CHICAGO, March 1, 2007 – Site Selection magazine once again recognizes Chicago as the top city in the U.S. for business investment. Chicago wins the worldwide economic development publication’s distinction of "Top Metro" for 2006 with 165 corporate facility projects totaling more than $5 billion in capital investment.
This number-one ranking marks the fifth time in the past six years that metropolitan Chicago has led the nation in commercial and industrial capital investment. "Chicago lures young, high-tech talent on the way to becoming the number one metro in America," the magazine proclaims.
The story – headlined "’Freaking Awesome’ City" – cites EA Sports’ selection of Chicago for its new regional headquarters, a $6 million, 200-job relocation to the River North neighborhood, as a prime example of why Chicago is thriving.
EA vice president and general manager of the Chicago office, Kudo Tsunoda, told Site Selection that the company chose Chicago because "the city is freaking awesome. It has such a vibe and a pace to it…. The city stimulates creative minds and enables EA to effectively recruit top young talent."
"Chicago’s economic diversity is a huge strength for our city," said Mayor Richard M. Daley. "We’re strong in so many sectors including manufacturing, business services and technology. This, combined with our impressive professional talent pool makes us a truly global competitor."
The Chicago economy won the back-to-back title by a wide margin with 165 projects. Washington D.C. came in second with 110 projects, and Atlanta was third with 107. New York and Los Angeles did not make this year’s top 10.
"The city is really on fire. It is rocking and rolling," Site Selection quotes Paul O’Connor, executive director of World Business Chicago. "Mayor Richard Daley’s transformation of the neighborhoods is making these areas a great place to live and raise a family, and that in turn has created the highest-end talent pool that is clustered within three or four miles of downtown."
"Chicago is filled with cool neighborhoods," says Tsunoda, who grew up in New York City. "There is something for any kind of lifestyle you’re looking to live."
Other major projects noted in the story include United Airlines decision to move its world headquarters downtown to 77 West Wacker Drive and the Big Ten Network’s location at 600 West Chicago.
"Our success is largely due to our ability to understand and meet the needs of individual businesses," said Lori T. Healey, Commissioner of the Department of Planning and Development. "But it is also about Chicago and all that our city has to offer that makes the people who comprise these companies choose to live, work and play here."
"Chicago has demonstrated once again that the 'Second City' moniker does not apply to its economic development performance," says Site Selection Editor Mark Arend. "Those in the economic development community in Chicago should be proud of this recognition, because their efforts clearly are paying off."
Site Selection's annual rankings are considered "the industry scoreboard" for economic development. To be counted, new and expanded facilities have to involve a capital investment of at least $1 million, create at least 50 new jobs, or add 20,000 square feet of new floor area. For the complete list of "Top Metros" or more information on the survey visit www.siteselection.com.
About World Business Chicago
World Business Chicago (WBC) 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. For more information, visit www.worldbusinesschicago.com.
About Site Selection
Site Selection magazine is an award-winning trade publication that covers corporate real estate and economic development. With more than 44,000 corporate executive readers, Site Selection provides timely news and analysis on the biggest deals making news in project activity.
Media Contact: Karley Sweet
ksweet@worldbusinesschicago.com | 312.553.4658
