World Business Chicago
  WBC         
August 2007 :: Volume 34

Chicago by the Numbers



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McCormick Place West Welcomes the World

McCormick Place West, the newest addition to North America's largest convention center, officially opened its doors on August 2nd, eight months ahead of schedule and on budget. The festive Grand Opening celebration was joined by Mayor Richard M. Daley, local and state elected officials along with Metropolitan Pier and Exposition Authority (MPEA) staff...

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August CEO Spotlight:
Joanne C. Smith, M.D.

World Business Chicago continues to interview business leaders to find out what they love about Chicago and what improvements can be made for businesses. This month's spotlight is on Joanne C. Smith, M.D., President and CEO of The Rehabilitation Institute of Chicago. 

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WBC Goes Inside Lollapalooza 2007

In its third year as a destination festival, Lollapalooza bestowed a musical experience unlike any other to the city of Chicago. For three days, Grant Park was transformed into a celebration of music, food, arts, technology, and community, where fans gathered from around the world to catch one of the summer's most powerful line-ups. Dan Lyne, Technology Director at World Business Chicago, reports on his journey through 3 days, 8 stages and 130 bands.

Read More

McCormick Place West Welcomes the World

McCormick Place West, the newest addition to North America's largest convention center, officially opened its doors on August 2nd, eight months ahead of schedule and on budget.

The festive Grand Opening celebration was joined by Mayor Richard M. Daley, local and state elected officials along with Metropolitan Pier and Exposition Authority (MPEA) staff, Chicago Convention and Tourism Bureau (CCTB) staff, the Mc4West design and build team, architects, as well as tourism, labor, business, community and civic leaders. A unique ribbon-cutting ceremony included a special performance by Cirque Shanghai, the world-renowned Chinese acrobatic troupe.
 
"Chicago has always been the greatest convention city in the world and today, it's becoming even greater," said Mayor Daley. "There's a lot of competition for visitors and their dollars. But Chicago has never been afraid of competition—and McCormick Place West shows the world that we're willing to meet our competitors and offer even more."

McCormick Place West was designed to meet the changing needs of customers well into the future. The building's features have greater flexibility and functionality, enabling McCormick Place to host more simultaneous and back-to-back shows. Much of the West Building's focus will concentrate on securing small-to-mid range association, corporate and medical meetings. Ultimately, McCormick Place officials intend to solidify the convention center's growing reputation as the nation's "medical meeting headquarters."

More than 75 events are already booked at the West Building. One-third of those shows are new business and another one-third recovered business—shows that haven't been to Chicago in five years or more. The new building is expected to generate approximately 25,000 new jobs regionally and an additional $1.3 billion in local spending to the city and state, including booking of 250,000 to 300,000 additional hotel room nights—a 25 percent increase over what McCormick Place generates today. Overall, the MPEA estimates direct expenditures to the city and the state total more than $4 billion annually.

The $882-million, publicly-financed West Building adds another 470,000 square feet of exhibit space to McCormick Place's existing 2.2 million square feet. It also adds 250,000 square feet of meeting space, which includes 61 meeting rooms and a ballroom the size of a football field at 100,000 square feet, making it one of the largest ballrooms in the world.

McCormick Place West also boasts a distinctive Rooftop Garden, offering stunning views of the city and ideal for evening receptions. In addition to the green roof, the building is already LEED certified and features include high-efficiency heating and cooling systems, reduced water consumption and recycled building materials.

The building also houses an impressive collection of 50 commissioned works of art, designed by 30 Chicago and Illinois artists. Some of the building's other unique features include:

—Advanced Internet network
—Expansive wireless capabilities
—Transportation Center with LCD screens updating passengers on bus times
—Gourmet food court and fine dining restaurant
—600-seat Overlook Cafè on the exhibition floor

For more information visit www.mccormick2008.com or contact Megan Risch at 312.567.8540.

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August CEO Spotlight: Joanne C. Smith, M.D.

World Business Chicago continues to interview business leaders to find out what they love about Chicago and what improvements can be made for businesses. This month's spotlight is on Joanne C. Smith, M.D., President and CEO of The Rehabilitation Institute of Chicago. 

How long have you been in Chicago?
I moved to Chicago in 1988 to complete my medical residency at Northwestern University Medical School, first in internal medicine, then in physical medicine and rehabilitation at The Rehabilitation Institute of Chicago. I have been here in Chicago and at RIC since then.

I have always found Chicago to be warm, with Midwestern values, clean and very welcoming. My favorite part about Chicago is its lakefront—and the wonderful and unique juxtaposition of a dynamic urban environment and a beautiful lakefront.

What is the best thing about running a business in Chicago?
At The Rehabilitation Institute of Chicago, I am part of an organization that makes a difference in the lives of people every day through its mission to deliver the quality, comprehensive rehabilitation care.

The City has been extremely nurturing to RIC and its vision for many years, as exemplified by close personal relationships between RIC and City officials, and also in the City's policy and actions by making Chicago the most accessible city in the country for people living with disabilities. By implementing accessible transportation policies, parks and support services for people with disabilities, the City creates a great, welcoming, and inclusive quality of life. This dedication to accessibility makes Chicago the ideal host for the 2016 Olympic and Paralympic Games. Chicago has the ability to host athletes and spectators from around the world—providing a positive experience for everyone—including Paralympians and any individual with a physical disability.  

Looking towards 2016 and beyond, it's estimated that one out of every five people in America have a disability and this number will grow in the coming years as U.S. service men and women return from combat with disabilities and as the population continues to age. As the world experiences greater prevalence of people with disabilities, Chicago is committed to leading by example of providing a high quality of accessibility for all of its residents and visitors.

Do you participate in any sports in Chicago?
I personally enjoy athletics and am pretty good at a few different sports.  I competed in basketball, volleyball, and swimming during various parts of my schooling. I still am very active athletically, including sailing—but for fitness and recreational enjoyment now (as opposed to competitive sports).

What about spectator sports?
Bears, Cubs, White Sox fan!

If you were to describe Chicago to someone that has not visited, what would you say?
Chicago is a clean, vibrant, successful, big American city that radiates with a small-town, warm, values-driven and inclusive personality!

What assets in Chicago does your family utilize the most?
My family enjoys Millennium Park, the Chicago Public Library, the lakefront, and the Magnificent Mile (Michigan Avenue).

How would you explain to your shareholders that Chicago is the best location for your company?
Chicago is a world-class city with a strong commitment to accessibility and disability issues. It is only fitting that RIC, ranked America's #1 rehabilitation hospital, for its ability to deliver world-class rehabilitation care and services, continue to call Chicago home to its Flagship hospital. Chicago is host to healthcare of international leadership and expertise; RIC complements this leadership by providing the best rehabilitation care available on the planet and we welcome many patients of international origin who travel to Chicago to obtain the best in medical care each year.

The City is also home to another six sites of care for RIC—sites that provide specialty outpatient services such as chronic pain care and sports injury rehabilitation.

It is also an important part of RICs mission to extend this world-renowned care to other communities in need of rehabilitation services. Therefore, RIC has more than 20 additional sites of care throughout the Chicago suburbs, central and southern Illinois and north central Indiana.


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WBC Goes Inside Lollapalooza 2007

In its third year as a destination festival, Lollapalooza bestowed a musical experience unlike any other to the city of Chicago. For three days, Grant Park was transformed into a celebration of music, food, arts, technology, and community, where fans gathered from around the world to catch one of the summer's most powerful line-ups. Dan Lyne, Technology Director at World Business Chicago, reports on his journey through 3 days, 8 stages and 130 bands.

GALApalooza: The Charitable Kick-Off

Huge hats off to Autumn Rich of C3 Presents & Brenda Palm, Executive Director of the Parkways Foundation, for hosting and organizing the first annual GALApalooza. The private dinner and concert was held the evening before the first day of the festival and benefited the Parkways Foundation. Proving its commitment once again to the pursuit of good times, good music and good corporate citizenry, Charter One stepped up to the plate big-time as well, with Stacey Reineking generously co-hosting the event on behalf of the bank. Kudos to you all.

The Petrillo bandshell was in rare and stellar form on that perfect autumn eve... not a drum beat was missed, literally. Guests enjoyed great food and drink while seated around an ultra chic lounge setting. Scottish newcomer, Paolo Nutini took the stage first, body half cocked under the mic while belting out a solid set of lead vocals. Then came the veterans of the stage from Austin, Texas... Spoon. It wasn't my first Spoon show and it certainly won't be my last… they clearly have earned a plush seat in Rock heaven. Singer/Guitarist Britt Daniel delivered a memorable night to the fortunate few.

Insofar as the perfect primer goes, GALApalooza lived up to the promise. I'd urge anyone and everyone to be on the lookout for next year's 2nd Annual GALApalooza. As if the music, friends, food, and fine drink weren't enough... it all went to an incredibly important organization, The Parkways Foundation.

For those unfamiliar, The Parkways Foundation is the non-profit partner of the Chicago Park District, bringing private investment to improve the cultural and physical landscape of the city's parks. GALApalooza directly benefited youth programs in neighborhood parks, especially the way cool Inferno Mobile Recording Studio, a mobile recording studio program that provides park youth with the opportunity to write and record original poetry, songs, raps and more.

Day 1: Under the Tuscan Sun

Yep... it was hot. Really hot. But a little heat can't stop good music from being heard (read: Lollapalooza 2005 where the temp rose to 105 degrees). With friends in from both coasts and a band of many more waiting in the wings, it was time to get things in gear. 

The cab dropped us off at the corner of Monroe & Columbus around 2:15, just in time to catch former Lounge Ax favorite and Uncle Tupelo bandmate, Jay Farrar, take the stage with his band, Sun Volt. It was altogether appropriate and ironic that Jay's haunting voice was the first to welcome in the day. But we couldn't stick around for long as we had another 8 hours of music to consume... and, uh, a few beers.

In total, there were 8 stages along with one dedicated KIDZ stage... spread end to end from Butler to Hutchinson Fields. No need to hit the gym that weekend, as everyone out there was assured some good hike time.

Next, we caught a few tunes from Polyphonic Spree, but were geared up primarily for SparkleHorse followed by Los Angeles native band, Silversun Pickups. Neither disappointed. Although the smaller Citi Stage area was a bit packed to the gills, the crowd was friendly and most knew they were in front of greatness when Brian Aubert of Silversun Pickups caught his stride.

Some tough choices had to be made along the way for everyone... sacrificing one band for another. Life's tough all over, I know. The first such decision came when opting to check out the two-man band, The Black Keys, over Perry Farrell's latest project, Satellite Party. Rarely do you have the chance to hear such a huge sound come from a simple set of drums and a lead guitar, but The Black Keys knocked it out in full form. Solid rock n' roll performance by the duo from Akron, Ohio.

And then the moment of truth... the day one headliners: Daft Punk on one end vs. Ben Harper taking the stage on the opposite field. After Eddie Vedder took the stage with Ben Harper, things looked great. But then the text from my good friend Andy Blackburn came through... "You're missing a 120,000 person Daft Punk dance party in the middle of the greatest city on earth. What's your problem?" Robots, pyramids and laser beams were the scene... what's not to like. For those of you who handled and choreographed the colored foam noodles... words cannot describe your genius.

To read the full story, click here.

--Dan Lyne,
Director of Technology Business Development
World Business Chicago


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Chicago by the Numbers

 Indicator - MSA
June '07
May '07
Apr. '07
June '06
Total Employment
4,616.4
4,577.5
4,537.1
4,579.9
     Total Private Sector
4,044.3
4,005.8
3,968.4
4,006.6
     Construction
232.0
225.8
217.2
230.2
     Manufacturing
484.7
483.3
482.5
491.9
     Wholesale Trade
251.8
249.5
248.5
251.6
     Retail Trade
471.6
468.4
463.4
472.2
     Transportation & Utilities
204.7
205.1
204.9
202.8
     Information
90.8
90.1
90.1
92.0
     Financial Activities
339.0
336.4
335.2
333.4
     Prof.& Business Services
754.8
745.0
737.6
739.8
     Education & Health Services
585.9
590.4
589.5
571.8
     Leisure & Hospitality
424.3
411.2
399.6
419.2
     Other Services
202.0
198.2
197.4
198.9
     Government
572.1
571.7
568.7
573.3
     Mining
2.7
2.5
2.5
2.8
Unemployment Rate
5.5
4.6
4.7
4.7
Midwest Housing Starts
235.0
246.0
206.0
292.0
Office Availability Rate
13.7
-
-
16.4
Office Net Absorption
553,093.0
-
-
870,919.0
Producer's Price Index
166.6
167.0
165.5
161.5
Consumer Price Index -U
207.8
207.4
206.0
202.4
Consumer Confidence
105.3
108.5
106.3
105.4
National Purchasing
     Managers Index
56.0
55.0
54.7
54.0
Chicago Purchasing
     Managers Index
60.2
61.7
52.9
56.5
Chicago Midwest
     Manufacturing Index
104.9
104.9
104.9
107.0
New Automobile Sales
5.2
5.5
5.0
5.3
New Truck Sales
6.5
6.8
7.5
7.2

Footnotes
The new Chicago MSA (metropolitan statistical area) consists of a fourteen-county, tri-state region: Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry, and Will counties in Illinois; Jasper, Lake, Newton and Porter counties in Indiana; and Kenosha County in Wisconsin. The office absorption and availability rate are 2006 & 2007 second quarter numbers for the downtown Chicago market. Data is from CB Richard Ellis. Net Absorption is the change in available space in square feet. Availability rate is space that is currently vacant or in the process of being marketed. Consumer confidence, automobile and truck sales are U.S. numbers. The Chicago Midwest Manufacturing Index is a monthly estimate of manufacturing output in the 7th Federal Reserve district (Illinois, Indiana, Iowa, Michigan, and Wisconsin). It is a composite index of sixteen manufacturing industries that use electrical power and hours worked data to measure monthly changes in regional activity. The employment, housing, and net absorption numbers are listed in thousandths.


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