of room for growth.