Chicago area ranks No. 1 — again — for business relocations, expansion
Yankees? Celtics? Jordan-era Bulls? Step aside, all. For the 10th straight year, the Chicago area is No. 1, not in a mere sport, but in the standings of Site Selection magazine.
Among large metro areas in the U.S., the Chicago region in 2022 again recorded the most business relocations and expansions, the publication said.
The honors from Site Selection have for years given civic boosters a rejoinder against critics who argue that crime and taxes are combining to push companies out of the region and state. Many point to the departures of big employers such as Caterpillar and Citadel as examples. Boeing also is frequently cited, although its headquarters move from Chicago involved few jobs being shifted.
“I guess data can belie the perception,” said Adam Bruns, the magazine’s managing editor. “Highprofile departures can sometimes overshadow the arrivals.”
He said Cook and its nearby counties are reaping the benefits of location in the center of the country and access to a deep labor pool.
Bruns also said Chicago has enjoyed “good sustainable momentum in a number of economic sectors,” including technology, life sciences and data centers. The region’s leaders, he said, are cooperating to meet challenges with “creative solutions, bold programs and the sort of candor and openness that’s almost Chicago’s brand.”
For 2022, Site Selection counted a record 448 business relocations or expansions in the Chicago-Naperville-Elgin metro area, which takes in southeast Wisconsin and Northwest Indiana. It finished ahead of the Dallas-Fort Worth area, which had 426 projects to rank second among metros with a population of more than 1 million people.
The Houston, New York and Los Angeles areas rounded out the top five in the rankings, finishing well behind Chicago and Dallas.
Bruns said the magazine counts projects that meet any of three criteria: an investment of at least $1 million; at least 20 new jobs; or at least 20,000 square feet of additional space.
In 2022, Mars Wrigley, Kellogg, Google, BMO and Lion Electric were among the businesses that completed or announced substantial investments in the region.
To celebrate the latest Site Selection win, the economic development group World Business Chicago was scheduled to hold an event Wednesday at an industrial development called The Terminal in West Humboldt Park. In January, the group announced a renewed focus on growth across the city and suburbs.
WBC also is releasing its yearin-review for 2022, reporting that the area’s gross regional product, a measure of total economic output, increased by 3.1%. Its report said job growth was a modest 0.5%, with the region coming close to prepandemic levels of employment. It said job growth was strongest in hospitality, administrative services, transportation and logistics.
Michael Fassnacht, president and CEO of WBC, said business and government leaders are “promoting the Chicagoland region as a dynamic and welcoming place for businesses to succeed. We remain steadfast in our commitment to driving sustainable growth by advancing our vision for a more inclusive and prosperous Chicagoland region.”