Racial segregation costs the US billions of dollars a year

If communities across America were to become more racially integrated, it would be an "economic game changer," boosting gross domestic product growth by an estimated 0.3 percentage points in the span of a decade, Moody's Analytics has found.

Deeply entrenched racial bias and segregation, however, are limiting the nation's potential and hampering economic growth by billions of dollars annually, the financial research firm's chief economists says.

"Racial segregation and bias is costing all Americans," Mark Zandi, Moody's chief economist told CNN Business. "If we focus on this issue, and try to address that, it benefits everyone."