Lake County, Illinois’ reputation as an economic powerhouse is well-earned, as vividly detailed in our new 2024 Annual Report. This comprehensive report doesn’t just chronicle a year; it paints a compelling picture of strategic growth, unprecedented investment, and a collaborative spirit that is setting a new benchmark for economic development nationwide.
The accolades speak for themselves: Lake County has been recognized by Site Selection Magazine as one of the top 10 counties in the entire United States for economic development, while LCP itself has earned distinction as a top partner by the Illinois Manufacturers’ Association and IMEC. These achievements are not merely statistics – they are testaments to a concerted effort to foster an environment ripe for business success and community prosperity.
At the heart of Lake County’s economic surge are monumental investments and the creation of thousands of new job opportunities. Our 2024 Annual Report proudly highlights several pivotal projects that underscore this growth. Leading the charge is T5 Datacenters, whose staggering $2.25 billion investment represents a significant vote of confidence in Lake County’s infrastructure and future potential. This undertaking alone is poised to inject substantial capital and create a ripple effect across the local economy.
Beyond this project, the report details other crucial developments, including Ymer Technologies’ strategic relocation to Lake County from Texas, a move that brings new innovative capabilities and high-tech employment to the region.
In 2024, existing businesses also demonstrated their commitment to Lake County through significant expansions. Sysmex America, a global leader in clinical diagnostics, announced it would broadened its footprint, signifying continued growth in the healthcare and life sciences sector. Similarly, Polar Wire, ZF Services, and AZ Polymers have also announced expansions, reflecting the diverse and robust industrial landscape thriving within Lake County.
These expansions not only reinforce the stability of the local economy but also generate additional employment opportunities for residents. As the annual report illustrates, the bedrock of Lake County’s economic strength lies in a diverse portfolio of private and public companies that serve as the county’s economic base in key industries like life science, advanced manufacturing, healthcare and professional and technical services.
A forward-thinking approach to talent development is a cornerstone of Lake County’s long-term economic strategy, with a particular emphasis on investments in education. The annual report shines a spotlight on the collaborative efforts to cultivate a skilled workforce, particularly in high-demand fields such as STEM, manufacturing, and healthcare. Educational institutions within the county are playing a vital role in this endeavor.
Rosalind Franklin University of Medicine and Science, a premier institution for health sciences, continues to be a hub for medical innovation and talent, producing graduates who contribute directly to the burgeoning healthcare industry in Lake County. The College of Lake County, a comprehensive community college, is another critical partner, offering programs and certifications tailored to meet the evolving needs of local industries. Likewise, at the Lake County Tech Campus, the impact could be felt, with the school celebrating the enrolment of 2,300+ students, many of whom engaged with local employers to explore the exciting career opportunities available in Lake County.
By investing in these educational pathways, Lake County is ensuring a steady supply of skilled professionals, making it an attractive location for businesses seeking a talented and prepared workforce. This proactive approach to workforce development creates a virtuous cycle, where educational excellence fuels economic growth, which in turn attracts and retains top-tier talent.
Beyond investments and talent development, Lake County’s strong spirit of collaboration and community-building is an essential driver of economic success. Lake County Partners has distinguished itself as a master convenor, bringing together diverse stakeholders to foster a shared vision for the region’s future. Events like the highly anticipated “Big Event” and “Invested Together” event serve as prime examples of LCP’s ability to unite business leaders, policymakers, and community members. These gatherings facilitate invaluable networking opportunities, spark innovative ideas, and strengthen the bonds that are crucial for collective progress.
By working hand-in-hand with various organizations and individuals, LCP ensures that economic growth benefits all segments of the community. This collaborative ecosystem is a significant differentiator for Lake County, creating a supportive environment where businesses can thrive and individuals can find meaningful opportunities.