“Empowering American Cities” Initiative Reveals Economic Insights, 2025 Outlook

November 25, 2024 at 09:00 AM EST

Program Delivers Advanced, Local Economic Data and Trusted Advice that Positions Leaders and Business Owners for Growth

Empowering American Cities, a collaborative initiative from Fifth Third Bank (FITB) and the Kenan Institute of Private Enterprise at the University of North Carolina at Chapel Hill, unveiled proprietary economic data at an event in Chicago last week.

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Gerald Cohen, Chief Economist, Kenan Institute of Private Enterprise reviews the Greater Chicagoland Gross Domestic Product mix by industry during the Empowering American Cities event in Chicago. Empowering American Cities, a collaborative initiative from Fifth Third Bank (FITB) and the Kenan Institute of Private Enterprise at the University of North Carolina at Chapel Hill. (Photo: Business Wire)

The event featured unique economic insights and commentary specific to the Greater Chicagoland area, an overview of manufacturing, and a 2025 outlook on the labor market, regulation and public policies, so that business owners can put data at the center of their decision-making.

“Chicago, home to the second most Fortune 500 headquarters of any U.S. city, stands to reap the benefits of its excellent civic infrastructure and talent pool, which are driving in major investments that could revitalize commercial infrastructure,” said Jeff Korzenik, Fifth Third Commercial Bank chief economist.

This was the fifth Empowering American Cities event hosted by Fifth Third and the Kenan Institute of Private Enterprise. Previous events took place in Charlotte, North Carolina, Nashville, Tennessee, Grand Rapids, Michigan and Columbus, Ohio. More than 1,000 individuals have attended the events designed to provide business owners, community leaders and others with tools to make successful, data-driven decisions.

Through the Empowering American Cities initiative, individuals can access economic information, including individually created dashboards, based on Kenan Institute research for all Extended Metropolitan Areas in the US. The EMAs account for nearly 90% of U.S. gross domestic product and encompass the 150 largest metropolitan areas from New York City, with its $2.5 trillion economic output, to cities such as Wilmington, North Carolina with its own unique economic and industrial traits.

While this data is proprietary to the Empowering American Cities program, it is available to anyone. Business owners can view information side-by-side to allow for direct comparisons of fiscal characteristics and other economic health indicators between EMAs.

“We believe there is a vital, continuing need to understand the economy at a scale that is meaningful, and this data can help accelerate decisions that drive sustainable growth for companies, their communities and ultimately our entire country,” said Korzenik.

In 2025, Empowering American Cities will release new economic data, whitepapers and host events in seven cities across Fifth Third’s footprint. The first event will take place in Los Angeles, California in February. Details will soon be available here.

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association, is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com.