Economic Mobility

The City Manager’s Office’s IDEAL Team and Economic Development Team worked together to create an action plan related to employment, financial empowerment and resident engagement in the City of Redwood City. The plan, called the Economic Mobility Action Plan, will help Redwood City fulfill its vision of being a community where people of all backgrounds and income levels can thrive.

The City recognizes jobs and workforce development as necessary for a healthy local economy. The action plan aims to increase stable living-wage employment opportunities; increase the ability of individuals and households to cover expenses, save, and ultimately build wealth; and provide opportunity for residents shape their own future.

What is Economic Mobility? 

Economic mobility is the ability of a person or a family to improve their economic circumstances over a period of time. NLC defines economic mobility as a continuum with three steps: economic stability, economic security, and wealth building. 

Sometimes it is called Upward Mobility – or the ability to move to a higher social or economic status through progress in income, education and/or career advancement.

Racial Equity is also a consideration—we aim to “close the gaps” so that race does not predict one’s success, while also improving outcomes for all.

Upward Mobility Framework

The Urban Institute’s Upward Mobility Framework, which has guided some of our thinking, includes a three-part definition of economic and social mobility, a focus on racial equity, five pillars of support people need from their communities, and 24 predictors of the strength of these pillars that communities can influence to help more residents reach long-term prosperity.