During the second half of our conversation with Maureen, we invited Peter Truog from the Fund For Our Economic Future (FFEF)  to present on emerging research on disparities in the NE Ohio economy. Peter's presentation began to unpack factors that lead to racial exclusion in our economy and it's impact on economic opportunity for individuals of color.

 

His research examined wage disparities across racial groups in NE Ohio across occupations. Greater Cleveland has a $129 Billion economy, of which $69 Billion is represented by salaries and earnings.  Of that $69 Billion, $57 Billion is earned by white workers and the remainder goes to non-white workers. In looking at occupations that are driving our economy,  the FEFF research found  across occupations there was a 10%-30% wage differential between white and non-white workers. If our economy moved towards parity, this would be an additional $6.3 Billion in additional income for workers of color. This begs the questions - what is contributing to wage disparities along racial lines? What benefits would be yielded if there was parity in our economy?

 

Key takeaway? Strategy development and outcome measurement within workforce and economic development must intentionally address systemic barriers that have disparate racial impact if we want a healthy economy.

 

Their remarks were critical our community thinks through what our future looks like and how to move the needle on fostering opportunity for all. Because of the complexity and intertwined nature of the challenges we want to address, it is critical we acknowledge disparities and intentionally address them as we bring forward solutions to grow our economy.