(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 subsequent three years. The trouble entails advertising and marketing 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 had 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 Better Chicagoland Financial Partnership is not going to solely transfer the Chicagoland area ahead however grow to be its distinctive aggressive benefit, serving to current companies develop within the area and appeal to new firms.” Michael Fassnacht, town’s chief advertising and marketing officer and head of World Enterprise Chicago, stated in an announcement.
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 stated 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 wish 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 crucial part, showcasing the Chicagoland space’s many benefits for companies contemplating a brand new location in our area,” stated former DuPage County Chair Dan Cronin, who has lengthy championed the trouble. “If we wish to actually thrive, a powerful regional financial improvement effort is crucial.”
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