“Northeastern Illinois is stronger when it works together as one,” is the reason behind the first-of-its-kind economic collaboration to boost shared prosperity throughout Chicagoland.
As stated on the Chicago Metropolitan Agency for Planning (CMAP) website, elected officials from the region recently announced the Greater Chicagoland Economic Partnership between Chicago and surrounding counties of Cook, DuPage, Kane, Kendall, Lake, McHenry and Will.
Meant to improve the region’s global competitiveness by presenting a common pitch to the outside world, rather than competing with each other, the collaboration will focus on promoting the region’s benefits to build a competitive global identity, according to CMAP.
Yet it will have a limited time and budget to prove itself successful, with the group staked to get $3 million over a three-year pilot period, reported Crain’s. During this period the goal is to (1) generate 150 pro-Chicago area decisions and 500 shared new investment opportunities, (2) create a common pitchbook and (3) expand the city’s development unit to include suburban work.
Crain’s said WBC will manage the new partnership along with other county groups. WBC Executive Vice President of Business Development and Global Strategy Kyle Schulz said officials have learned that cooperation is better than opposition, which has been a roadblock for various projects in the past, like the once-proposed Illiana Expressway.
The list of pros seems never ending.
The Chicago Tribune reported that the partnership also has the potential to stop the poaching of corporate headquarters between the region, citing the city’s history of poaching outlying companies, like McDonald’s from Oak Brook in 2018.
To CMAP, President of CEO of World Business Chicago Michael Fassnacht said: “The Greater Chicagoland Economic Partnership will not only move the Chicagoland forward, but become its distinctive competitive advantage, helping existing firms expand in the region and attract new corporations. The region’s future is bright.”
