Chicago and area counties launch economic development partnership
3 min read
Leaders from Chicago, Cook County, and six neighboring counties supported by key business and civic organizations formed a first-time regional partnership to promote economic development strategies as they look to further their economic recovery from the COVID-19 pandemic.
The Chicago region has lacked unity among government leaders on planning and economic development outside of public transit, which is managed by the Regional Transportation Authority of Illinois.
City-suburb conflicts on issues such as airport and highway expansions, gambling and competitions for corporate headquarters have driven some of the divide.
The Greater Chicagoland Economic Partnership said it would focus on “promoting the region’s many assets, including extensive freight infrastructure, diverse talent, strong exporting industries, and world-class institutions of innovation, research, and culture to develop a competitive global identity.”
The city of Chicago’s public?private economic development agency, World Business Chicago, is tasked with coordinating the group’s efforts and balancing public and private interests.
“From its central location to industry strengths, this region is positioned for significant growth and continued emerging business driven by tech and innovation,” Chicago Mayor Lori Lightfoot said at a news conference Wednesday unveiling the partnership, which builds on recommendations in the Chicago Recovery Task Force report. She also chairs the World Business Chicago board.
The various partners will fund the effort with an initial $1 million for the first of a three-year pilot program.
The group includes Cook County Board President Toni Preckwinkle, who lost to Lightfoot in the 2019 mayoral campaign, and leaders of DuPage, Kane, Kendall, Lake, McHenry and Will counties along with county development arms with the support of local business groups, civic groups and the Chicago Metropolitan Agency for Planning, the regional planning agency established by state legislation in 2005.
A primary aim of the partnership is to attract business and jobs to the region. While the city boasts of landing new corporate headquarters, recent big-name departures such as Citadel attract headlines and are a drag on the buy side’s view of the city and its ability to maintain and expand its tax base.
“If we want to truly thrive, a strong regional economic development effort is essential,” said former DuPage County Chair Dan Cronin, who had long pressed for such a partnership. “The Greater Chicagoland Economic Partnership will provide a critical component, showcasing the Chicagoland area’s many advantages for businesses considering a new location in our region.”
The metropolitan planning agency spearheaded the effort to form the group at the behest of local leaders two years ago with the aid of a grant from The Chicago Community Trust, and it partnered with the Brookings Institution to craft a blueprint for its principles and expectations that include a focus on inclusion goals.
The group will also work together to pursue state and federal funding, improve information sharing, and develop models for pursuing economic projects and investment opportunities.
“The pandemic placed a new focus on our need to work together,” said Erin Aleman, the planning organization’s executive director. “The events of the past three years have only reinforced the importance of taking a regional approach to reach beyond a full recovery.”
“I’ve been pushing for this for over a decade,” Jim Reynolds, chief executive officer of the investment bank Loop Capital Markets, said at the news conference. He is a World business Chicago board member and chairs the Chicago Community Trust board.
“What we did today is going to unleash a significant amount of global investment activity in this state,” Reynolds said.
