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World Business Chicago Annual Report 2010

This past year Aqua, the high-rise featured on the cover of this report, won the prestigious Emporis Award as the “best new skyscraper for design and functionality” in the world. Not only is the building visually stunning, but it also features the largest “green” roof in Chicago and is the tallest building in the world to have a woman (Jeanne Gang) as lead architect. This new architectural marvel is just one symbol of Chicago’s excellence on the world stage. We are a top city for business internationally, and continue to rank higher on indicators such as Global Financial Centres, Cities of Opportunity, and Global Cities Index, on which Chicago jumped from #8 to #6 as a leading global city this year.

These measures mean we are heading in the right direction. During the past year, we’ve found new ways to market Chicago’s business advantages with limited resources. We’ve relied on close relationships with our business and civic partners to collaborate and bring businesses to Chicago, despite the economic downturn. These collaborations have provided tremendously successful interactions with foreign business and government leaders, both here and abroad. We’ve hosted prestigious leaders in conjunction with the U.S. Saudi Opportunities Forum, Global Cities Forum, GreenBuild, Experience America, and more. We also traveled to the Shanghai World Expo to make Chicago top of mind for business and government leaders.

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World Business Chicago Annual Report 2010

  1. 1. Annual Report 2010
  2. 2. From the Chairman Dear Friends, As the end of my tenure as Mayor of Chicago approaches, one of the accomplishments of which I am extremely proud is the creation and success of World Business Chicago (WBC). This unique partnership brings together the public and private sectors to generate economic growth within the city and the region. Over the years, WBC has worked with world-renowned companies including Boeing, MillerCoors, Veolia Environment and ArcelorMittal Steel. Whether domestic or international, big or small, companieslooking to grow here receive the attention and information they need from World Business Chicago.Even in the toughest of economic times, companies are expanding to new cities and markets, andWorld Business Chicago continues to promote Chicago to the world – showing that we are open forbusiness.Year after year, WBC earns accolades for being one of the most innovative and effective economicdevelopment agencies. Now more than ever, it is important that this distinguished organizationcontinues to bridge the public and private sectors, highlighting Chicago as the ultimate globalbusiness destination.Thank you for your continued support.Richard M. DaleyMayor, City of ChicagoChairman of the Board, World Business Chicago
  3. 3. Executive Summary This past year Aqua, the high-rise featured on the cover of this report, won the prestigious Emporis Award as the “best new skyscraper for design and functionality” in the world. Not only is the building visually stunning, but it also features the largest “green” roof in Chicago and is the tallest building in the world to have a woman (Jeanne Gang) as lead architect. This new architectural marvel is just one symbol of Chicago’s excellence on the world stage. We are a top city for business internationally, and continue to rank higher on indicators such as Global Financial Centres, Cities of Opportunity, and Global Cities Index, on which Chicago jumped from #8 to #6 as a leading global city this year.These measures mean we are heading in the right direction. During the past year,we’ve found new ways to market Chicago’s business advantages with limitedresources. We’ve relied on close relationships with our business and civic partnersto collaborate and bring businesses to Chicago, despite the economic downturn.These collaborations have provided tremendously successful interactions with foreignbusiness and government leaders, both here and abroad. We’ve hosted prestigiousleaders in conjunction with the U.S. Saudi Opportunities Forum, Global Cities Forum,GreenBuild, Experience America, and more. We also traveled to the Shanghai WorldExpo to make Chicago top of mind for business and government leaders.Our board and the private sector serve as our biggest advocates in promoting Chicagoas a business destination, making our organization unique – and successful.
  4. 4. The city’s supportive government has also been a huge reason forsuccess. Since World Business Chicago’s creation nearly 11 years ago,the business community has worked closely with Mayor Richard M.Daley to lay the foundation for the ultimate global business destination.That foundation is strong. We are continually reminded of Chicago’sunrivaled attributes: its strong and diverse economy; central locationwith easy access to the world; leadership in a wide range of keyindustries; and quality of life that cannot be surpassed.We invite you to review our accomplishments over the past year in thepages ahead. And we look forward to working together to continue tobring companies—and jobs—to Chicago in 2011.Sincerely,Michael O’HalleranCo-Chairman of the Board of Directors, World Business ChicagoExecutive Chairman, Aon Benfield CorporationRita R. AthasPresident, World Business Chicago
  5. 5. Chicago isGrowingFirms that located or expandedin Chicago during 2010 4over | Accenture Global Technology Lab | Accretive Health | Allegiance Capital | Allianz Global Risks US Insurance (AGCS) | Ashley Ellis | Associated Foreign Exchange (AFEX) | Bank Leumi | Barnes & Thornburg | BiOWiSH | Brewer Investment Group | Berlin Packaging | CB2 | CORConcepts | C.R. England | CSC | CWCapital | Carr Workplaces | Cathay Pacific Cargo | Chicago Coating Company | Chicago Trading Company | Compushare | Coyote Logistics | DePaul University | Diana’s Bananas | Digital Aisle | DoWin Enterprises | Edward Jones | EnergyConnect Group | The Environmental Law & Policy Center (ELPC) | Fetch Logistics | The French Pastry School at City Colleges of Chicago | Getco | Goldwind | Groupon | The Growth Agents | Horwood Marcus & Berk | Houseal Lavigne Associates | The Internal Revenue Service | International Assets Holding Corp | JRM Technology | James
  6. 6. Hardie Industries | James McHugh Construction | Jigsaw | JohnMarshall Law School | Jump Trading | Juniper | K+S | KaplanHigher Education | Kaye Scholer | Littler Mendelson | Liza’sFurniture | Martinez Seafood and Produce | MIXIT | Munch’sSupply | Neutral Tandem | Nico Holdings | Odeon Capital GroupLLC | Ogletree Deakins Nash Smoak & Stewart | Old TownSchool of Folk Music | Peak6 | The Poetry Foundation | PrecisionDiscovery | PrinceRidge Group | Print Services & DistributionAssociation (PSDA) | R.J. O’Brien & Associates (RJO) | RedFoundry | Regina Webster & Associates | Rentrak Corporation| The Rock Spot | Ronin Capital | SMB Operating Partners |Sanders Morris | Harris Group | Savvis | Sedgwick Detert Moran& Arnold | Sentry Technology Corporation | Servcorp | SofameEnergy | Stan Johnson | Suncas TV | Sword Diagnostics | SYNCTechnology Center | TCS Education System | TMP WorldwideAdvertising & Communications | Tate & Lyle | Telx | Testa Produce| Therapeutic Proteins | Threadless.com | Travelers Indemnity| Trend Exchange | U.S. Cellular | Ullico | United AmericanHealthcare | Urban Retail Properties | Valspar | Varitalk Holdings| Vibes Media | Walgreens | WaterSaver Faucet Company |WhenTech | Whirlpool Corporation | Workforce Management
  7. 7. Trading floor at The CME Globex Control Center
  8. 8. Bringing Businessto ChicagoChicago’s diverse economy has been a strong advantage during times of economic uncertainty. This year,Chicago ranked among eight cities designated as Global Leaders in the 7th biannual Global FinancialCentres report, commissioned and published by the City of London. The report noted “Chicago is notjust strong in derivatives trading, for which it is probably best known, but is a real ‘all-rounder’: it is strong in all areas, and in the Top 10 in all industry and area of competitiveness sub-indices.” Industry Leadership In 2010, World Business Chicago (WBC) staff members supported high-growth industries that have the potential to shape the future of Chicago’s economy. Financial Trading “Chicago has become a catalyst in the transfor- Over the last year, numerous mation of the global financial marketplace, and financial trading firms including has reaffirmed its leadership with a new set of Nico Holdings, Infinium Capital Management and Getco have trading entrepreneurs now involved in hedge grown significantly in the city. WBC, funds, proprietary trading groups, arcades and along with Mayor Richard M. Daley, technology companies. By creating a group convened a prominent group of focused on the needs of these companies, WBC financial technology—“fin-tech”— leaders to discuss ways the City can and the City are laying the foundation for jobs support and expand the industry. of tomorrow.” Financial trading and investment - Terrence Duffy, Executive Chairman, CME Group accounts for nearly 50,000 jobs locally and contributes significantly & WBC board member to Chicago’s position as a center of the global economy.
  9. 9. The Tech Eco-SystemThe city has also seen a booming technology community converge, and WBC is cultivating a group of leaders pledgingtheir commitment to Chicago. WBC convened a prominent group of technology executives to offer both short- andlong-term suggestions on how to meet the explosive and unique needs of this industry. The group met at 600 West Chicago Ave. (600 West), the former Montgomery Ward catalog warehouse – one of the country’s most successful mixed-use redevelopment projects and current headquarters of Groupon. Groupon is the flourishing group-buying website started in Chicago in November of 2008. Forbes Magazine recently named Groupon the “fastest growing company ever,” having expanded its presence to 85 North American markets, and 29 countries, and having hired more than 1,200 people in just 18 months. A Diverse Range of “The city has created a phenomenal foundation Companies for today’s technology companies, and even From multi-national to homegrown, more importantly for the technology companies WBC facilitates growth in Chicago. of the future. It’s now up to Chicago’s leaders In 2010, the organization worked with more than 100 companies. Of in technology to create the next generation of these, 25 announced or completed companies that will be started in our backyard. expansion projects in 2010, World Business Chicago plays an integral role resulting in more than 3,200 new jobs in the Chicago region. in bringing our community together to think of what we can all do as founders, cheerleaders, Highlights: as facilitators of the next stage of success in Chicago.” WBC worked with Accretive Health Inc., a rapidly-growing, - Brad Keywell, co-founder, Groupon innovative, Chicago-based & Managing Director, Lightbank. healthcare financial services company, on plans to hire 650 employees at its new Accretive Health Processing Facility at 231 S. LaSalle St. The company,which manages revenue cycles for hospital systems and physicians networks, currently employs 175 people at itsheadquarters at 401 N. Michigan Avenue, and is creating the additional new office to accommodate its growingbusiness.
  10. 10. More than 10 wind companies haveestablished headquarters in Chicagoincluding Goldwind in 2010
  11. 11. Amsterdam-based James Hardie, the world’s leading manufacturer of fiber-cementbuilding materials, also selected Chicago for its new North American headquarters in2010. WBC worked with the company to sign a 22,000-square-feet lease for officespace at 231 S. LaSalle, housing approximately 100 R&D, engineering, manufacturing,HR, logistics/product management, finance, legal and customer service functions.And, when German company K+S acquired Chicago-based Morton Salt, it moved theworldwide headquarters of its salt business from Santiago, Chile to Chicago, addingemployees and designating Chicago the “Salt Capital of the World.”In addition, WBC assisted two life science companies relocating and expanding inChicago. Therapeutic Proteins Inc. (TPI) established its own FDA-compliantmanufacturing facility at the University Technology Park (UTP) Illinois Institute ofTechnology (IIT). Sword Diagnostics also relocated its corporate headquarters andresearch facilities to UTP, doubling the size of its previous space in the suburbs andmarking its shift from start-up venture to growth-stage commercial entity.Walgreens, the nation’s largest drugstore chain, based in suburban Chicago openedits first downtown Chicago office, with 65 of its e-commerce department employeeslocating at the historic Sullivan Center, 1 S. State St. The move reflectes the city’sstrong position as a leader in technology-driven business and a center for information-intensive industries, such as e-commerce.WBC first provided Goldwind, one of the world’s top five global wind powercompanies, with information on Chicago’s leadership as a wind power center in 2009,and followed up with a visit to Goldwind’s Beijing complex. The wind giant’s U.S. arm,Goldwind USA Inc., moved into short-term space at 22 W. Washington Street in springof 2010, with plans for a long-term office space underway. Goldwind joins at least 10other wind companies that have established North American headquarters in Chicago.Additionally, WBC assisted Coyote Logistics in its decision to locate its new corporateheadquarters in Chicago, after an extensive search throughout Chicago and Atlanta.The company selected 65,000 square feet of new space on Chicago’s North Sideat 2545 West Diversey Ave., known as the Green Exchange for its emphasis onsustainability. The company chose the location in part to have access to the city’sunmatched talent pool.
  12. 12. Keeping Chicago Top-of-Mind for CompaniesHere and Abroad Chicago has the advantage of being home to supportive business leaders who promote the city here and abroad. In addition, WBC is fortunate to be able to utilize the services of marketing partners throughout the city to promote Chicago’s message globaly. International Outreach In 2010, World Business Chicago traveled abroad to advance awareness of Chicago as a“Our delegation carried the message that business destination, and hostedChicago is open for business. Our goal was to visiting foreign dignitaries andcommunicate that our city provides one of the business leaders to build keyworld’s most diverse economies and cultures, relationships for future growth.coupled with a highly skilled workforce; easy For example, WBC helpedaccess to North American and world markets; organize business and civicand incomparable quality of life.” leaders in the rare opportunity - Deb DeHaas, Vice Chairman & Midwest Regional to showcase Chicago to the Managing Partner, Deloitte LLP. & World Business world during the World Expo Chicago board member. in Shanghai, China. “Chicago Days” was the result of a unique and strong collaboration between many agencies within
  13. 13. the city, including the Chicago Office of Tourism, Chicago Convention & Tourism Bureau,Chicagoland Chamber of Commerce, Chicago Sister Cities International, Illinois Office ofTourism and World Business Chicago. To kick off the tribute to the city, WBC hosted a reception for more than 150 guests at the USA Pavilion, an elite business leader roundtable discussion, and a reception for Chicago university alumni living in Shanghai (Shanghai is home to 643 alumni from DePaul University, Northwestern University, University of Chicago, Columbia College Chicago, University of Illinois at Chicago, Illinois Institute of Technology and Loyola University Chicago). In order to encourage direct investment and trade, while strengthening businessties, World Business Chicago President Rita Athas traveled with Mayor Richard M. Daley andcorporate leaders, using this unique platform to showcase Chicago’s business advantages andbuild long-standing relationships.The mission was deemed a tremendous success. Mayor Daley’s Chinese counterpart at abusiness roundtable noted that Chicago’s mayor was the first to engage Chinese businessleaders face-to-face by traveling to China.WBC also hosted numerous international business delegations and dignitaries visiting Chicago,many of which directly resulted from Chicago delegations traveling abroad. In response to abusiness delegation trip to South Korea a few months earlier, the mayor of Seoul, South Koreavisited Chicago, where he met one-on-one with business leaders. And, a United Arab Emirates(UAE) government delegation added Chicago to their “must visit” itinerary of Washington,New York and Houston due to a Chicago business delegation trip to the UAE in 2009.
  14. 14. The U.S.-Saudi Business Opportunities Forum also provided a unique opportunityfor international outreach. Rita Athas delivered the keynote presentation at the two-dayChicago conference highlighting the opportunities for greater economic collaborationbetween Saudi Arabia and the U.S., presenting Chicago’s economic development strategyto 800 participants, including Saudi government and business leaders.WBC also hosted a reception honoring the companies it has helped move to, or expand in,Chicago over the past 10 years. This connected them with international leaders attendingthe 2010 Richard J. Daley Global Cities Forum. The Forum assembled leaders of morethan 100 cities and local governments, along with prominent business, civic, academic andfoundation leaders for discussions on key urban issues. Additionally, WBC, with the help ofmany board members, hosted a high-level diplomatic corps that visited Chicago as a partof new U.S. Office of Chief of Protocol program, Experience America.Opportunities have also arisen for WBC to welcome visitors in conjunction with tradeshows taking place in Chicago, including hosting more than 100 Chinese manufacturingexecutives in coordination with the International Manufacturing Technology Show(IMTS), and more than 200 international leaders in green technology that were inChicago for GreenBuild 2010.Innovating And EvolvingWBC has further engaged in new media to enhance the organization’s position as a full-service provider of comprehensive information on Chicago and its business environment.In 2010, WBC launched a state-of-the-art website developed on a powerful open-sourceplatform, allowing the organization to regularly publish news within Chicago’s business andeconomic development communities. In the first 10 months the new site had more thantripled the number of page-views over the previous year. News is posted to the site manytimes each week, often featuring multi-media such as YouTube interviews with Chicago-based business leaders, and up-to-date research and data.Additionally, the organization topped 1,000 Twitter followers in 2010 and remains an activebusiness community voice on other social media outlets including LinkedIn and Facebook.
  15. 15. Developing a DataHub for Current andPotential Chicagoans Aggregating External Data For Wide-Spread Use In 2010, WBC provided research assistance for more than 200 company and partner agency requests, in addition to proactively distributing more than 80 “economic alerts” on the state of Chicago’s economy.“As Chicago’s global position continues to WBC’s research department analyzes and disseminatesincrease in numerous rankings, it is vital information from a varietythat we keep track of those indicators and of sources and partneruse them to guide our efforts. World Business organizations. This year, oneChicago plays an integral role in measuring study that was continuallywhere Chicago falls in global research reports, pointed to was Foreign Policydisseminating the information and utilizing it Magazine’s Global Cities Index.to build on the city’s plans for future economic Chicago jumped two places—updevelopment efforts.” from #8 in the world, to #6— on the biennial study done in - Paul A. Laudicina, Managing Officer & Chairman of the conjunction with A.T. Kearney Board, A.T. Kearney & WBC board member. and The Chicago Council on Global Affairs.
  16. 16. Creating Original ResearchThe research department also created original research reportsbenefiting the city and its business community. Its comprehensiveNew & Expanding Database & Reporting Initiative, created this year,strengthens WBC’s role as a leading source for data on new andexpanding companies in the Chicago region. The department alsoproduced studies on Chicago’sexport impact, its metroincentives and a study onChicago’s emerging workforce. “Running an organizationfocused on being a leading global provider of career-orientedThe workforce study helps educational services, we know the value ofreaders understand whatbrings students to—and what a skilled workforce to companies and futurekeeps students in—the Chicago employers. The City of Chicago understandsregion. The brief compares the value behind its skilled employees, andgraduating student survey data World Business Chicago’s work in attractingprovided by local universities this workforce, and creating data resourceswith data from the Illinois to appeal to potential Chicagoans cannot beBoard of Higher Education, the underestimated.”ACCRA Cost of Living Index, - Daniel Hamburger, President and Chief Executiveand other local and regionaleconomic indicators. The Officer, DeVry Inc. & WBC board member.study concluded that younggraduates choose Chicagobecause it offers attractivejob and career opportunities,competitive salaries combinedwith a low cost of living, and asuperior quality of life.
  17. 17. Pursue Any Career 7% 8% Prof. & Bus. Services^ 32% Educ. & Health Services 10% Wholesale & Retail Leisure & Hosp. 10% Govt, Other Services Constr., Manuf. Transp. & Utils 10% 23% City of Chicago; ^Incl FIRE and information industries. Source: Illinois Department of Employment SecurityStudent surveys from undergraduate business programs at DePaulUniversity, Loyola Chicago, and the University of Illinois at Chicago(UIC) reported that the most popular industries for recent graduatesseeking jobs were in accounting and financial services.Some schools like the University of Chicago reported studentsincreasingly diversifying in fields such as healthcare, research science,and computer technology.- An excerpt from Make Your Mark; 10 Reasons Recent Grads Choose to Start a Career in Chicago. A report by World Business Chicago.
  18. 18. Chicago Career Tech participantMelinda Belks on the job.
  19. 19. Advancing Chicago’sHuman Capital Chicago Career Tech In 2010, WBC officially launched Chicago Career Tech (CCT), an innovative program that creates a new corps of technology professionals by providing technology training for displaced white- collar workers. The first pilot class of nearly 150 Chicago Career Tech participants completed their six-month program with an 89% graduation rate and a 98% certification rate. The second class began in October with almost 300 participants. The program prepares participants for technology-based careers by“Microsoft is honored to serve during providing training in an array ofChicago Career Tech’s journey to empower fields in high demand, includingour residents with 21st century digital digital media, healthcare informationliteracy skills. As chair of the CCT board, technology, Microsoft certifications,I get a firsthand view of how digital network management, projectskills offer people a way to succeed in the management, technical sales, telecommunications, and web designworkplace while positioning Chicago to and development. The uniquecompete on a global scale.” program strengthens Chicago’s - Shelley Stern, Microsoft Central Region position as a technology center, while Community Outreach Director providing a path into technology jobs & Chairman, CCT advisory board for displaced workers.
  20. 20. ScorecardWorld Business Chicago’s 2010 Results√ Worked with companies creating & retaining more than 4,500 jobs√ Worked with companies representing more than $400 mil. in investment√ Worked with companies to occupy more than 1.3 mil. sq. feet of commercial real estate√ Provided research and data for more than 200 company & partner agency requests√ Successfully incubated & launched Chicago Career Tech√ Published more than 80 “Economic Alerts”√ Hosted more than 10 events with a total of more than 2,000 attendees√ Presented to more than 125 domestic & international audiences√ Received more than 300,000 webpage views√ Generated more than 1.5 million advertising impressions√ Topped more than 1,000 followers on Twitter√ Created and distributed more than 5,000 print pieces
  21. 21. Boardof DirectorsChairman Daniel M. Hamburger President & CEO, DeVry Inc.Honorable Richard M. DaleyMayor, City of Chicago Mellody Hobson President, Ariel InvestmentsCo-Chairman Paul A. LaudicinaMichael D. O’Halleran Managing Officer & Chairman of the Board, A.T. KearneyExecutive Chairman, Aon Benfield Corporation Michael H. Moskow Vice Chairman, Senior Fellow for the Global Economy,Board of Directors Chicago Council on Global AffairsRita Athas Thomas F. MotamedPresident, World Business Chicago Chairman & CEO, CNAJames Bell J. Christopher ReyesExecutive Vice President & CFO, The Boeing Company Chairman, Reyes Holdings, LLCGregory Q. Brown John E. RooneyPresident & CEO, Motorola Solutions President & CEO, U.S. Cellular Corp.Debra Cafaro John W. RoweChairman, President & CEO, Ventas, Inc. Chairman, Exelon Corp.William Daley Patrick G. Ryan, Jr.Chairman, Midwest Region, J.P. Morgan Chase CEO, INCISENT TechnologiesDeborah DeHaas Carrie Simmons (Secretary)Vice Chairman, Midwest Regional Managing Partner, Director of Opperations, World Business ChicagoDeloitte LLP James SkogsberghCraig J. Duchossois President & CEO, Advocate Health CareChief Executive Officer, The Duchossois Group Glenn TiltonTerrence Duffy Chairman, President & CEO, UAL CorporationChairman, CME Group William Wrigley, Jr.George Farr Former Executive Chairman & Chairman of the Board,Sr. Executive Vice President, Veolia Environnement Wm. Wrigley, Jr. Company& Veolia Environmental Services, North America
  22. 22. ThanksWBC Annual Report 2010 photographs:Front and back covers: Aqua Building in ChicagoCC, Clarkmaxwell @ flickr.comInside front cover: Chicago from a ChopperCC, Stuck in Customs @ flickr.comWind turbine image: EnergyCC, Tochis @ flickr.comWe would also like to thank thefollowing for their generous in-kinddonations to WBC throughout 2010:AT KearneyCity of ChicagoChicago Convention and Tourism BureauDeloitteDowntown Partners ChicagoDuane Morris LLPUnited Airlines WITH VEGETABLE OIL BASED INKS. PRINTED ON RECYCLED PAPER Printed sustainably using 100% wind power, eco-safe inks, paper, & pressroom chemistry
  23. 23. About World Business ChicagoWorld Business Chicago (WBC) is Chicago’s not-for-profit economicdevelopment corporation, chaired by Mayor Richard M. Daley anddirected by Rita R. Athas; the office fosters the Chicago region’s globalposition as a thriving business location.WBC enhances Chicago’s economy through the growth of the privatesector, building the best city in the world in which to live, work, andplay. WBC is a public-private partnership funded jointly by the City ofChicago and the private sector; its Board of Directors, co-chaired byAon Benfield Corporation Executive Chairman, Michael D. O’Halleran, ismade up of some of the region’s leading business executives.WBC coordinates the city’s business retention and attraction efforts,raises Chicago’s profile as a prime business location and serves as aresource for companies. The staff navigates the site selection processfor businesses by providing economic and industry data, site locationassistance, state and local incentive information, and bringing togetherkey parties in the public and private sectors to spur and accelerateeconomic growth.WorldBusinessChicago.com