“Led by World Business Chicago, the newly formed Greater Chicagoland Economic Partnership and most of all by talented professionals, workers and business leaders, the region continues to meet its challenges with creative solutions, bold programs and the sort of candor and openness that’s
almost Chicago’s brand.” — Site Selection managing editor, Adam Brun
CHICAGO, March 1, 2023 /PRNewswire/ — World Business Chicago, the city’s economic development agency, announces that Site Selection Magazine has named the Chicago region the Top Metro in the U.S. for corporate relocation and site selection, for the tenth consecutive year.
World Business Chicago also released its annual year-in-review for 2022, reporting the Chicago economy saw steady growth throughout the year, with a 3.4 percent increase in Gross Regional Product and a 26 thousand increase in employment. The report reveals a 3.4 percent increase in Gross Regional Product and the addition of 26,000 new jobs to the local economy. Furthermore, the transportation and logistics sector in Chicago experienced exceptional growth, with a 3.8% increase in employment and the creation of over 10,000 new jobs. These impressive results demonstrate Chicago’s position as a thriving and dynamic economic hub, providing a fertile ground for businesses to flourish.
News of the Chicago region’s Top Metro rank for 10 consecutive years was announced at an event held this morning at The Terminal in Humboldt Park, where World Business Chicago convened city and regional leaders with companies that made pro-Chicago decisions in 2022.
“Earning the title of ‘Top Metro’ in the U.S. for corporate investments for the tenth consecutive year is a resounding affirmation of Chicago’s‘ global reputation as a thriving business hub,” said Chicago Mayor Lori E. Lightfoot. “With our central location, pipeline of inclusive and skilled talent, and diverse economy, Chicago continues to attract and retain the best and brightest in the business world. This impressive accomplishment is a testament of our commitment to driving sustainable and inclusive growth and ensuring that our city is a premier location for businesses to expand and thrive.”
Site Selection Magazine reports that the Chicagoland metro area saw a record number of new and expanding corporate locations, more than any other region in the country. “If winning multiple championships establishes dynasties, what do you call it when you win ten years in a row?” asks Site Selection Managing Editor Adam Bruns. “In Chicagoland, they hand the ball back to the ref and act like they’ve been there before. Because they have. Our project data tell us the metro area continues to attract companies and the talent those companies covet. Led by World Business Chicago, the newly formed Greater Chicagoland Economic Partnership and most of all by talented professionals, workers and business leaders, the region continues to meet its challenges with creative solutions, bold programs and the sort of candor and openness that’s almost a Chicago brand.”
“Through the newly established Greater Chicagoland Economic Partnership, we welcome the opportunity to collectively build upon these competitive strengths to drive equitable and sustainable growth that benefits residents the greater Chicagoland region,” said Cook County Board President Toni Preckwinkle. “This not only highlights Cook County’s unparalleled competitive advantage, but also reflects our regional and global reputation as a premier destination for businesses seeking access to a highly skilled workforce, diverse economy, and unparalleled connectivity.”
Major companies such as Mars Wrigley, Kellogg’s, Google, BMO, EeroQ, Bartesian, New Cold, and Lion Electric are among those that have recently expanded or relocated to Chicago in 2022, contributing to the economy and bringing substantial investments, job growth, and new opportunities to the region. The region’s ongoing efforts to create a dynamic and welcoming business environment, along with its commitment to driving sustainable and inclusive economic growth that benefits all residents, have helped to maintain its status as the top metro for corporate investment in the US.
“We are thrilled to have established our US headquarters in Chicago in 2020 and expanded our presence in 2022, proudly contributing to the thriving economy of the region and being considered a “pro-Chicagoland decision” of 2022. Our decision to make Chicago home was driven by the region’s deep pool of diverse, tech-savvy talent, a strong logistics-focused ecosystem, strategic location, world-class infrastructure, and diverse economy. At NewCold, we are excited to be part of the growth of Chicago’s high-tech, logistics ecosystem and look forward to being an integral part of the region’s continued success,” said Jonas Swarttouw, Vice President of Business Development.
World Business Chicago promotes the greater Chicagoland region as a powerhouse with a well-established infrastructure, deeply rooted industries, and a robust network of businesses. With its exceptional connectivity, the region is uniquely positioned to weather economic challenges. The greater Chicagoland region is now home to a thriving startup ecosystem, bolstered by a growth capital network, driven by innovation and technology. These newly emerging and accelerated ecosystems are set to propel the region towards an even brighter economic future.
“Will County has long been a hub for logistics, manufacturing, energy, and distribution, and we have seen several one million plus square foot developments in 2022,” said Jennifer Bertino-Tarrant, Will County Executive. “As we look to the future, we recognize that the recently formed Greater Chicagoland Economic Partnership is a game-changer for our entire region. By working together with our neighboring communities, we can offer a unique mix of urban and rural sites, diverse talent, affordability, quality of life, and connectivity that will set us apart from other cities, regions, and states.”
“The release of our Year in Review research report is perfectly timed to coincide with today’s Site Selection news, reinforcing the importance of using data to guide our efforts in driving sustainable, equitable, and inclusive economic development throughout the greater Chicagoland region,” said Michael Fassnacht, President and CEO of World Business Chicago and Chief Marketing Officer for the City of Chicago. “We are honored to be named the top metro for corporate investment in the US for the tenth consecutive year. This remarkable achievement is a testament to the collective work of our team, board of directors, and regional partners in convening heads of industry, driving engagement and collaboration, and promoting the Chicagoland region as a dynamic and welcoming place for businesses to succeed. We remain steadfast in our commitment to driving sustainable growth by advancing our vision for a more inclusive and prosperous Chicagoland region.”
ABOUT GREATER CHICAGOLAND ECONOMIC PARTNERSHIP
The Greater Chicagoland Economic Partnership (GCEP), a first-of-its-kind united effort including the City of Chicago, Cook County, and six counties across metropolitan Chicago, is driving a regional economic strategy intended to deliver mutual benefits to the partners, and strengthen the greater Chicagoland region’s economic force in an increasingly fierce competitive global market. The GCEP is focused on promoting the region’s many assets, including extensive freight infrastructure, diverse talent, strong exporting industries, and world-class institutions of innovation, research, and culture as its competitive global identity.
ABOUT SITE SELECTION
Site Selection magazine focuses on new corporate facility projects with significant impact, such as headquarters, manufacturing plants, R&D and logistics sites. In order to be considered, new facilities and expansions must meet at least one of three Site Selection criteria: (a) capital investment of at least $1 million, (b) create at least 20 new jobs or (c) add at least 20,000 square feet of new floor area. Site Selection is published by Conway Inc., headquartered in Atlanta, Ga.
ABOUT WORLD BUSINESS CHICAGO
World Business Chicago is a public-private, non-profit partnership that drives inclusive economic growth and job creation, supports business, and promotes Chicago as a leading global city. worldbusinesschicago.com For more information visit online: Site Selection Top Metro in the US | Year in Review 2022 research report.
SOURCE World Business Chicago
