Ranked the U.S. “Top Metro” in corporate investment, Chicago was featured in Site Selection magazine. The magazine reported that Chicago was home to the most expanded or new business facilities found across the nation. In 2013, Chicago created about 10,000 new jobs, had 373 expanding and new businesses, and generated $2.8 billion investment dollars.
Site Selection also ranked Illinois number 3 among the other U.S. states for Governor’s Cup for having more qualifying expanded and new businesses. This was a definite improvement from their number 5 ranking the year before. Additionally, Crain’s Chicago Business called Chicago the “Hottest Urban Center in the U.S.” for welcoming 217 expanding and new companies in 2013. Businesses like Gogo, Motorola Mobility and ADM moved to Chicago. Expanding or new international companies were at 80 in 2012 and increased to 114 in 2013. Some of these companies include Hannover Fairs USA, Bank of China and airberlin.
World Business Chicago’s Business Growth Profile reported Chicago with 677 projects that generated about 40,000 jobs, over $6 billion investment dollars, and approximately 35 million square feet. About 370 of the projects met the publication’s requirements.
Jeff Malehorn, the President and CEO of World Business Chicago said that as the city continues to utilize the Mayor’s Economic Growth and Jobs strategies plan Chicago has enjoyed the success of attracting businesses. The Site Selection’s report illustrates the Plan’s impact on Chicago. The Plan also includes making the city the center for headquarters and business services.
The World Business Chicago’s Growth Profile reports strength in the logistics and transportation industry as well as an advanced manufacturing industry. The report also focuses on the importance of talent and a skilled workforce that helped make the decisions for company location.
According to Site Selection’s editor in chief, Mark Arend, the competition for capital investment among regions and cities is very aggressive. Therefore, for Chicago to be ranked as one of the Top Metros validates the fact that the city has implemented an economic development strategy that is extremely successful.