Chicago Mayor Rahm Emanuel has just marked his first 100 days in office, and in those first three months, he has brought more than 4,000 jobs to the City. Earlier this month, J.P. Morgan Chase announced that four new Chase bank branches would be opening in Chicago, which will necessitate the hiring of 400 new employees. And, EMC Corp, a global leader in the information technology industry, recently announced that they would bring 200 jobs to Chicago over the next two years.
Add to those the June announcement from communications equipment company Motorola Solutions that it would add 400 new positions in Chicago before the end of next year, United Airlines’ commitment to bring 1,300 additional jobs to Chicago, GE Capital, the financial arm of General Electric, announcing that they would bring 1,000 new positions to the City, Chicago-based Allscripts promising 300 new jobs and Deerfield-based Walgreens promising 600.
At the time of its jobs announcement, Motorola said in a statement that their decision was a result of their “long-standing commitment to the Chicago community and its desire to support future growth of the business.”
WBC Board member and Motorola Solutions chairman and CEO Greg Brown went further when he said, “It makes sense to invest in the city. Great universities, great work ethic, great research. Chicago has had successful public-private partnerships. It’s a community that is business-friendly. And we have a mayor [who is] taking it to the next level. Rahm is making decisions. He’s outlining a framework for future expansion and growth.” To hear that kind of enthusiasm about Chicago from the corporate sector bodes well for continued expansion in our city.
Further compounding the positive news about more jobs coming to Chicago is the impact those new jobs will have on Chicago’s broader economy. That impact goes far beyond the 4,000 new positions. There is a huge “ripple effect” on the rest of the city, including the (likely thousands of) additional new jobs that will be created indirectly across other industries in Chicagoland as a result of the increased demand for products and services that these new jobs and paychecks will bring. Just one impact example: studies show that a Loop worker, on average, will spend $3,394 annually on shopping and restaurants downtown helping to circulate new money through the local economy, supporting local businesses and creating jobs.
Suffice it to say the economic value is vast, even beyond the new jobs created (both direct and indirect), it also means additional tax revenues amounting to tens of millions of additional dollars for the city – just in the first decade – which can be used to fund all sorts of public infrastructure and quality of life improvements (parks, schools, etc.) for Chicagoans.
World Business Chicago joins Mayor Emanuel in applauding these companies’ enthusiasm for our global city and their commitments to grow their businesses here and invest in Chicago’s future. Mayor Emanuel said it best: “I promised to foster a business climate that attracts and retains the greatest companies in the nation. I am happy to announce [they have] substantially increased their commitment to the city of Chicago, by bringing these jobs to the hardest-working people in America.”