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City continues its winning streak

Thursday, Sep 12, 2019

* Press release…

Mayor Lori E. Lightfoot today announced that, for the seventh year in a row, Chicago leads the U.S. in foreign direct investment (FDI) according to the 2019 IBM Global Location Trends report. The annual report, which outlines the latest trends in corporate location selection, named Chicago the top North American metro in foreign direct investment projects.

“Chicago has proven itself as a leader in the global economy,” Mayor Lightfoot said. “This report demonstrates Chicago’s strength as a city where businesses from around the world want to locate and grow, creating jobs and economic opportunities across the city. We welcome their investment and look forward to their sustained impact on our city for years to come.”

Chicago ranks first in North America in foreign direct investment for the seventh year running in terms of the total number of FDI projects.

“Chicago has now ranked as the top city in North America for the number of significant foreign investment projects for seven consecutive years,” Roel Spee, Global Leader IBM-Plant Location International said. “Chicago has consistently performed as a prime global city for foreign direct investment.”

A hub of international business activity, Chicago is home to more than 1,800 foreign-based companies, accounting for more than $140 billion in foreign direct investment. World Business Chicago continuously works to increase foreign direct investment with initiatives including the Gateway Cities Agreement with the Chinese Ministry of Commerce, Global Cities Economic Partnership with Mexico City, Chicago-London City Data Alliance, and Tel Aviv-Yafo –Chicago Partnership. These efforts serve as a model to enhance economic ties with other countries and global cities to facilitate trade and foreign direct investment.

“Today’s announcement further demonstrates Chicago’s position as a global leader in foreign investment,” said Andrea Zopp, president and CEO of World Business Chicago. “By creating economic partnerships around the world and growing our international network, we ensure that Chicago leads on the global stage.”

The IBM Global Location Trends report shows where companies are locating, expanding, and creating jobs around the world. Projects must meet IBM criteria, including having created more than ten jobs, to qualify. The 2019 report, covering annual data for 2018, will be released by IBM on September 25th.

* Related…

* The real reason to cheer Uber’s move: This is why Uber Freight is coming here, and it’s good news for a city still struggling to find its place in a 21st-century economy defined by digitization.

* Judge on Lincoln Yards TIF: ‘A deal is a deal’: A pair of activist groups trying to block a $1.3 billion subsidy to help develop the North Side megaproject made their case [yesterday] in court, but a key argument met with skepticism.

* The world’s largest Starbucks will open soon in Chicago. Here’s when the Mag Mile gets its Reserve Roastery.

- Posted by Rich Miller        

  1. - Da Big Bad Wolf - Thursday, Sep 12, 19 @ 11:51 am:

    Sterling Bay sent away and tore down the many profitable businesses there so of course the area is blighted. Empty lots aren’t profitable. But they were at one time.

  2. - Bourbon Street - Thursday, Sep 12, 19 @ 11:54 am:

    Now wait just a doggone minute. I’ve been told throughout the past few years that businesses are fleeing Illinois due to our high taxes and that this Illinois Exodus is going to be the ruin of all of us who remain here. You mean that some political leaders have been fibbing to me? /s

  3. - Arron shocked - Thursday, Sep 12, 19 @ 12:12 pm:

    Highest foriegn investment, 3rd largest airport, 6th largest state, highest property tax in country, largest rail and intermodal hubs and they still cant pay the bills with a budget? If you cant make it work with those assets I dont what else you need.

  4. - Give Me A Break - Thursday, Sep 12, 19 @ 12:12 pm:

    How can this be? Their values are out-of-line with the Eastern Block.

  5. - Chicago Bars - Thursday, Sep 12, 19 @ 12:13 pm:

    Whatever the merits of Lincoln Yards I drove down Southport to Cortland to Marcey on my commute 2002-2010 and even back then the only industrial sctivity was Finkl & General Iron very heavy metal work that was already out of charachter with booming Clybourn retail corridor. Wasn’t Sterling Bay that shut down the Lakewood railroad spur over east of there early 2000s either.

    Manufacturing was losing that area way back in the 1980s. This is just the last chapter.—-there-goes-the-neighborhood/Content?oid=871157

  6. - Arron shocked - Thursday, Sep 12, 19 @ 12:14 pm:

    Sorry, 3rd largest city and busiest airport in country..Fat fingers

  7. - Rich Miller - Thursday, Sep 12, 19 @ 12:16 pm:

    ===and they still cant pay the bills with a budget? ===

    Years of mismanagement and intentional underfunding.

  8. - Arron shocked - Thursday, Sep 12, 19 @ 12:22 pm:

    ===and they still cant pay the bills with a budget? ===

    Years of mismanagement and intentional underfunding.

    Agreed but when do we stop rewarding people for mismanagement and intentional underfunding. As you said years of…yet we keep sending them same people back to office, keep falling for the same empty promises, and keep accepting it as business as usual.

  9. - City Zen - Thursday, Sep 12, 19 @ 12:23 pm:

    Meanwhile, down south…

    IBM report ranks Alabama No. 1 for jobs from 2018 foreign investment

  10. - Oswego Willy - Thursday, Sep 12, 19 @ 12:24 pm:

    ===Years of mismanagement and intentional underfunding.===

    The willful ways of administration(s) haven’t diminished the importance of Chicago in a global stage, and where Rauner wasn’t wrong was the need for accountability and then fiscal continuance towards those goals.

    Of course, that was a red herring, as the real intention was to hurt social services until labor was destroyed.

    With Chicago, to all that, is an important necessity to see the good here to try and find constitutional and realistic fiscal plans and policy towards that… while continuing these types of narratives… in concert with the governor, the legislature, and the city council.

    This is the type news is the positive a mayor would use to cobble support of others for a thought out plan… we’re still waiting.

  11. - Southern Illinois Mayor - Thursday, Sep 12, 19 @ 12:24 pm:

    Bailey looks at sky, shakes fist and screams.

  12. - Rich Miller - Thursday, Sep 12, 19 @ 12:29 pm:

    ===when do we stop rewarding people for mismanagement and intentional underfunding===

    Daley and Rahm retired.

  13. - Oswego Willy - Thursday, Sep 12, 19 @ 12:32 pm:

    ===Alabama No. 1 for jobs from 2018 foreign investment===

    With Mercedes Benz, for example, in Tuscaloosa, an investment in plants that build cars, that will be exported, I’m trying to understand your point, given Illinois’ at a 4.2%, just .2% higher than the national average, with Alabama at 3.3%

    Are you saying it’s better in Alabama, or we need to be Alabama… I’m confused.

  14. - Grandson of Man - Thursday, Sep 12, 19 @ 12:35 pm:

    Fantastic news and in line with Chicago metro being first perennially in Site Selection magazine. Say what one will politically about Chicago liberals, but they are not job killers against corporations. That’s a great thing. Diversity is very important to Chicago metro.

  15. - LakeCo - Thursday, Sep 12, 19 @ 12:38 pm:

    Great news for Chicago. The Eastern Bloc will miss it when it’s gone.

  16. - Grandson of Man - Thursday, Sep 12, 19 @ 1:01 pm:

    Alabama is what some right wingers want us to be, one of the lowest-income states. Chicagoans and their neighbors are proof that we don’t have to follow that path. Lower wages and fewer benefits are inherent in what certain people want Illinois and Chicago to become.

  17. - JS Mill - Thursday, Sep 12, 19 @ 1:23 pm:

    =IBM report ranks Alabama No. 1 for jobs from 2018 foreign investment=

    your self-loathing is noted.

  18. - Mary O’Nett - Thursday, Sep 12, 19 @ 1:26 pm:

    First Uber and now IBM: man, Rahm is having a helluva week.

  19. - Bill D - Thursday, Sep 12, 19 @ 2:01 pm:

    Thank You Rahm.

  20. - JuMP - Thursday, Sep 12, 19 @ 2:10 pm:

    “Mayor Lori E. Lightfoot today announced that, for the seventh year in a row, Chicago leads the U.S. in foreign direct investment (FDI) according to the 2019 IBM Global Location Trends report. The annual report, which outlines the latest trends in corporate location selection, named Chicago the top North American metro in foreign direct investment projects.” I wonder what the- KNOW nothing legislators who want to lop off Chicago from the State think?

  21. - City Zen - Thursday, Sep 12, 19 @ 3:59 pm:

    Full disclosure: I did not write IBM’s report.

    Looking at last year’s report, I find it impressive that Birmingham cracked the Top 20 on a list of metropolitan areas that includes London, Singapore, Shanghai, Dubai, Frankfurt. It’s the only other US city besides Chicago.

    Roll Tide.

  22. - A guy - Thursday, Sep 12, 19 @ 4:04 pm:

    This is more sexy than being sexy.

  23. - anon2 - Thursday, Sep 12, 19 @ 8:31 pm:

    If Chicago Democrats were as terrible as Republicans have been saying all these years, how does the GOP account for the City’s leadership in foreign investment, despite Madigan?

Sorry, comments for this post are now closed.

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