Author: Lake County Partners

When the Greater Chicagoland Economic Development Partnership (GCEP) was established at the beginning of the year, Lake County joined the City of Chicago, Cook County and five other counties across metropolitan Chicago in a united effort, led by World Business Chicago, to take business attraction to the next level on the global stage.

By all measures, the group effort is paying off. In leveraging the region’s incredible competitive advantages—an abundant talent pool, 2nd largest concentration of Fortune 500 headquarters in the country, major growth capital investments, thriving economic sectors, renowned institutions, interconnected transportation and more—GCEP has already has a number of economic development wins under its belt.

“The GCEP asset report and map showcase the unparalleled vitality of the greater Chicagoland region,” said Michael Fassnacht, President & CEO of World Business Chicago. “As the GCEP comprises the city and seven counties, this report provides a unique view of the economic strengths. For site selectors, TV and film scouts, and business leaders eyeing expansion, the report offers the insights needed to make a strong and compelling business case as to why Chicagoland. This is also a must read for residents and local businesses interested in knowing more about our diverse economy, strategic location, and commitment to equitable growth.”

The new report illuminates the strategic and economic strengths that define the Chicagoland region as a nexus for business and innovation, and it has already become an essential resource for site selectors, executives, and entrepreneurs alike. It is broken down into 8 easily-accessible categories, which are underpinned by a few overarching themes:

• SIZE — Chicagoland is the nation’s third largest economy and is among the top 20 global economies; in fact, its economy is larger than most nations. The Chicago region offers more supply on a scale unmatched by growing or other low-cost areas. Businesses have access to a larger labor pool, customer base, and supply chain than elsewhere in the U.S.
  
  
• DIVERSITY — Unlike other metro areas with strong industry dominance, like tech in the Bay Area or life sciences in Boston, Chicagoland offers the most diverse economy in the U.S. This diversity provides a cushion against economic shocks as businesses and workers can transition more readily to alternative sectors during challenging times. It also enhances the region’s competitiveness on a global scale, positioning Chicagoland to capitalize on global market trends and shifts in demand.
  
  
• INDUSTRY — The Chicago region is the most diverse manufacturing ecosystem in the U.S. — of the 21 manufacturing sub-sectors, Chicago is ranked among the top five of 13, and is among the top 10 of 16. This diversity not only enhances the quality of products and processes but also makes the region a hub for innovation, attracting investment and talent. Moreover, a diverse manufacturing sector is better equipped to adapt to changing market dynamics, reducing vulnerability to economic fluctuations and contributing to the region’s long-term stability and prosperity.
  
  
• INNOVATION — Chicagoland’s tech ecosystem is characterized by a blend of established industries, startups, and research institutions that contribute to its unique identity. The diverse economy provides startups with ample opportunities for collaboration and partnerships, and prestigious universities and research institutions foster a rich environment for technology innovation.
  
  
• RESILIENCE — Chicagoland is poised to weather adverse conditions — physically and economically. Chicagoland has the right combination of diversification, adaptability, environmental policy, and supportive social systems that contribute to an economy’s resilience.
  
  
• COST — Chicagoland has more affordable real estate and cost of living, especially compared to the coasts and similarly-sized, globally-connected metro areas. Businesses have access to a world class ecosystem, at the cost of a tertiary market.

“Lake County Partners appreciated the opportunity to team up with our GCEP partners to produce this fantastic assessment of Chicagoland’s many assets,” stated Bethany Williams, Lake County Partners’ Director of Strategy and Intelligence. “The document reflects our collective goal to provide tailored insights, show off the region’s vibrant economy, foster strategic decision-making, and nurture innovative endeavors. The same unique set of assets that originally put Chicagoland on the map endure and grow stronger with time, inviting future growth and prosperity.”

Review the new GCEP Asset Report & Map here, and connect with us here so we can walk you through the many reasons why Lake County, Illinois is the right location for your next business move.

RealWheels Corporation joined local leaders and officials together today in celebration of the advanced manufacturing company’s expansion at 3905 Route 173 in Zion, Illinois. RealWheels recently completed the move-in, following its renovation of the 65,000 sq. ft. facility to accommodate continued growth and new product development.

What initially started as a DIY wheel cover project by Founder and President Jan Polka has developed into a thriving business with over a dozen U.S. patents, offering hundreds of products to customers around the world.

“As a former owner/operator of my own Kenworth truck and gravel trailer, I always looked for opportunities to make my vehicle stand out. The cast-spoke wheels weren’t attractive, and I wanted to find a way to dress them up,” said Polka. “I began fabricating my own wheel covers out of my home garage. I got them chrome plated, and they looked great. Other drivers started asking me where they could get them. In response to demand, my wife Sherri and I began manufacturing and marketing wheel covers at night from our home in Lake County. Sherri came up with the name “RealWheels.” I realized that there was nothing like them on the market, and so I applied for and received my first patent. From there, we moved the operation to a 2,500 sq. ft. industrial building and began the first of many expansions. Today, we employ 60 people, and 99% of our products are proudly made in the United States. Lake County has been instrumental to our success. In deciding where to grow, we wanted to stay true to our roots. Zion is the perfect place for our next stage of growth.”

“RealWheels is a true homegrown success story,” said City of Zion Mayor Bill McKinney. “The company’s investment will benefit our community by creating new jobs, providing opportunities for future growth, reactivating the site, and advancing our goal of developing the major intersection at Route 173 and Kenosha Road. It was rewarding to collaborate with our partners at the state of Illinois and Lake County Partners to make this deal happen.”

RealWheels leveraged TIF, EDGE and Enterprise Zone incentives to finance the project.

“The State of Illinois remains committed to supporting new and expanding businesses that will contribute to our world-class workforce, infrastructure, and economy across the state,” said DCEO Director Kristin Richards. “By offering competitive incentive packages, the State is giving homegrown companies like RealWheels the resources and opportunities needed to continue to grow and invest in Illinois.”

“RealWheels’ investment builds on the company’s decades-long contribution to Lake County’s rich tradition of manufacturing—a $20 billion industry and the largest contributor to our gross regional product,” noted Lake County Board Chair Sandy Hart. “One out of every six local jobs is in advanced manufacturing, which is more than any other private sector industry. The success is a result of Lake County’s spirit of collaboration, workforce strength and strategic business support. We are honored that RealWheels has once again chosen to grow here.”

“RealWheels is an important name on an impressive roster of businesses that call Lake County home,” said Steve Madden, the Chair of Lake County Partners’ Board of Governors and CEO of Libertyville Bank & Trust. “The company joins other manufacturing leaders like Carlson Labs, Roncadin Pizza, Henry Broch Foods, Diversified Food Services Supply, Encore Packaging and NorthStar Pickles that are planning to expand in Lake County this year. In fact, over the past 8 months alone, Lake County Partners’ business development work has resulted in nearly 700 new jobs, over 500 retained jobs and a whopping $316 million in direct investment—much of it in manufacturing. Based on our outreach, we expect the upward trajectory to continue.”

We continue to say it, but it really bears repeating. As measured by job growth and investment, the last five years have been one of the best runs in the county’s history.

Lake County Partners’ wins have really stacked up this year. In the past 8 months alone, our business development work has generated over $316 million in direct investment—the highest amount since we began tracking in 2019.

Incredibly, since 2019, Lake County Partners’ work has resulted in 4,340 new jobs, 4,738 retained jobs and $933 million in direct capital investment.

With plenty of projects in the pipeline, particularly in key industries like life science and manufacturing, sustainability and energy, we forecast a continued upward trajectory. Expect to see us at many more groundbreakings and ribbon cuttings in the months to come.

Along with the success has come the accolades. This summer, CNBC ranked Illinois among the top in the nation for business. CNBC followed in the footsteps of Site Selection Magazine, which named Illinois 2nd in the nation for corporate projects, and Chicagoland the top metro for the 10th consecutive year. This is important, because these data-based acts run counter to the headlines we frequently read.

In fact just a few weeks ago, U.S. News and World Report recognized our schools as being among the best in the nation. The local headlines might as well have been plucked from our promotional material—“Best High Schools in the U.S.: Lake County Schools Lead the Way in Illinois.”

Education truly sets Lake County apart. Our schools are highly skilled at training the next generation of talent, and preparing our students for success. For some, that might mean helping them go on to college. For others, it means creating bold new career pathways.

Lake County has emerged as a leader in Career and Technical Education, putting us at the forefront in Illinois and the nation. We recently conducted a survey of 18 local high schools and found that there are nearly 15,000 high school students participating in Career and Technical Education in fields like manufacturing, healthcare and IT, including over 8,000 in manufacturing. These students are being equipped with the in-demand skills that they need to flourish in the workplace, and they are graduating from high school ready to support themselves and the broader economy.

Lake County schools are stronger because they have support from corporate citizens like AbbVie—the company helped fund the new Neal Math and Science Academy in North Chicago, which opened at the end of last year. This summer, Abbott, Horizon, and the Steans Family Foundation joined iBIO in producing a STEMGirls Camp to encourage 118 local grade-school girls to explore science, technology, engineering and math in Waukegan. These are just a few recent examples of the public-private partnerships that fortify Lake County’s workforce pipeline and bolster key industries like life science.

Last month, Chicagoland ranked among the top 10 biopharma clusters in the U.S. according to Genetic Engineering & Biotechnology News. In fact, the industry’s success in the region spurred the Chan Zuckerberg Foundation to commit $250 million to boosting life science technology in Illinois. At the same time, we’ve seen huge grants awarded to researchers at Rosalind Franklin University to advance cutting-edge medicine.

We can’t applaud our educational systems without acknowledging the huge role that higher education plays in our economy. The homegrown talent coming out of Rosalind Franklin, the College of Lake County and Lake Forest College is a game-changer for local employers, including our major health systems, which were recently ranked among the top in the state by U.S. News and World Report.

We have so much to leverage when it comes to business attraction, and we’re reaching new audiences thanks to the Greater Chicagoland Economic Partnership—formed through an alliance with our counterparts in the region. This summer, the partnership hit its 6-month mark, with plenty of wins under its belt already. This fall, we will be part of a delegation in Japan, where we will fortify our relationships with Japanese companies already in Lake County and create new connections and opportunities.

This year marks Lake County Partners’ 25th anniversary. It’s an incredible milestone, made possible through the support of a long list of investors and partners. We are proud of all that we have accomplished and excited for the future ahead. Most importantly, we stand at the ready to help businesses growth in Lake County, Illinois. Connect with us here if we can help.

Lake County Partners’ signature annual breakfast, aptly named “The Big Event,” once again brought together hundreds of business and civic leaders for a morning focused on continued collaboration and business growth. The morning will also marked the organization’s 25th anniversary of fueling economic development in Lake County, Illinois.

The Big Event specializes in providing insights on the latest tools and trends driving economic development, and this year’s program will zero in on performance. Keynote Speaker David Epstein, a New York Times best-selling author of the books Range: Why Generalists Triumph in a Specialized World, and The Sports Gene, will discuss his bold and challenging ideas on the most effective path to success, as inspired by his analysis of some of the greatest executives, scientists, artists and athletes in history.

Big Event attendees honored the tremendous accomplishments of Richard H. Korengold, the outgoing Lake County Partners Board of Governors Chair and Senior Managing Director at Mesirow Wealth Management.

“Under Richard’s direction and vision, Lake County Partners has flourished as the go-to economic development organization in the northern suburbs. His leadership has defined our organization, and we are so grateful for the time and energy that he has put into his position,” noted Steve Madden, the incoming Board of Governors Chair and CEO of Libertyville Bank & Trust Company, N.A. “As measured by job growth and investment, the last four years have been one of the best runs in the county’s history. As the incoming Chair, I am committed to sustaining the forward momentum that will keep Lake County at the forefront of business growth and innovation.”

“Richard has championed the development and approval of the county’s new Comprehensive Economic Development Strategy (CEDS),” adds Lake County Board Chair Sandy Hart. “The CEDS is extremely important because it collaboratively aligns economic priorities across the region and creates an action‐oriented, five‐year economic development strategy that will enhance our communities and business climate. I am confident that the final CEDS product has set us up for success and will result in a better Lake County for generations to come.”

“Richard’s achievements, and the economic growth that we’re seeing in Lake County, are nothing short of extraordinary,” says Lake County Partners president and CEO Kevin Considine. “Our team is currently nurturing 22 new projects, with six wins already under our belt this year. In the last four months alone, we have welcomed a new PR company, food manufacturer, vitamin supplements manufacturer, frozen pizza manufacturer, food equipment manufacturer and an affordable senior housing project into the area, which has resulted in over $190 million in new capital expenditure, 666,000 sq. ft. of new and reactivated space, 493 new jobs and 450 retained jobs. We expect that trajectory to continue through the back half of the year. All told, since 2019, Lake County Partners has been directly involved in projects that have resulted in 4,155 new jobs, 4,677 retained jobs and $807 million in direct investment. I am very proud of what we have accomplished with the support of our partners and Lake County Partners’ Board of Governors.”

“It has been my pleasure to work directly with local leaders to enhance the economy, grow business and make sure that we are positioned for future prosperity,” responded Korengold. “Lake County is in excellent shape. Over the last several years, our Gross Domestic Product has grown 9.6%, reaching $69.7 billion. The number of businesses in Lake County now exceeds pre-pandemic levels, and growth has been particularly prominent in our key industries of advanced manufacturing, life science, healthcare and professional and technical services. Economic projections indicate that more new jobs, increased consumer spending and growth capital investment, and continued state-of-the-art real estate construction are on the horizon. My tenure as Chair of the Board of Governors has been very rewarding, and I have appreciated the opportunity lay the foundation for another 25+ years of success at Lake County Partners.”

One company that has leveraged Lake County Partners’ resources to expand is Henry Broch Foods. At the Big Event, the company will be honored with the 2023 Community Investment Award for investing in its existing Waukegan headquarters by adding 160,000 sq. ft. of new production, robotic warehouse and distribution space. Not only is the company retaining 400 existing jobs, but it is adding an additional 150 new jobs in Lake County too. The project represents a capital investment of nearly $40 million.

“I am thrilled to accept the award on behalf of Henry Broch & Company,” said VP of Business Development Edan Antonetti. “From our headquarters in Lake County, Henry Broch Foods has established itself as one of the leading food manufacturers in the nation. Our success is the direct reflection of the work environment that we have created in Waukegan. People have been a game changer for us. In deciding to invest in more people and new space, we knew that we wouldn’t find better talent and support than what we have here in Lake County.”

The Big Event is made possible with generous support from the Lake County business community including Lake County, the College of Lake County, Old National Bank, the Hunter Family Foundation, Abbott, AbbVie, Comcast, Horizon Therapeutics, Innovation Park, the Gorter Family Foundation, 1818 Renewable Energy, a5 Branding & Digital, Advocate Condell Medical Center, Aston Carter, Bridge Development, BCI Acrylic, CBRE, Great Lakes Construction Association, Great Lakes Credit Union, Illinois Manufacturers’ Association, JP Morgan Chase, Libertyville Bank & Trust Company, N.A., Mesirow, Pace Suburban Bus VanGo, Rosalind Franklin University of Medicine and Science, UCC Environmental, The Upper Illinois River Valley Development Authority, Van Vlissingen and Co, Walgreens, Barbara’s Bookstore, Five Grain Events and World Business Chicago.