As a proud member of Charlotte’s business community, the region’s recent economic progress has been rewarding and exhilarating. The economic mobility divide must not be forgotten.
Mecklenburg County ranks 96th among the 100 largest counties for economic mobility—the possibility for a kid born in poverty to become financially comfortable as an adult.
Opportunity Insights, a nonprofit that examines economic mobility, found that 26,000 of our 45,000 poor children will remain poor. According to the research, Black and Hispanic families suffer most from this lack of economic mobility.
When a large section of our population lacks excellent education, affordable housing, health care, and employment opportunities, it may create a cycle of poverty and inequality that hinders individual advancement and limits our region’s economic potential.
According to the U.S. Chamber of Commerce, improving economic mobility and narrowing the racial wealth gap may improve GDP by $8 trillion by 2050. Opportunity Insights estimates that improving education, which boosts economic mobility, may enhance Charlotte’s innovation factor by 15.
Business can use its power and resources to generate employment and boost the economy.
The government and nonprofits can help solve the underlying reasons of the economic mobility gap, but the business community has leverage. We can utilize our resources and skills to create employment and promote economic growth, making us potential changemakers.
Deloitte will contribute $1.5 billion over 10 years to improve social and economic mobility for the most disadvantaged. This funding will help education, workforce, financial inclusion, and health equality groups and projects.
Deloitte partners with several local nonprofits in Charlotte and elsewhere to promote economic justice and prosperity. Charlotte Works, Mecklenburg County’s workforce development board, is led by Deloitte. Charlotte Works also trains and places local workers in high-demand, high-wage occupations for all ages.
StepUp, a Deloitte project that provides NGOs with expert advice, also helps Charlotte Works. We recently helped Charlotte Works simplify their workforce partner ties, including the local school system and community college network, and improve job searchers’ experiences.
An extra? StepUp lets Deloitte employees give back and interact with the community in ways that fuel their passion and allow them to do purpose-driven work.
The Deloitte Foundation has funded Charlotte Works’ Next Gen Program for two years. A career and college preparedness project for racially and ethnically diverse young adults aged 16–24 is supported by funds.
Equity underpins progress. We all contribute to its realization.
This modification requires effort. Since empowering others empowers us, the Charlotte business community—public, private, and nonprofit—wants to improve economic mobility and boost the region’s economy.
Deloitte does not provide professional advice or services through this publication. This material should not be used to make business decisions or replace expert advice. Consult a specialist before making any business-related decisions. Deloitte is not liable for any loss resulting from this publication.
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