Economic mobility is critical to any society. The chance at economic opportunity, having control and autonomy over one’s life, and being valued in a community drive us to be better, to create, and to build. That’s the ethos behind McKinsey’s newly expanded Institute for Economic Mobility, formerly known as the Institute for Black Economic Mobility. Since launching in 2020, the institute has made waves through its groundbreaking research on economic mobility topics, high-impact convenings, and initiatives to support Black communities.
Now it’s growing to do even more.
McKinsey is broadening the institute's efforts to advance economic mobility across the United States, starting with targeted initiatives focused on rural America and Latino populations. These communities, much like Black communities, are key drivers of economic growth yet remain underserved in a variety of important ways that impact individuals’ lives and livelihoods and dampen the United States’ overall economic potential. In all, Black, Latino, and rural America represent more than 150 million Americans.
“Given the impact we’ve already been able to have through the institute, and recognizing the economic potential—and persistent challenges—facing Latino and rural populations, we have an incredible opportunity to expand our work in Black communities while building on the great research, assets, and capabilities we’ve developed to accelerate economic mobility across these other communities as well,” says JP Julien, a leader of the institute.
This evolution isn’t just about expansion—it’s about deepening impact, leveraging insights, harnessing opportunity, and accelerating progress where it’s needed most.
Five years of driving Black economic mobility
Since its inception in 2020, the institute has published nearly 60 research pieces, exploring critical issues such as affordable housing, K–12 education, the impact of climate change on Black communities, and the realities of race in the workplace.
Beyond research, the institute has been a convening force. The annual Black Economic Forum gathers over 250 leaders from public, private, and social sectors to encourage meaningful discussions and actions to drive Black economic mobility at scale.
Its efforts toward real-world impact are equally significant. The institute leverages the best of McKinsey to make a significant difference through client work, pro bono partnerships that boost economic development in Black or underrepresented communities, and strategic collaborations—like the institute‘s start-up accelerator, Next 1B.
But perhaps one of its most profound contributions has been shifting mindsets and motivating other companies to act.
Our research has put Black economic mobility on the agenda for hundreds of institutions who weren’t previously engaged,
One example? A major financial organization used the institute’s insights to reshape its approach to underserved communities—leading to real, structural changes in how it invests to serve the needs of these groups.
The seeds of expansion
The expansion into Latino and rural economic mobility wasn’t an abrupt or haphazard shift—it was an evolution driven by growing demand and proven success. Data shows that these groups face similar and significant challenges related to economic mobility, which could present opportunities for the economy writ large. For instance, the institute’s work on Black representation in Hollywood and the impact of COVID-19 on Black communities inspired similar studies focused on Latino Americans. Since 2020, we’ve done deep dives into the economic state of Latinos in America, revealing opportunities for growth and areas where systemic barriers persist. Additionally, we have facilitated crucial conversations with top Latino executives, stakeholders, leaders, and academics at the annual Latinos Economic Mobility Summit, hosted in partnership with the Aspen Institute Latinos and Society program.
“US Latinos, if they were considered a country, would be the fifth largest economy, and this community has tremendous potential to make even more significant contributions to the US economy,” says Lucy Pérez, a senior partner who leads McKinsey’s initiatives on Latino economic mobility. “Eliminating obstacles to their full participation and success will have wide-ranging benefits for a stronger American economy. I’m excited to see this become a core focus of the institute and to grow our research and impact.”
At the same time, the firm’s work on rural economic mobility uncovered surprising insights. The latest article released by the institute noted that rural areas in the United States account for one-seventh of the total population and approximately $2 trillion of US GDP, yet they have not benefited from the economic development of our nation equitably.
The firm’s studies on economic strategies for rural America revealed both the untapped potential and the persistent myths about rural communities.
Nora Gardner, a senior partner who leads McKinsey’s work on rural economic mobility, highlights some of the biggest misconceptions. “People often assume rural America is confined to just a handful of states and lacks diversity. The reality is that one in seven Americans lives in rural areas across all 50 states and these communities contribute approximately 10 percent of the country’s GDP.”
McKinsey’s research also challenges the idea that rural economies are in inevitable decline. By identifying specific growth opportunities, the institute aims to help leaders reverse negative trends and build thriving local economies.
“Needs vary depending on location, from local labor markets to aging populations to access to education,” Nora says. “But we see potential to reverse downward trends in growth across the country and lift up communities. With our strong knowledge base, we expect to move into impact and results with this institute expansion.”
A powerful force for change
This expansion is not a shift away from Black economic mobility. It is a doubling down and underlining of a broader commitment to inclusive prosperity. The institute’s work with Black communities will not only continue uninterrupted, but it will expand to explore the intersectionality of Black experiences in rural communities and overlapping experiences between Black and Latino communities through deeper collaboration and expertise. Looking ahead, the institute aims to not just generate research but inspire systemic changes.
“While there is increasingly a recognition that advancing broad-based economic inclusion and mobility remains one of the defining challenges of our time, there is still a large swath of stakeholders who don’t see themselves as part of the solution set—but they fundamentally are,” says Shelley Stewart III, senior partner and global leader of reputation and engagement. “Whether you’re a bank, a retailer, a large manufacturing employer, or a state government, the products, services, investments, and choices you make fundamentally shape economic mobility outcomes. I’d love to see more institutions realize they are part of the solution.”
With this expansion, McKinsey’s Institute for Economic Mobility is making it clear: economic inclusion isn’t just for the benefit of some—it’s necessary fuel for economic growth.