The Chicago metropolitan area has been recognized as the leading U.S. location for corporate relocations and site selection for the thirteenth consecutive year, according to a report released by Site Selection Magazine. This accolade was announced on October 23, 2023, by the World Business Council, highlighting the city’s robust economic growth and favorable business environment.
In the previous year, World Business Chicago, the city’s nonprofit economic development agency, documented 223 corporate expansions and new projects within the region. This represents a significant increase of 40% from the previous year, translating to approximately $1.7 billion in annual earnings and the creation of about 19,600 jobs. The projects encompass a variety of sectors, including office space, industrial facilities, corporate headquarters, warehouses, data centers, and call centers, with some projects already underway and others slated to open in 2025, 2026, and beyond.
Economic Development Highlights
Chicago’s Mayor Brandon Johnson emphasized the city’s industrial capabilities, modern infrastructure, and skilled workforce as key factors attracting companies. In a news release, he mentioned prominent projects such as Universal Horror Unleashed, Hexaware Technologies, and The Hand and The Eye, a collaboration between David Byrne and The Goodman Theatre.
The CEO of World Business Chicago, Phil Clement, pointed to the organization’s long-term strategy, titled Chicago 2050: A Plan for Economic Growth and Jobs. This plan aims to increase the regional economy from approximately $950 billion today to over $1.4 trillion by the year 2050.
Recent developments include the opening of a new office by Hexaware Technologies in the Loop at 145 S. Wells St., with an anticipated workforce expansion of 250 employees over the next five years. Additionally, Amazon is set to launch a fulfillment center in Bolingbrook, which is projected to create around 1,200 jobs upon opening later this year.
Another notable project is the $185 million Hollywood Casino Joliet, which opened last summer. Fortune Brands Innovations, a provider of security and digital products, is also expanding in Deerfield, with plans to generate at least 400 full-time jobs by 2027.
Sector Growth and Future Prospects
Among the over 200 projects announced in the past year, manufacturing emerged as the largest sector, accounting for 38% of the total. This was followed by professional, scientific, and technical services at 16%, indicating a strong focus on engineering, technology, and innovation. Transportation and warehousing made up 13%, while finance and insurance represented 6% of the projects.
Clement noted the structural advantages that position Chicago as a preferred choice for businesses. “Chicago wins because of structural advantages — central geography at the heart of North American trade, the busiest multimodal freight network in the country, unmatched global connectivity through O’Hare, and a 5.5 million-person workforce that spans advanced research to essential operations,” he stated in a press release.
As the city continues to attract new investments and expand its existing businesses, the outlook for Chicago’s economic development remains strong, reinforcing its status as a vital hub for corporate relocations and growth.
