PRESS RELEASE

A Deep Dive into the Chicagoland Region’s Economic Strengths 

CHICAGO – [September 27, 2023] – Today the World Business Chicago Research Center published an asset map detailing the economic viability of the Greater Chicagoland Economic Partnership (GCEP), now available at worldbusinesschicago.com/gcep.

The GCEP regional collective includes the City of Chicago and its seven neighboring counties: Cook, DuPage, Kane, Kendall, Lake, McHenry, and Will. The GCEP asset map provides a deep dive into the region’s myriad strengths, spotlighting eight critical categories, including human capital, infrastructure, innovation, and global influence, inclusive of urban, suburban, and rural settings.

“With nearly 4.9 million professionals and the distinction of hosting the second highest number of Fortune 500 companies in the US, Chicagoland’s impressive $835B annual productivity cannot be understated. This map is not just a reflection but a celebration of its stature as both an economic powerhouse and an evolving super region,” commented Michael Fassnacht, President & CEO, World Business Chicago. “We invite site selectors, entrepreneurs, and corporations to navigate the asset map and identify how they can benefit from the immense opportunities within the Chicagoland ecosystem.”

Key highlights from the GCEP Asset Map:

• Economic Scale & Accessibility: Ranked as the nation’s third-largest economy and within the top 20 global economies, the Chicagoland region surpasses many nations in its economic output. It boasts unparalleled access to vast labor, customer, and supply chain resources.
• Economic Diversity & Resilience: Unlike metro areas dominated by a single industry, the Chicagoland region boasts the U.S.’s most diversified economy. This versatility safeguards against economic downturns and places the region favorably for global market trends and resilience against U.S. and global economic downturns.
• Manufacturing Leadership: With a strong footing in 13 out of 21 manufacturing sub-sectors, Chicagoland stands as the nation’s most diverse manufacturing hub. This diversity drives innovation, attracts investments, and ensures stability even amidst economic fluctuations.
• Innovation Ecosystem: The blend of established industries, startups, universities, and top-tier research institutions underscores Chicagoland’s unique tech identity, fostering a culture of collaboration and technological advancement.
• Affordability & Global Connectivity: The region offers world-class business infrastructure and a globally connected environment at competitive costs, with real estate and living expenses more affordable than many major coastal metros.

“The GCEP Asset Map is not merely informational—it’s a declaration of our region’s rich economic legacy and promising future,” remarked Hannah Loftus, Director, Research, World Business Chicago. “Whether it’s retaining stalwarts like S&C Electric or nurturing ties with innovative companies like Upside Foods, this map encapsulates the Chicagoland region’s economic viability.”

Venture into the GCEP Asset Map’s intricate details at worldbusinesschicago.com/gcep. Here, too, you will find a video detailing the first six-months of the region’s united effort to drive economic development.

“The GCEP Asset Map is an invaluable compass that points site selectors and businesses looking to expand and grow to the variety of opportunities available within our region. It’s not just a tool—it’s an invitation to be part of our region’s goal to become a super region,” says Greg Bedalov, President and CEO, Choose DuPage.

Both World Business Chicago and the Greater Chicagoland Economic Partnership share a vision to guide the Chicagoland region towards embracing our varied economic strengths and cultivating an environment conducive for collaborative growth and shared economic prosperity.

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About World Business Chicago:
World Business Chicago, a public-private non-profit economic development agency, focuses on bolstering economic growth, fostering job creation, aiding businesses, and elevating the Chicagoland region as a global hub for business.

About Greater Chicagoland Economic Partnership (GCEP):
The GCEP, a strategic alliance between Chicago and its seven adjoining counties, is dedicated to ushering businesses into its growth-focused environment. The collective champions diverse industries, from nascent startups in the suburbs to Fortune 500 stalwarts, in both urban and rural settings, setting the stage for unparalleled progress and shared success.

Media Contact:

Andrew Hayes

312-823-4333

ahayes@worldbusinesschicago.com