CHICAGO, March 4, 2008 – Chicago is the top U.S. city for business investment according to Site Selection Magazine. The annual award is the industry standard for economic development in the U.S. Approximately 230 projects totaling more than $6.5 billion in investment in the Chicagoland area were submitted to the publication in consideration for the award.
Chicago consistently leads the nation in business investment and expansion. "Chicago’s victory -- its third consecutive win and sixth in the last seven years -- was so dominant that its project count more than doubled runner-up metro Cincinnati and accounted for the vast majority of Illinois’ 362 facility announcements statewide," the magazine stated.
The article goes on to say, "In fact, a case could be made that Chicago propped up a Midwestern economy that was hit with automotive plant closings and job layoffs in many traditional manufacturing centers."
"The fact that we continue to be recognized confirms that Chicago is a global competitor with a strong, diversified economy," said Mayor Richard M. Daley. "The city’s abundant business resources combined with its uniquely skilled and diverse workforce makes Chicago an ideal location to do business."
Additionally, the article sites Chicago’s central location as a key factor in companies choosing the city.
"Our primary asset is our location," says Rita Athas, the new executive director of World Business Chicago. "Our location in the center of the country gives us a huge advantage. We are the only dual hub in North America with our airports. We have an intermodal container port. As a result, over 50 percent of all freight that’s transported across the U.S. passes through Chicago."
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
