Q4 2015 Economic Developments Newsletter

The Lake County Partners Quarterly E-Newsletter: December 2015

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Click here to see the economic indicator charts from the December 2015 newsletter.

 

Lake County’s Economy is Growing with Competitive Weekly Wages and Employment Figures Above Neighboring Counties

In 2015, the local economy continued to grow. This year, the top office and industrial leases in the county resulted in the absorption of 1.6 million sq. ft. of space. In addition, nearly 1.5 million sq. ft. of new industrial/flex space is currently under construction, which will enable Lake County and its communities to further accommodate thriving businesses in the manufacturing industry.

With the support of our investors, Lake County Partners made great strides this year to advance many of the objectives recommended by the Comprehensive Economic Development Strategy (CEDS) related to workforce development, coordination and marketing. We accelerated our Business Outreach Program, expanded our municipal investor services, developed the Leadership Lake County initiative and promoted the local news and events that perfectly illustrate the “Lake County Promise”—our tagline for those strong community assets that Lake County can be counted on to deliver to employers and employees. More can be found in this edition of Economic Developments.

You can find plans for the future and an overview of the many positive stories, partnerships and programs which showcased business success at the local level on our Facebook, Twitter, and Linked In pages.
 

Lake County Partners Can Help Your Business with Workforce Recruiting, Relocation, and Growth as Part of our Business Outreach Program

Need help positioning your company to grow in Lake County? Reach out to us for an in-person Business Outreach appointment. In recent months, we have accelerated our business outreach to ensure that existing local businesses are positioned to grow and expand in Lake County. We have met with senior leadership at over 100 local businesses in the manufacturing, professional services, Bio Pharma and healthcare industries over the past 15 months to discuss Lake County’s business climate, issues and opportunities. Through these conversations, our staff continues to identify emerging trends. 

Over 50 percent of the businesses that we have met with report that they are considering expanding within Lake County. We are able to use our internal resources to assist in identifying spaces available for lease and/or sale in Lake County. Once a business identifies the buildings/properties that it may be interested in, we facilitate connections with local municipal representatives to explore opportunities and discuss regulations that may impact development at the local level.

Businesses have also identified workforce recruiting challenges, particularly for positions involving skilled or low-skill production, entry-level professional services, engineering and information technology. We are actively working with local partners to grow the Lake County’s Workforce Development Ecosystem and quickly address these needs. We have utilized our network to make over 50 connections between businesses and workforce development agencies and organizations including the Lake County Workforce Development Department, the Illinois Manufacturing Excellence Center, the College of Lake County, and the Illinois Department of Commerce and Economic Opportunity.

To discuss opportunities for recruiting and training your workforce, expanding your facilities or growing your business in other ways, contact Kevin Considine, Managing Director, at kconsidine@lakecountypartners.com or 847-597-1226, or submit your request online
 

Leadership Lake County Working to Attract Millennials and Young Professionals

To advance the initiative that was launched in 2014, the Leadership Lake County steering committee researched information on Lake County’s demographics, young professional-oriented programs and organizations, and other resources that could support Leadership Lake County’s objectives. To supplement the collected data, the steering committee spent the second half of this year on outreach efforts to gain insight, leading focus group discussions with young professionals and polling human resource professionals via online survey at companies throughout Lake County. 

Moving into 2016, the steering committee will aggregate the feedback and use it to identify the existing conditions and future needs of businesses in Lake County as well as the “wants” and “needs” of the young professionals inside and out of Lake County that may serve as the labor force for local key industries. The group will share findings with community and business stakeholders and use the information to shape long-term objectives for the initiative.

In partnership with its economic development investors, Lake County Partners launched Leadership Lake County in 2014 to attract and retain young professionals, aged 22-39, in Lake County. The initiative is overseen by a steering committee of young professionals from prominent businesses located throughout Lake County, and the group has been meeting over the course of this year to better understand Lake County’s business climate and young professionals’ role in our local economy. 

To learn more about the Leadership Lake County initiative, please contact Economic Development Manager Barbara Prusila at bprusila@lakecountypartners.com or 847-597-1230. To remain up to date on the steering committee’s activities and research, follow along on the Leadership Lake County Facebook page and Twitter account
 

Lake County-based Flex Recognized by the Alliance for Illinois Manufacturing 

On October 7, the Alliance for Illinois Manufacturing (AIM), a Chicago Metro Metal Consortium partner, held its annual regional manufacturing awards dinner to celebrate the tremendous impact that the industry has had on Illinois’ local economy. Governor Bruce Rauner kicked-off the event to specifically recognize the accomplishments of several manufacturers in the region, including Buffalo Grove-based Flex

When seeking a U.S.-based location to invest $150 million and create 300+ jobs, Flex chose Lake County. Flex International Ltd. (formerly known as Flextronics) has 100 facilities located in 30 countries and four continents. The company designs, builds, ships and services innovative packaged consumer electronics and industrial products for original equipment manufacturers (OEMs). Program members include technology suppliers, startups, software/application providers, research labs/institutes and universities. 
 

Municipal Investors: Join Us on March 17, June 22, September 14, and December 7, 2016 for Our Quarterly Municipal Economic Development Advisory Group Meetings

Please mark your calendar and plan to join us at the University Center in Grayslake from 11:30 a.m. – 1 p.m. on March 17th, June 22nd, September 14th and December 7th, 2016. In 2015, Lake County Partners sought to expand on the services that the organization offers to municipal investors. Quarterly Municipal Economic Development Advisory Group meetings were hosted to provide municipal staff with information on topics of interest that can assist them with their economic development efforts. Based on the positive feedback received, we will continue to hold these meetings for our municipal investors in 2016. Event details, agendas and RSVP requests will be sent by email to municipal contacts prior to each meeting. If you have questions regarding the meeting series or ideas for future agenda items, please contact Economic Development Manager Barbara Prusila at bprusila@lakecountypartners.com or 847-597-1230.

LCP Promotes Lake County Municipalities at the ICSC Chicago Deal Making Show

Lake County Partners hosted an informational booth at the International Council of Shopping Centers (ICSC) Chicago Deal Making Show held at Navy Pier in October. This show provides a forum for attendees to network with retailers and brokers, and it is widely attended by municipalities looking to discuss specific economic development opportunities in their communities.

This year, we worked with staff from eight Lake County municipalities to host a booth, raise awareness of the Lake County Promise and market each of the communities in attendance. We promoted participating communities in advance of the show through a variety of channels including: a targeted email to retail brokers, a new webpage on Lake County Partners’ website featuring information sheets on each of the participating municipalities, and a “social media week takeover” that highlighted municipal features, demographics and properties that may be of interest to those attending the show. If you’re interested in participating next year, email Barbara Prusila at bprusila@lakecountypartners.com.

Promote Your Economic Development Story in our 2016 E-Newsletters

Next year, Lake County Partners will showcase local economic development stories in Lake County municipalities through a “Municipal Spotlight” feature in each of our quarterly e-newsletters. If you would like to see your community’s achievements highlighted in a future edition of Economic Developments, please contact Economic Development Manager Barbara Prusila at bprusila@lakecountypartners.com or 847-597-1230.
 

Richard Korengold, Mesirow Financial’s Senior Managing Director, Named New Vice Chair of the Lake County Board of Governors

We are pleased to announce that Richard Korengold, Mesirow Financial’s Senior Managing Director, Investment Advisory, will serve as the Vice Chair of the Board of Governors. Richard has served on the Lake County Board of Governors since 2013 and on the Operations Committee since the beginning of 2015, and he brings passion and extensive knowledge of the financial services industry to his new role as Vice Chair. We would also like to welcome the following new members to our Board of Governors: Darade Collins, Janet Deatherage, Frank Deuel and Kelly Waters.  

Darade Collins, the Manager of Community Relations and Economic Development at Nicor Gas, has more than a decade of utility experience, strong working relationships with local stakeholders, and an interest in philanthropy that enables him to personally and professionally assist communities in Lake County with their development needs.

Janet Deatherage, the Executive Director of the Office of Corporate Engagement at Loyola University Chicago, serves as the primary point of contact for the university’s new and existing corporate partners and excels at building comprehensive relationships with corporations, businesses and non-profit organizations. 

Frank Deuel, the Senior Manager of Government Affairs at Comcast Cable, is a 34-year veteran of the cable/broadband industry and currently serves the North and Northwest areas of the greater Chicago region, where he is responsible for outreach to over 60 communities and their respective legislative districts, customer bases and municipal organizations.

Kelly Waters is the President of Power Up Now, a consortium of individuals and organizations in Northeastern Illinois’ electrical industry. Kelly is the creator of the GAP model of economic growth and business expansion, which focuses highly specialized resources to help grow young companies, attract external investment and prepare companies and communities for the impacts of growth and expansion.

Lake County Partners benefits from the leadership of a Board of Governors that represents a diverse group of professionals from businesses and organizations throughout the county. To learn more about how your company can invest in Lake County Partners, benefit from our services and support our efforts to enhance the business climate in Lake County, submit your interest online
 

Illinois Route 53/120: Lake County Board Chairman Aaron Lawlor and Lake County Transportation Alliance Executive Director Steve Park Discuss the Proposal to Expand Route 53

The Illinois Route 53/120 project is proposed as a means of constructing a multi-modal transportation system that will address congestion issues and provide greater connectivity in Lake County. To provide residents with important facts on the proposal at this critical juncture, Lake County Board Chairman Aaron Lawlor and Lake County Transportation Alliance Executive Director Steve Park recently met and discussed the proposal and planning process in this informative video. To learn more about the proposed Illinois Route 53/120 project, visit the website at www.buildroute53.com. You can stay up-to-date on the project by following Build Route 53 on Facebook and Twitter.
 

 

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