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World Business Chicago - Global Presentation


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World Business Chicago (WBC) is the city’s economic development office, coordinating business retention, attraction and expansion efforts in order to spur and accelerate economic growth. WBC raises …

World Business Chicago (WBC) is the city’s economic development office, coordinating business retention, attraction and expansion efforts in order to spur and accelerate economic growth. WBC raises Chicago’s profile as a premier business destination and serves as a resource for companies.

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  • Cover Page – Headline edit / Subtitle edit / Date edit
  • Source: Top 10 ED Firms from Site Selection magazine (Conway)
  • Revised June 2011
  • Source: Top 20 Global Destination City from IBM Global Location Trends, October 2009
  • Source: -International Monetary Fund 2010 GDP estimates’s Chicago GRP data (end date 12/31/09; revised 06/23/11-will need to update again)
  • Source: Moody’s Investor Services, CMBS: A New Economic Diversity Model for a New Economy, 2005 (discont.)Notes: This factor quantifies the degree to which the combination of industries in a metro area’s employment base matches the profile of the national economy. A score of 100 means that the distribution of employment in the 34 sectors in that metro area exactly matches that in the US as a whole - an exceedingly unlikely scenario. MSA diversity scores change only slightly from year to year, as local economies tend to change only gradually over time
  • Source: -Moody’s Chicago GRP data (2010 projection/end date 12/31/09; revised 06/23/11-will need to update again)-Census 2010 population for MSA and city-IDES (custom pull) for number of employees in the city
  • Source: - 2010 employment data (based on location quotients of at least 1.2)
  • Source: -“Major” HQHoovers non-subsidiary headquarters in Chicago metro with at least 400 employees at all sites as of 06/27/11-Fortune 500 HQsFortune Magazine from the May 23, 2011 issue (excluding Smurfit-Stone, which was acquired by Rock-Tenn in Jan. 2011)-FTGlobal 500 Financial Times from the June 24, 2011 issue -Fortune Global 500 Fortune Magazine from the July 26, 2010 issue
  • Source:-Futures Industry Magazine Annual Volume Survey 2010-Inc Fastest Growing Co’s 2010 and Crain’s Fastest Growing-High-tech manufacturing NAICS defined by BLS, output data from Moody’s-Export output and jobs impact from custom UIUC REAL analysis / Geoff Hewings, 2010
  • 1Q11Source: Moody’s 2009 (GRP data as of 12/22/10; employment data as of 12/21/10)
  • Source: -”Top” based on rankings from Business Week, FT, Economist-65,000 students from Loop Alliance “Loop U” study (Oct 2009)-Degrees and enrollment data is from Illinois Board of Higher Education 2009Databook (2008 data)-Best City to Get a Degree among 60 global cities (2008 Global Cities Index developed by Foreign Policy, A.T. Kearney, and The Chicago Council on Global Affairs). Criteria include university degree-holders, international students (post-secondary institutions), international schools (primary & secondary levels) & number of top global universities.
  • Source: -MNI data 2010 R&D facilities (SIC codes 8731, 8732, 8734; Chicago PMSA-IL counties only)-Nobel winners counted if studied or taught at Chicago universities or performed a substantial amount of work in Chicago. Includes 2010 Economic prize winner Dale Mortensen (Northwestern) and 2009 Peace prize winner Barack Obama (U of Chicago). More info on 93 prize winners: 29 Physics; 26 Economics; 17 Chemistry; 15 Medicine/Physiology; 3 Literature; 3 Peace-1,200+ patents from US Patent Office (inventor city)-VC from Thompson Reuters PWC MoneyTree (custom pull 2010YTD)-R&D from NSF (FY 2009)
  • Looking into update from CMAP1Q10“Business following talent downtown, i.e.: Moto City on Michigan Ave. (creator of the RAZR); Wrigley Global Innovation Center on Goose Island; United Airlines world headquarters; Boeing Company executive offices; Synovate headquarters for the Americas; ArcelorMittal USA headquarters (largest US Steel Company); Brunswick global R&D center; Pepsi Co Foods headquarters”
  • 1Q11Source: Illinois Department of Employment Security, Bureau of Labor Statistics
  • Source:-Top 20 Global Destination City from IBM Global Location Trends, October 2009-1,500 co’s (Uniworld)-$40 billion FDI (U.S. Census Bureau Foreign Trade Division; U.S. Department of Commerce Bureau of Economic Analysis International Economic Accounts Foreign Direct Investment in the U.S.; data measured in Gross property, plant, & equipment value (PPE)-Mayor’s Office of Int’l Relations; Chicago Consular Corps; 6/3/10 email from E.Hubbell: We have been the fastest growing Consular district in the nation
  • 1Q11Source: MDW+ORD2,900 flights /85 million passengers in 2010 to 200 cities worldwide. Source: City of Chicago, Dept. of Aviation Management Records, as of December 2010
  • Source: WISER Trade (2010), U.S. Census Bureau, Foreign Trade Division, World BankThe Chicago Customs District comprisesthe following ports in Illinois and surrounding Midwestern states: Chicago including O'Hare Int'l Airport, Calumet Harbor, Chicago River to Lockport, and Waukegan Harbor, Peoria, Moline, Rock Island, Greater Rockford Airport, TNT Express Consignment, Waukegan Regional User Fee Airport,  Chicago Executive User Fee Airport, DuPage User Fee Airport, Decatur User Fee Airport, Nippon Courier Hub (IL); Gary including Michigan City Harbor (IN); and Davenport (IA).
  • 1Q11 (2010 survey still the most recent)Source: “cost effective”: KPMG Guide to Competitive Business Alternatives, 2010
  • 1Q11 (2010 survey still the most recent)Source: KPMG Guide to Competitive Business Alternatives, 2010Cost-index figures were created by measuring the combined impact of 26 cost components that are most likely to vary by location.  More than 1,900 individual business scenarios were examined, analyzing more than 40,000 items of data.The benchmark cost index (U.S. = 100) is defined as the average of business costs in the four largest U.S. metropolitan areas: New York, Los Angeles, Chicago, and Dallas-Fort Worth.
  • Divider – Headline here / image to be updated by DPC per sections
  • 1Q11Source: C2ER Cost of Living Index, 2010 Annual Average Data
  • Source: -AAA (2010): Alinea (4 years), Arun’s (8 years), Avenues (in The Peninsula) (4 years), Charlie Trotter’s (16 years), Everest (14 years), Seasons Restaurant (in the Four Seasons Hotel) (10 years), Tru (10 years). -Zagat Survey’s 2007/2008 World’s Top Hotels, Resorts & Spas guide-Condé Nast Traveler (2010)-Michelin guide (2010): Alinea, L20 (3-star), Avenues, Trotter’s, Ria (2-star), 18 restaurants (1-star)-Forbes Travel Guide 2011 (formerly Mobil Travel Guide): Alinea, Charlie Trotter’s (5-star), Avenues, Everest, L20, Les Nomades, Seasons, Sixteen, and TRU (4-star)-James Beard: 2011 Outstanding Restaurateur in the Nation (Richard Melman, Lettuce Entertain You Enterprises); 2010 Outstanding Service Award (Grant Achatz, Alinea);Best Chef-Great Lakes (KorenGrieveson, Avec); 2009 Outstanding Restaurant Design (Design Bureaux, Inc. for The Publican); 2008 Outstanding Chef (Grant Achatz, Alinea); Best Chef-Great Lakes (Carrie Nahabedian, Naha); 2007 Outstanding Restaurant (Frontera Grill, owned by Rick & DeannBayless); Outstanding Service (Tru, owned by Rick Tramonto, Gale Gand & Richard Melman); Best Chef-Great Lakes (Grant Achatz, Alinea)-30,000+ hotel rooms from Loop Alliance 2010 Economic Study-Zagat’s 2007/2008 Large Hotels (100+ rooms): Peninsula and Four Seasons-Condé Nast Gold List 2010 Hotels: Four Seasons, Omni Chicago Hotel, Park Hyatt Chicago, The Peninsula, and The Ritz-Carlton-Business visitors from CCTB (2010)
  • Source: IDES Custom Pull (NAICS 7111)-Regional Theatre Awards (Tonys) – Steppenwolf Theatre Company (1985); The Goodman Theatre of Chicago (1992); Victory Gardens Theater (2001); Chicago Shakespeare Theatre (2008) Lookingglass Theater Company (2011)2010 Tony Awards for Red (won 6 of 7 nominations) – Best Play (John Logan – “Northwestern University grad who cut his teeth at Victory Gardens Theatre, the Goodman and other Chicago stages throughout the 1980s before moving on to become a successful Hollywood screenwriter”); Best Performance by a Featured Actor in a Play (Eddie Redmayne); Best Scenic Design of a Play (Christopher Oram); Best Lighting Design of a Play (Neil Austin); Best Sound Design of a Play (Adam Cork); Best Direction of a Play (Michael Grandage)2008 Tony Awards for August: Osage County(won 5 of 7 nominations) – Best Play (Tracy Letts); Best Performance by a Leading Actress in a Play (Deanna Dunagan); Best Performance by a Featured Actress in a Play (Rondi Reed); Best Direction of a Play (Anna D. Shapiro); Best Scenic Design of a Play (Todd Rosenthal)Source: IDES Custom Pull (NAICS 7111)Regional Theatre Awards (Tonys) – Steppenwolf Theatre Company (1985); The Goodman Theatre of Chicago (1992); Victory Gardens Theater (2001); Chicago Shakespeare Theatre (2008)2010 Tony Awards for Red (won 6 of 7 nominations) – Best Play (John Logan – “Northwestern University grad who cut his teeth at Victory Gardens Theatre, the Goodman and other Chicago stages throughout the 1980s before moving on to become a successful Hollywood screenwriter”); Best Performance by a Featured Actor in a Play (Eddie Redmayne); Best Scenic Design of a Play (Christopher Oram); Best Lighting Design of a Play (Neil Austin); Best Sound Design of a Play (Adam Cork); Best Direction of a Play (Michael Grandage)2008 Tony Awards for August: Osage County(won 5 of 7 nominations) – Best Play (Tracy Letts); Best Performance by a Leading Actress in a Play (Deanna Dunagan); Best Performance by a Featured Actress in a Play (Rondi Reed); Best Direction of a Play (Anna D. Shapiro); Best Scenic Design of a Play (Todd Rosenthal)
  • Source: 35+ museums is 2010 figure from IDES Annual Custom Data Pull (NAICS 7121); attendance from Crain’s Lists - latest we have is the 2010 list (2009 data), which puts that Field attendance at 1,325,007, the Art Institute at 1,800,000, the MSI at 1,605,020 and the Children’s Museum at 718,154. 2009 Report of the Treasurer, Art Institute of Chicago
  • 1Q11 (May need to update visitation)Sources:Lincoln Park visitation, 42 acres of parkland per resident, and tablesource: The Trust for Public Land (202) 543-7552.Source: A draft study, completed by the US Forest Service, the City of Chicago, the Chicago Park District, and WRD Environmental in 2007Tree canopy source: Aaron Durnbaugh, Deputy Commissioner, Department of Environment570  parks from Park District website ( and2008 Chicago Park District Budget Summary300,000 acres and 180,000 acres from Chicago Wilderness magazine: park -
  • Transcript

    • 1. Think Business. Think Chicago. Business Center of North America
    • 2. Overview• About World Business Chicago – Our Mission – Services• About Chicago – An Economic Force – Thinkers & Doers – A Global City – Cost of Doing Business – Quality of Life
    • 3. Our MissionFounded in 1999, World Business Chicago(WBC) is the city’s economic developmentoffice, coordinating business retention,attraction and expansion efforts in order to spurand accelerate economic growth.World Business Chicago has been ranked among theTop 10 Economic Development Firms in the nationsince 2005, by Site Selection magazine. back to main
    • 4. Our Board Mayor Rahm Emanuel, Chairman Michael Sacks, Co-Chairman City of Chicago CEO, Grosvenor Capital Management
    • 5. Our Organization President Chicago Career Tech World Business Chicago Business Development Marketing Operations Research
    • 6. We’re Your Advocate• We help companies navigate the relocation and expansion process• A public/private partnership, WBC serves as a conduit to the business and civic communities Mellody Hobson• By uniting all the necessary parties, President, we demonstrate that Chicago is the Ariel Investments ultimate global business destination• WBC assures that companies get the services and guidance needed to make informed location decisions back to main
    • 7. We’re Your ConnectionOur Business Development specialistsare experts in nearly every industry,assisting with:• Firm attraction and retention• Technology development• Policy and program assistanceWBC’s Strategic Initiatives departmentstrengthens partnerships with:• Area universities and business schools• WBC Ambassadors• Area medical industry
    • 8. We’re Your SourceWBC’s Research staff serve as a resource for:• Chicago area real estate and investment activity• Economic, demographic, and business indicator databases• Primary research in partnership with outside organizationsOur Marketing department offers tools andresources showcasing Chicago as an idealbusiness location:• Sponsorships & convention partnerships• Ad campaigns• Website & social media marketing
    • 9. We’re ChicagoThe citys unique character can beattributed to its:• people• location/infrastructure• collaborative business and government community• unprecedented array of cultural activities and destinations A “truly world-class city” - Michel Gourvennec, Former President and CEO of Veolia Environmental Services North America
    • 10. An Economic Force back to main
    • 11. Economic Strengths• Easy access to North American operations and customers• Top 20 Global Destination City based on investment• Convenience to global markets and financial centers• One of the worlds largest and most CME Group Globex Command Center diversified economies• Efficient economic powerhouse• A unique combination of business resources, quality of life, and great people
    • 12. An Economy that Rivals Nations RANKING $GROSS PRODUCT ($US BILLIONS) 19 25 SWITZERLAND NORWAY $524 $414 16 NETHERLAND S 23 9 $783 6 SWEDEN $456 11 15 U.K. 21 RUSSIA 20 CANADA $2,247 $1,465 KOREA $1,574 5 4 POLAND $469 FRANCE $1,007 1 CHICAGO $2,583 GERMANY2 UNITED STATES $500 12 $3,316 17CHINA 3 $14,658 SPAIN 8 TURKEY$5,878 JAPAN $5,459 14 *1,410 ITALY $2,055 $742 10 MEXICO 22 INDIA $1,538 $1,039 BELGIUM 18 $466 24 INDONISIA SAUDI ARABIA $707 7 $444 BRAZIL $2,090 13 AUSTRALIA $1,236 Source: IMF, Moody’s Analytics
    • 13. The Country’s Most Diversified Economy 12 4 8 Detroit Philadelphia Boston 1 10 9 Chicago New York San Francisco 13 Washington, DC 7 Los Angeles 6 Riverside 2 Atlanta 5 Dallas 11 Houston Source: Moody’s Investor Services 3 Miami
    • 14. A Strong Metro AreaChicago is the heart of a majormetropolitan area comprised of: • 9.5 million residents, a growth of 4% City of Chicago (+360,000 people) since 2000 2,695,598 • $500 billion annual gross regional product • 4.3 million workersThe city is home to 2.7 million Total Chicago MSA Populationresidents and 1.2 million workers 9,461,105
    • 15. Economic Drivers Manufacturing Business and Support Services Financial Services • Paper and printing • Transportation – air, rail, • Management of • Chemicals/petroleum water and ground companies and coal products • Durable goods • Administrative and • Plastics and rubber wholesalers support services • Primary and • Warehousing and • Securities, commodities fabricated metals and other investments storage • Electrical equipment • Funds, trusts, and other • Educational services components and appliances financial vehicles • Museums and cultural / historical sites
    • 16. A City of Headquarters• More than 400 major corporate headquarters• 34 S&P 500 companies• 27 Fortune 500 HQs – including 7 in the City• 9 FT Global 500 HQs• 10 Fortune Global 500 HQs“It makes sense to grow here. Thereis a wealth of financial services andbanking talent available to us inChicago at very good value. It’s agreat place to work and live. It’s apro-business city.”- GE Capital CEO Daniel Henson
    • 17. Growth ClustersFinancial trading• Chicago is home to 17% of the world’s trading activity for futures, options & derivatives - more volume than New York, and almost as much volume as ALL of the European exchanges combined.High tech• With 200 of the 5,000 Fastest Growing Companies in the U.S., Chicago’s high-tech industry contributed $56 billion to Chicago’s economy in 2010• Generating an estimated $73 billion dollars of output and 402,400 jobs in 2010, Chicago’s top 10 export sectors include: – Medical instruments – Electric machinery & computers – Chemicals & pharmaceuticals – Aircraft parts
    • 18. Chicago’s Key IndustriesRanked Top 5 among 350+ metro areasfor Gross Regional Product (GRP):• Business & Professional Services• Financial Services• Manufacturing• Transportation & Distribution back to main
    • 19. Thinkers and Doers UIC South Campus back to main
    • 20. The Country’s Brightest Minds• Home to Kellogg School of Management at Northwestern University and Booth School of Business at University of Chicago, two of the top business schools in the world• Chicago Loop is “the largest college town in Illinois,” with more than 65,000 students• Over 100,000 degrees conferred by Chicago area colleges and universities annually, including 28,800 bachelor’s degrees, 15,600 masters degrees, and 3,500 doctoral degrees in the city alone• Rated #2 Best City to Get a Degree among 60 global cities
    • 21. Center for Innovation• More than 250 corporate R&D facilities• 93 Nobel Prize winners• 1,200+ patents issued by City of Chicago inventors in 2010 alone• Over $2 billion in venture capital invested in Chicago area startups over the past 5 years• Startup successes including Careerbuilder, Groupon, Morningstar, Orbitz• $1.4 billion in R&D expenditures at 16 area colleges and universities
    • 22. Talent Within Reach• 600,000+ people flow downtown each business day – more than half take mass transit• 2.4+ million working-age adults are within a 50-minute commute of downtown Chicago ≤ 20 min ≤ 50 min ≤ 70 min ≤ 90 min
    • 23. A Highly Diverse Labor Pool 2010 Employment by Industry Professional Services Education & Health Services Government Retail Manufacturing Leisure and Hospitality Financial Activities Wholesale Chicago Region (MSA) Other Services City of Chicago Transportation & Utilities Construction Information 0 200,000 400,000 600,000 800,000 Source: Illinois Department of Employment Security, Bureau of Labor Statistics
    • 24. A Global City back to main
    • 25. Global Competitiveness Chicago ranked #4 Most Economically Powerful City in the World (behind Tokyo, New York and London) • The Global Economic Power Index by Richard Florida and Martin Prosperity Institute measuring economic output, financial power and innovation Among 9 ―Global Leaders‖ • City of London’s 2011 Global Financial Centres, a report identifying cities with ―broad and deep financial services activities and connections with many other financial centers‖ #2 in Transportation & Infrastructure (behind Paris) and top tier in areas such as digital economy, ease of doing business, R&D, entrepreneurial environment, financial and business services, low cost of living, diversity, mass transit, and number of hospitals • The Partnership for New York City and PricewaterhouseCoopers’ 2011 Cities of Opportunity, an annual report on what makes cities thrive #6 Global City of 65 metro areas • Foreign Policy’s 2010 Global Cities Index
    • 26. International Business DestinationTop 20 Global Destination City based oninvestmentHome to well over 1,500 foreign-based companiesand more than $40 billion in foreign directinvestmentRobust international business resources including: • 79 Consulates/Consuls General and fastest growing consular corps in the U.S. • 40+ international/ethnic Chambers of Commerce • 90+ international trade-based organizations • 28 international sister cities Only U.S. city with top ranking for global investment activity in IBM’s 2009 Global Location Trends report
    • 27. Access to the WorldOnly ―dual-hub‖ airport system inNorth America – handling more than2,900 flights per day and over 85million passengers annually Non-stop service to more than 200 domestic and international destinations
    • 28. International Trade PartnersChicago Customs District – 2010 Total Trade China Canada Japan EXPORTS IMPORTS Korea Germany Ireland Netherlands Source: WISER Trade , U.S. Census Taiwan Bureau, Foreign Trade Division, World Bank $0 $10 $20 $30 $40 Exports & Imports - $US (Billions)
    • 29. Cost of Doing Business back to main
    • 30. Business AdvantagesChicago offers a business cost advantageover many global cities:• Competitive office & industrial rates• Ranked one of the most cost-effective cities in the world for doing business—ahead of London, New York, and Boston• Central location & time zone eases business travel and communications with both U.S. coasts• Top connection point for air, rail, highway, telecom, and Internet
    • 31. Business Costs Tokyo San Francisco New York London Los Angeles Boston Paris CHICAGO Source: KPMG Guide to Competitive Business Philadelphia Alternatives which ranks 112 metro areas and 17 Atlanta industries across 30 cost dimensions including: Toronto financing, labor, utilities, transportation and taxes 70 80 90 100 110 120
    • 32. Quality of Life back to main
    • 33. Cost of Living New York… 216 San Francisco 164 Washington, D.C. 140 Los Angeles 136 Boston 132 Philadelphia 126 Chicago 117 Miami 106 U.S. Average 100 Detroit 99 Atlanta 96 Houston 92 Dallas 92 0 50 100 150 200 250 Source: C2ER Cost of Living Index, 2010 Annual Average Data
    • 34. World Class Dining, Hotels, ShoppingDining• More AAA 5-Diamond-rated restaurants than any other city in the country; 23 Michelin-starred restaurants including two 3-star restaurants; Nine James Beard Awards in the past 5 yearsHotels• 30,000+ hotel rooms downtown including 2 Zagat’s Top 10 World Hotels (Four Seasons and the Peninsula) and 5 Condé Nast Gold List HotelsConvention Facilities• 10 million business visitors in 2010• Largest convention center in the U.S. - McCormick PlaceRetail• Over 600 stores in and around ―The Magnificent Mile‖
    • 35. Nightlife & Entertainment• 150+ theater companies in the city alone• Home to world-renowned Chicago Symphony, Lyric Opera and Joffrey Ballet• Only city with 5 Tony Award-winning regional theater companies• Hundreds of nightclubs with over 1,000 performances during a typical summer week• Hundreds of festivals from block parties to Lollapalooza and Pitchfork
    • 36. Museums & Performing Arts35+ museums in the City, including:• Field Museum – the home of the worlds most complete Tyrannosaurus Rex skeleton; 1.3 million visitors• Art Institute – 1.8 million visitors and one of the largest membership bases of any art museum in the U.S. (89,000 in 2009)• Museum of Science & Industry – 1.6 million visitors• Children’s Museum – 718,000 visitors in 2009
    • 37. Parks & Lakefront• 570 parks with 7,500+ acres of parkland (42 acres of parkland per resident)• 26 miles of lakefront, 15 miles and 31 beaches in the City alone• Millennium Park – a 25-acre park in the heart of downtown, attracting 4 million visitors annually• Lincoln Park – attracts 20 million visitors annually. Its zoo is the oldest public zoo (and one of the only free zoos) in the country, with an estimated annual attendance of 3 million• 5,200+ public marina boat slips in the City (+4,000 more in the larger metro region)
    • 38. Think BigChicago is a smart, dynamic city “Think Big” Chicagothat offers a quality of lifeunparalleled by any other majormetropolis, providing a communitywith world class amenities forbusinesses, residents, and visitors.“I am committed to creating an economicclimate in Chicago that attracts and retainsbusinesses and encourages growth andinvestment.” - Mayor Rahm Emanuel back to main
    • 39. Think Business. Think Chicago.