World Business Chicago
  WBC         
November 2007 :: Volume 37
Chicago by the Numbers



Read More		 WBC Announces New Executive Director

Rita Athas, Mayor Richard M. Daley's longtime aide, has been appointed as the next executive director for World Business Chicago. Athas will assume her new role on December 1. Although Paul O'Connor's leadership will be greatly missed, we are confident that WBC is in good hands and the company will thrive under Athas' direction.

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November CEO Spotlight: Carol Coletta

World Business Chicago continues to interview the city's business leaders on why they chose Chicago and what they love about the city. This month the CEO Spotlight is on Carol Coletta, president and CEO of CEOs for Cities.


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 'The Center' Offers Relief After Foreclosure

With foreclosures in Chicago double the national average, it goes without saying that 2007 has been a tough year financially for low-income people and the economy at large. Fortunately, the robust Chicago non-profit community is mobilizing to help minimize this effect for both the local economy and vulnerable low-income families.

Read More
WBC Announces New Executive Director

Rita Athas, Mayor Richard M. Daley's longtime aide, has been appointed as the next executive director for World Business Chicago. Athas will assume her new role on December 1. Although Paul O'Connor's leadership will be greatly missed, we are confident that WBC is in good hands and the company will thrive under Athas' direction. 

Athas joins WBC after working for Mayor Daley for nearly 10 years. Her most recent position was Deputy Chief of Staff for External Affairs, where she helped spearhead initiatives including the Metropolitan Mayors Caucus, the Great Lakes Cities Initiative and support for the Modernization of O'Hare Airport.

Athas brings extensive experience in local government and with the business community to WBC.  She served as the Mayor's liaison to regional mayors, the US Conference of Mayors, the business community and foundations.

In her new position, Athas plans to grow WBC's marketing of Chicagoland to businesses looking to relocate to or expand their operations in the area, highlighting the City's diverse, business-friendly economy and competitive talent pool, among other things.

She also plans to expand on international connections and help local companies increase international imports and exports.

Prior to working for the Mayor's Office, Athas, who has been named by Crain's as one of the 100 most influential women in Illinois, served as the Executive Director of the Northwest Municipal Conference, a consortium of 40 municipalities representing a population of over 1 million in Northwest Illinois. The Conference is widely recognized as one of the most innovative regional councils in the country.

Athas has been appointed by the Governor to serve as a Great Lakes Commissioner. She also serves as the Mayor's representative on the Regional Planning Board and is an Executive Council Member of the Chicago Metropolis 2020 project.


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November CEO Spotlight: Carol Coletta

World Business Chicago continues to interview the city's business leaders on why they chose Chicago and what they love about the city. This month the CEO Spotlight is on Carol Coletta, president and CEO of CEOs for Cities.

How long have you lived and worked in Chicago?
I moved to Chicago in May, 2005 to become president and CEO of CEOs for Cities. I had traveled here for business in the late 70s and early 80s, but hadn't been here much since. I didn't move for Chicago. I moved for the job. Chicago turned out to be a huge bonus. Although I admired the mayor and had read about the green initiatives, my impression of the city was dated. Wow, was I surprised! Too many people have no idea how fabulous Chicago really is. My daughter lives in Manhattan, and it has always been a favorite city of mine. But given a choice, I'd choose Chicago any day. It is the rare combination of global city and relative affordability. And am I the only one who didn't know Chicago has beaches?

What is your favorite place to visit in Chicago?
Easily, my favorite place year round is Lurie Gardens in Millennium Park. It is an oasis of serenity and beauty with a view back to Michigan Avenue. I also have a favorite intersection: Clark and Adams looking southeast for the perfect reminder of how powerful modernism done right really is. And in the summer, nothing beats SummerDance in Grant Park. (Can you tell I am an enthusiastic transplant?)

What area do you live in and why did you choose it? 
I live near Union Station, although I will move to State Street in the heart of the Loop as soon as the building is finished. How I chose my current place is a funny story. I ended up looking in that neighborhood because my cab driver who took me to my first appointment was a FedEx courier, and that was his regular FedEx route. He gave me a running commentary on every building. I saw a number of model units I liked, but the one I eventually bought had a book by University of Memphis basketball coach John Calipari sitting bedside. As a diehard U of M basketball fan, I took it as a sign. In the end, I'm glad I chose it. Otherwise, I might never have discovered how beautiful the Chicago River really is. It is always a pleasure to walk beside it or across it. Plus, I can walk to work, and I have lots of transit choices.

When entertaining important clients or business associates, where do you go and what do you do?
I really like Blackbird on Randolph. The food is terrific, and the service is superb. Plus, the neighborhood is fun.

What is the best thing about running a business in Chicago?  What needs improvement?
It is easy to find talented young people in Chicago. All of my staff members are transplants (and not one of them owns a car). They are all happy here. I also like the fact that Chicago affords me a great lifestyle. I especially appreciate the intellectual and cultural opportunities the city offers. Art is not a special event here; it's part of everyday life It's like breathing. And living in a city with such great universities, I had to take advantage of the opportunity so I returned to school as a graduate student at the Institute of Design. 

Do you follow any pro sports teams?
I am a sports fan generally and an NBA fan in particular. Even though they've had a slow start this season, I'm a Bulls fan.

What do you think the city could do to enhance the business environment?
The city must improve the CTA. We've done the hard part. We own the corridors. Now we have to improve the tracks, along with the trains and buses. It is unacceptable that it takes me an hour and a half to get from Union Station to O'Hare. That's a lot of extra time spent traveling. I spoke to the Central Houston Partnership's annual meeting last month. That city is building five train lines at once. If we don't update CTA's tracks and equipment, we are squandering one of our great competitive advantages.

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'The Center' Offers Relief After Foreclosure

With foreclosures in Chicago double the national average, it goes without saying that 2007 has been a tough year financially for low-income people and the economy at large.

Fortunately, the robust Chicago non-profit community is mobilizing to help minimize this effect for both the local economy and vulnerable low-income families. Notably, the Center for Economic Progress, a local nonprofit focused on helping low-income people gain a more solid financial footing, is using its tax and financial services to help people sort out their tax and financial situations.

"Chicago foreclosure activity has increased more than 60% over the last months, boosting the foreclosure rate to an unexpectedly elevated level given the area's low unemployment rate and above-average home price appreciation," James Saccacio, CEO of RealtyTrac, said in a statement.

Cook County homes represented the bulk of September foreclosure activity for the metro area, with 4,401 homes entering some stage of the process. September's figures were up nearly 3% from the previous month and the rate of filings was more than twice the national average.

And recent reports have documented losing one's home isn't the end of the financial problems, either -- it's just the beginning. After foreclosure, low-income people are often being hit with a painful 5-digit tax bill. Bottom line -- the current foreclosure trend is giving Chicago a one-two punch.

The Center for Economic Progress' nationally recognized free tax preparation program is offering assistance in 16 Chicago neighborhoods. The service depends on volunteers who prepare taxes for low-income residents, helping them improve their finances after painful setbacks such as foreclosure. Since 1995, the Center has helped more than 175,000 low-income people gain access to $240 million in tax refunds -- money that is most often spent locally.

With tax season approaching, the Center is looking for volunteers interested in helping prepare 2007 tax returns. Last year, more than 1,100 volunteers donated 45,000 hours of service to the Center, and directly impacted 30,000 individuals and families in Illinois.

For more information or to volunteer, visit http://www.centerforprogress.org/ or send an e-mail to mandrews@centerforprogress.org.


-- Raissa Allaire
Director of Marketing & Development
Center for Economic Progress

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Chicago by the Numbers
 Indicator - MSA
September '07
August '07
July '07
September '06
Total Employment
4,599.7
4,598.5
4,594.8
4,560.5
     Total Private Sector
4,034.7
4,043.3
4,037.8
3,994.4
     Construction
233.4
234.9
233.6
228.5
     Manufacturing
481.9
482.9
483.5
489.6
     Wholesale Trade
251.9
252.3
252.2
249.8
     Retail Trade
465.6
469.0
469.2
465.8
     Transportation & Utilities
206.3
202.5
202.5
205.5
     Information
90.3
90.4
90.4
90.6
     Financial Activities
336.4
337.9
337.5
333.8
     Prof. & Business Services
762.8
761.7
755.2
743.4
     Education & Health Services
587.6
579.6
580.0
577.8
     Leisure & Hospitality
418.8
426.8
428.3
410.1
     Other Services
199.1
202.7
202.7
196.7
     Government
565.0
555.2
557.0
566.1
     Mining
2.6
2.6
2.7
2.8
Unemployment Rate
4.7
5.3
5.4
4.1
Midwest Housing Starts
171
244
240
267
Office Availability Rate
12.8
-
-
16.6
Office Net Absorption
849,003
-
-
392,428
Producer's Price Index
167.2
165.3
167.6
160.2
Consumer Price Index -U
208.3
207.7
208.0
202.7
Consumer Confidence
99.5
105.6
112.6
105.9
National Purchasing
     Managers Index
52.0
52.9
53.8
52.7
Chicago Purchasing
     Managers Index
54.2
53.8
53.4
62.1
Chicago Midwest
     Manufacturing Index
105.2
105.4
106.0
104.7
New Automobile Sales
5.2
5.1
4.9
5.3
New Truck Sales
7.3
7.6
6.7
7.6

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 Producer Price Index figures for 2007 are preliminary only. The office absorption and availability rate are 2006 & 2007 third 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 thousands.

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Chicago, Illinois 60601
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