For the fourth year in a row, the Chicago metropolitan area has taken the top spot on Site Selection magazine’s list for corporate growth. The magazine, which focuses on corporate relocations and investment, tallies a total of 424 projects in the Chicago area in 2016. The total number of corporate facility project investments is up from previous years (376 in 2015 and 385 in 2014), marks another sign of confidence in the Chicago market from employers and investors seeking to capitalize on the area’s talent pool and access to major infrastructural hubs.
According to World Business Chicago, a public-private economic development organization, the Chicago metro area saw 350 corporate expansions and relocations last year. This activity translates to $2.8 billion in new investment and 14,000 jobs created, World Business Chicago reports. Major corporate relocations or expansions last year include new Chicago offices for companies like Mars Wrigley, McDonald’s, Wilson Sporting Goods, and Motorola Solutions.
The outlook for 2017 is also strong, Mayor Rahm Emanuel suggests. “Leading the country in corporate investment means more jobs and opportunities throughout Chicago,” Mayor Emanuel stated in the World Business Chicago announcement. “The city of Chicago has a bright future, and it is clear that businesses from across the country and around the world want to be part of what we are building here.”
Chicago is #1 metro for corporate relocations for 4 years in a row. In 2016:— ChicagosMayor (@ChicagosMayor) April 26, 2017
✔️ 350 expansions
✔️ $2.8 billion investment
✔️ 14,000 new jobs pic.twitter.com/TXD9NdRgt2
Major new office towers like River Point and 150 North Riverside have just opened in recent weeks and are delivering millions of square feet of office space for professional workers. In addition, upwards of 2,000 McDonald’s employees will soon be transitioning to a new headquarters in the West Loop area. The burger giant’s move is also seeing the development of new hotels and office space for suppliers and vendors.
- The Top Metros of 2016 Come In All Sizes [Site Selection]
- Chicago Ranked Top Corporate Metro for Fourth Consecutive Year [World Business Chicago]
- Chicago Tops Country for Company Expansions & Relocations for Second Year in a Row [Curbed Chicago]