CHICAGO - Corporate relocations and expansions in the Chicago metro area have helped the city’s economy, despite the downturn in 2009. World Business Chicago (WBC) identified 11.6 million square feet of economic development activity representing more than $1.5 billion in investments in the metro area last year. From technology start-ups, to multinational corporations, the year-in-review demonstrates that numerous Chicago businesses continued to thrive in 2009.
Companies
In one of Chicago’s largest corporate relocations, United Airlines announced it will move its operational center, including 2,800 jobs, downtown to the Willis Tower, demonstrating an emerging trend of corporations migrating into the city. Shortly before United’s announcement, Willis Group Holdings took over the naming rights for the former Sears Tower, moving nearly 500 associates into 140,000 square feet in the Willis Tower, the company’s new regional headquarters.
An influx of sustainable companies also found homes in Chicago this year, including Serious Materials. The sustainable/green building materials company acquired the shuttered Republic Windows and Doors facility and reopened the plant to manufacture energy-efficient windows and doors. The company is gradually hiring back the union employees placed out of work.
MillerCoors also opened its new corporate headquarters, bringing 325 new jobs to 250 S. Wacker Drive, while international pharmaceutical powerhouse, Takeda, expanded its Chicago area operations to become its global development headquarters. Additionally, international derivatives powerhouse, CME Group finalized its TIF negotiations, committing to stay and grow in Chicago and add another 600 jobs over ten years. Chicago (including CME Group) dominates derivatives with a 25% global market share.
World Business Chicago’s monthly e-newsletter, Economic Focus, tracks relocations and expansions in the city, and cited more than 90 companies that have grown in Chicago over the last year including Xchanging, Dotomi, Sword Ciboodle, True Value, PC Mall/Sarcom. And, while many cities saw drastic declines in office costs due to deteriorating economic conditions, CB Richard Ellis’ recent Global Market Rents report showed that costs in the Chicago central business district have remained stable over the last 12 months.
Initiatives
World Business Chicago’s strategic partnerships, programs and travel missions have enhanced Chicago’s position as a global business destination in 2009.
WBC hosted visiting business leaders during conventions including WindPower 2009, NPE and SuperComm. The organization also partnered with Chicago’s top business schools to utilize resources and network internationally, leading to the development of an Ambassador program to provide key influencers with materials to help them serve as spokespeople for the city.
Staff traveled on business attraction missions to countries including the United Arab Emirates, China, Russia, Spain and Italy, and hosted international business leaders from many of those regions in return. WBC also provided networking opportunities to Chicago’s business leaders, including an event with mayors from around the world as a part of the Global Cities Forum.
Additionally, as a direct result of a round table discussion WBC coordinated with Mayor Daley and Chicago’s leading executives, the Business Advisor program was created. The program pairs business leaders with City departments, in order to improve efficiencies.
WBC also created new tools to market its services, and Chicago as a business destination. The Think Business. Think Chicago. campaign’s first two videos featuring Mellody Hobson of Ariel Investments and Terrance Duffy of CME Group launched on the CNN Airport Network and YouTube.
Recognitions
WBC garnered international recognition for Chicago on the economic development stage in 2009. Chicago was the sole U.S. city to achieve the top international city for foreign investment, in IBM’s annual Global Location Trends report, which records investment project announcements around the world to analyze global trends in corporate location decision making.
WBC also received international recognition from Site Selection Magazine for being among the nation’s top economic development groups. This is the fourth consecutive year that WBC was honored as a “most effective” agency, contributing to jobs created and capital investment in the Chicago area. Additionally, fDi (Foreign Direct Investment) Magazine, a Financial Times publication, awarded Chicago the best North American city for FDI Promotion Strategy.
A Look Ahead
WBC staff is currently working with a number of companies looking to expand or relocate in Chicago in the 2010. Plans are also underway to increase WBC’s ever growing social media presence (in 2009 WBC became actively engaged in Twitter, LinkedIn and YouTube). In addition, WBC’s Web site will re-launch as a new state-of-the-art interactive environment where companies can find everything they need to make informed location decisions. New additions to the video ad campaign will be produced, and more will be announced in the year to come about WBC’s leadership position within the Chicago Partnership for Competitiveness and Prosperity – CP2 (a marketing partnership between the Chicago Convention and Tourism Bureau, Chicagoland Chamber of Commerce, and WBC).
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World Business Chicago is a not-for-profit economic development organization promoting metropolitan Chicago. WBC markets Chicago's competitive advantages, coordinates business retention and attraction efforts, and seeks to enhance Chicago's business-friendly environment. WBC's Board of C-level corporate executives is chaired by Chicago Mayor Richard M. Daley.
Media Contact: Karley Sweet
ksweet@worldbusinesschicago.com | 312.553.4658
