(Bloomberg) — Chicago is taking new steps to lure firms to the area after high-profile company departures rocked town final 12 months.
Mayor Lori Lightfoot, Prepare dinner County Board President Toni Preckwinkle and different county leaders introduced a $1 million dedication on Wednesday to advertise the area over the following three years. The hassle includes advertising the Chicago metropolitan space’s in depth rail connections, its numerous expertise and world-class analysis establishments to spice up the area’s competitiveness.
The transfer comes after Chicago and its suburbs have been dealt a blow final 12 months by the departure of huge firms together with hedge fund Citadel, airplane maker Boeing Co. and equipment big Caterpillar Inc. The brand new dedication may assist Lightfoot as she seeks nearer ties with the companies forward of her re-election bid subsequent month.
“At the moment’s announcement of the Larger Chicagoland Financial Partnership won’t solely transfer the Chicagoland area ahead however develop into its distinctive aggressive benefit, serving to present corporations develop within the area and entice new firms.” Michael Fassnacht, town’s chief advertising officer and head of World Enterprise Chicago, mentioned in a press release.
Like different main US cities, Chicago is grappling with rising crime within the wake of the worldwide pandemic. McDonald’s Corp. Chief Government Officer Chris Kempczinski mentioned final 12 months that the rise in violence was making it more durable to lure executives to the Windy Metropolis. Nonetheless, Chicago says 159 firms expanded, relocated or moved to town final 12 months.
Leaders in Chicago and its suburbs need to strengthen the area’s financial energy in a more and more aggressive market. Cities like Miami, Dallas and Austin have been luring firms south with tax benefits and plentiful sunshine.
The plan “will present a vital element, showcasing the Chicagoland space’s many benefits for companies contemplating a brand new location in our area,” mentioned former DuPage County Chair Dan Cronin, who has lengthy championed the trouble. “If we need to actually thrive, a powerful regional financial growth effort is important.”
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