Chicago Rolls Out Campaign to Lure Employers After Citadel, Boeing Exits

Chicago Mayor Lori Lightfoot, Cook County Board President Toni Preckwinkle and several other county leaders announced a plan to promote the region over the next three years, and to commit $1 million in ad campaign monies in 2023. The marketing campaign will promote Chicago and its metropolitan area’s extensive rail connections, diverse talent and world-class research institutions to boost the region’s competitiveness.

The game plan is being launched after Chicago and its suburbs were dealt blows last year by the departure of large corporations including hedge fund Citadel, plane maker Boeing Co. and machinery giant Caterpillar Inc. The commitment may also help Lightfoot as she seeks closer ties with the businesses ahead of her re-election bid next month.

“Business leaders who make expansion or relocation decisions for their corporations are not thinking about artificial city or county limits, they are considering economic strength, the talent pool and the quality of life of a whole region,” Michael Fassnacht, the city’s chief marketing officer and head of World Business Chicago, said at a press conference Wednesday. “We want companies from England, Israel, all over the world coming here and investing.”

Like other major US cities, Chicago is dealing with rising crime in the wake of the global pandemic as well. McDonald’s Corp. Chief Executive Officer Chris Kempczinski said last year that the increase in violence was making it harder to lure executives to the Windy City. Still, Chicago says 159 companies expanded, relocated or moved to the city last year.

The county-wide partnership will target another 150 company expansions or relocations over the next three years. It will also involve expanding World Business Chicago’s innovation and venture programming by hosting 20% of the area’s events outside the city. It also puts an end to the competition within the region, with Chicago in the past working to lure companies from the suburbs to the city.

Former Mayor Rahm Emanuel touted his achievement of luring McDonald’s back to the city, while Mondelez International Inc., the maker of Oreo cookies, moved to Chicago from Deerfield during Lightfoot’s term.

In the past, Chicago would be proud to announce that “a company that was headquartered in DuPage County is now in the city of Chicago,” Preckwinkle said in an interview. “Well, that’s not expanding the pie, that’s just moving pieces around the checkerboard. The whole idea is we’ve got to work together to expand the pie.”

No details on what kind of tax breaks will be offered to said companies, as this is always part of the bargaining process as cities and states compete against each other for high-profile corporate clients.