The World Business Chicago economic development group announced a renewed focus Wednesday on growth in all seven northeastern Illinois counties, not just the city itself, and brought together political and civic leaders to pledge their cooperation.
Michael Fassnacht, the organization’s president and chief executive officer, said the effort responds to issues business executives raise in discussions about opening or expanding facilities in the area. “Business leaders don’t think in terms of city or county lines,” Fassnacht said. “They want to know about the region” and factors like workforce development and quality of life, he said.
He said the campaign will aim to register 150 “pro-Chicagoland decisions” by private companies over the next three years. Fassnacht said an advisory board that includes city and suburban officials will oversee the campaign, vowing it will be “an efficient structure with no added expense or bureaucratic hurdles.”
The Chicago Metropolitan Area Economic Association group announcement at the Chicago History Museum included remarks by Mayor Lori Lightfoot, Cook County Board President Toni Preckwinkle, and Cook County Board President DuPage, Deborah Conroy.
Lightfoot said the composition of the group bodes well for the campaign’s success. “Women get sh*t,” he said to applause from a crowd that included representatives from other suburban counties.
“This is a great and momentous occasion for all of us,” Lightfoot said, noting that suburban development interests have been calling for a greater regional partnership. “There have been previous attempts to do this, and I am proud to lead an administration that finally wholeheartedly embraces regionalism and, most importantly, delivers on this promise.”
World Business Chicago was founded in 1999, originally with a regional focus. But experts said it became more city-oriented over the years, especially under former mayor Rahm Emanuel.
Fassnacht said the new arrangement will bring the WBC about $1 million a year in new funding from counties to scale services. He said most of the group’s $8 million-plus budget comes from corporate donations and less than 20% comes from the City Council.
He said an increase in the size of the WBC board brought additional corporate support.
Others involved in the initiative include the Chicago Metropolitan Planning Agency, which examines issues related to growth and collects data on the area, and the Chicago Community Trust.
Michael Fassnacht, president and CEO of World Business Chicago, speaks at the launch of the Greater Chicagoland Economic Partnership on Wednesday.
