Category: Uncategorized

Housing is a Necessary Asset for Economic Growth and Mobility

, Date: October 19, 2023

In order for Lake County to attract and retain residents and businesses, it must have a diverse housing stock that provides options for households at different life stages, ages, incomes, and sizes. It needs a greater diversity beyond owner-occupied single-family detached homes. The lack of housing will limit the county’s ability to attract and retain workers, particularly with an aging population, and projected decline in the working age population.

In recognition of the important role of housing in community building and economic development, Lake County Partners, with support from Lake County Housing & Community Development and Illinois REALTORS®, is pleased to announce the completion of a Housing Analysis report. LCP worked with Kretchmer Associates to conduct a study looking at the demographics of the county (population, household profiles, income, etc.) and our housing stock (number, type, location, etc.) to identify gaps. The analysis is a look at the quantitative and qualitative data on the existing housing landscape and the barriers that exist to meeting our housing needs. The report includes several significant findings.

Between 2018 and 2022, new residential development averaged only 1,200 units per year, well below the near and long-term household projections by ESRI and CMAP. This will result in a significant shortage over time.

Despite modest overall projected growth in the county over the next five years, the projected increase in the number of senior households with incomes $50,000 or over and households under age 65 with incomes $100,000 or over will generate demands for 17,700 market-rate owner and renter units. Given the existing shortage of affordable rental units in the county, there is demand for 7,900 units for seniors and families, especially in the south sub-regions which have limited options.

Housing prices increased at a faster pace than income over the past four years. The share of homes selling for less than $400,000 decreased substantially, while the share that sold for the more than $500,000 almost doubled. Rent increases also exceeded the rate of income growth and inflation.

Despite being an affluent county with a 2022 median household income of $103,000, almost one quarter of all households earns less than $50,000, including in the more affluent south sub-regions.

Countywide, 44,000 owners and 29,000 renters are living in unaffordable housing. While low-income households are most cost-burdened, a sizable number with incomes of $75,000-100,000 are paying over 30% of their income for housing.

Restrictive zoning makes it difficult to build in many parts of the county. Much of the county was developed when large lot single-family housing was the preferred housing type. Education on the need for and benefits of a wider housing mix is needed to address common NIMBY concerns about new development.

Given high land costs in much of the county and increasing construction costs, it is difficult to build new affordable housing without government programs and incentives to developers, or direct subsidies to households. Government funding is limited and it is highly competitive to get. Corporate, foundation, and other support is also needed to serve those with low and moderate incomes, as well as those in the “Missing Middle” range who earn $75,000-125,000.

Redevelopment of former office and retail properties offers an opportunity for infill residential and mixed-use development proximate to jobs and shopping.

Read the full report here, and connect with us here to learn more about our efforts as they relate to the Comprehensive Economic Development Strategy.

Taking A Fresh Look at Chicagoland’s Value Proposition

, Date: October 17, 2023

When the Greater Chicagoland Economic 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.”

READ THE NEW GCEP ASSET REPORT & MAP HERE

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 Invests $6 Million To Expand Into 65,000 Sq. Ft. Facility & Create New Jobs In Lake County

, Date: September 26, 2023

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.”

This is What Strong Economic Development Looks Like

, Date: September 15, 2023

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.

New Nursing Program Nurtures Young Talent at Rosalind Franklin University

, Date: August 31, 2023

Lake County Partners is fortunate to work with incredibly skilled education leaders who are training the next generation of talent in Lake County, Illinois. In pursuit of the best way to fortify the local nursing talent pipeline and provide top-quality healthcare to residents, the educators at Rosalind Franklin University of Medicine and Science are charting new paths forward. The following has been contributed by Dr. Sandra Larson, the Founding Dean at the University’s College of Nursing. It is part of an ongoing series of blogs spotlighting Lake County’s strong education system. Learn more about the Rosalind Franklin University of Medicine and Science’s nursing program here.

There’s a problem with the healthcare system in the United States: It’s broken.

We’re focusing on caring for the sickest of the sickest, with almost no emphasis at all on how we predict who might get sick and how to prevent that from happening. We’re treating people after they get sick, instead of offering treatments to keep them healthy.

How do we promote overall social and cultural structures that bring wellness to the community? One key element is making sure people are knowledgeable about how to maintain their own physical and mental wellness. Another huge component in fixing the broken system is now in evidence on the campus of Rosalind Franklin University in North Chicago — a stronger nursing workforce is essential to delivering new models of care.

This process starts with connecting with our high school students, so they can understand the breadth and depth of nursing in today’s culture. One of the biggest challenges we have is that students don’t understand the opportunities that are available to them in the nursing field. We need to be talking with our high school students about all the options the profession has to offer — for example, if they’re passionate about finance, guess what? Nurses use finance. If they’re passionate about data analytics, nurses are digging into the field of analyzing population health data and using it to create new types of models of care. If they’re passionate about psychology, advanced practice nurses are really getting into the field of psychiatric mental health.

Nurses are also working as midwives and anesthetists — and they’re running healthcare organizations as chief executive officers. While everybody knows the word “nurse,” most people don’t know what a nurse’s life looks like beyond what we see on television. There’s just a huge, vast array of opportunities.

Another important point as we look to expand the ranks of nurses both nationally and regionally is that while nursing historically has always been a profession for both females and males, over the last 100 years, and particularly in the United States, it has become a female-dominated profession. We now see that trending back — currently, men make up about 12% of the nursing population. But we absolutely need to expand the number of men in the profession.

Similarly, while we are slowly seeing increases in the percent of nursing students who come from a Latino background, we’re not seeing movement in the percentage of African Americans who are selecting nursing, so we still need to do work on diversity across all different sorts of backgrounds.

The profession also needs to see more nurses graduating with a more advanced degree, because nursing is getting more and more complicated. To really set the graduate up for success, we need to educate them in the full scope of nursing practice. And at Rosalind Franklin University, we philosophically feel it’s most ideal to enter nursing with a Masters of Science degree. According to data from Lake County Partners on the nursing workforce needs, there are roughly 350 unfilled Registered Nurse positions in Lake County alone each year. When you look at unfilled Certified Nursing Assistant positions, it’s closer to 600 unfilled each year.

Rosalind Franklin University realized that we needed to create a College of Nursing to help solve this shortage, and the college was created to help solve the health needs of the community. If you want to have a community that’s healthy, the community needs to be well-educated.

And so what we said was, “If we want to build the College of Nursing, we have to do it with the community, for the community and by the community — because if we do it that way, the healthcare providers that we educate will stay in the community, and they will help the community to become well, to become more healthy.”

A big part of this was reaching out to the community, asking them what they wanted us to build. One of the things they told us they wanted us to build was a nursing pathway program for high school students. They said, “Help us understand why we should consider nursing as a career, and how we get into nursing.”

We then created a high school-level enrichment program as part of RFU’s Influence Student Potential and Increase Representation in Education (INSPIRE) curriculum that welcomes students to the RFU campus and introduces them to the nursing pathway. We worked with three high schools this past year to learn their insights on how to build Nursing INSPIRE — North Chicago, Round Lake and Cristo Rey St. Martin College Prep in Waukegan — and this summer celebrated 12 of their rising seniors for their successful completion of the eight-week program, plus two students from Carmel High School. Next summer, we hope to also welcome students from Highland Park, Waukegan and Zion-Benton high schools, with a goal of doubling the number of students participating.

The INSPIRE program is only one way we can build up the nursing workforce. In 2023, RFU welcomed 40 students into the Master of Science in Nursing for Entry to Nursing Practice program. Graduates will enter the nursing workforce as early as March 2025 as master’s-prepared RNs. We have plans in place to add larger cohorts as the years roll along and resources enable. Doing whatever we can to increase the ranks of highly qualified nurses is not just an economic imperative, it is also a moral imperative.

We can’t succeed if Lake County youth are left behind in terms of achieving a college education. We must reach out into the community and say, “We want you to succeed. You can succeed. And with community awareness of the pathway and access to its community support, many of the financial and social barriers have been eliminated.”

By welcoming our local high school students to become the solution to the challenges facing the healthcare system, we will go a long way toward that connection between building a nursing workforce and building wellness in the community.

Efforts to Build A Regional Economic Development Engine Are Paying Off

, Date: July 31, 2023

This post has been adapted from an Op-Ed submitted to Crain’s Chicago Business by Sandy Hart (Lake County Board Chair), Mike Buehler (McHenry County Board Chair), Deborah A. Conroy (DuPage County Board Chair), Michael Fassnacht (president & CEO of World Business Chicago), Matt Kellogg (Kendall County Board Chair), Corinne Pierog (Kane County Board Chair), Toni Preckwinkle (Cook County Board President), and Jennifer Bertino-Tarrant (Will County executive), and published on July 28, 2023.

In January 2023, we introduced the Greater Chicagoland Economic Partnership — GCEP — as a strategic driver of economic development for the Chicago region. Six months later, on behalf of the seven counties of northeastern Illinois — Cook, DuPage, Kane, Kendall, Lake, McHenry, Will — the city of Chicago and World Business Chicago, we share this six-month update.

GCEP made a significant impact shortly after its launch when it successfully intervened to retain S&C Electric, Chicago’s largest homegrown manufacturer. By preserving more than 300 jobs and paving the way for future growth in Palatine, the partnership showcased its ability to foster a thriving business environment.

GCEP’s ability to connect businesses with the region’s skilled workforce was showcased in a recent pitch to a large out-of-state manufacturer. Now able to swiftly mobilize, the partnership brought together key stakeholders from the City Colleges of Chicago and six community regional colleges, demonstrating Chicagoland’s vast network of resources that support talent solutions.

Last month, we celebrated another resounding win for GCEP, as Lion Electric selected Will County as the site for its cutting-edge manufacturing facility. This decision further solidifies the region’s position as a leader in sustainable technology and the electric vehicle industry. The successful collaboration between Lion Electric and local authorities exemplifies the potential of public-private partnerships in driving economic growth with a strong focus on environmental sustainability.

Our region boasts numerous competitive advantages, making it an ideal destination for businesses to thrive. With nearly 4.9 million individuals in our workforce and the presence of the second-most Fortune 500 companies of any U.S. metro area, our economic diversity sets us apart. Moreover, one-third of growth capital investments in the first quarter of 2023 went to startups located in the suburbs, signaling the robust entrepreneurial ecosystem flourishing throughout the area.

Not confined to a specific locality, population growth and available space are spread across the Chicago region, encompassing a distinct mix of urban, suburban and rural communities. Home to a network of diverse economic sectors and emerging industries, renowned institutions, a leading transportation hub, globally ranked innovation centers and with talent as our most valuable asset, the Chicago region boasts a literal ecosystem of intellectual firepower driving transformative change here and around the world.

We remain committed to addressing disparities that persist in underinvested neighborhoods, communities and businesses throughout the GCEP region. Inclusive and equitable economic development provides the foundation of our mission, ensuring that the benefits of our regional approach to growth are shared by all, particularly historically excluded populations.

HOW CAN YOUR COMPANY LEVERAGE THIS SUCCESS?

We are confident that the GCEP strategy will continue to drive prosperity for the 8.5 million residents of the greater Chicago area, and you can discover how it is helping businesses thrive here. As the non-profit organization charged with leading economic development in Lake County, Illinois, Lake County Partners is directly positioned to provide free tools, connections, incentives and insights to help your business grow. Connect with us here to see how we can help you tap into the wide variety of resources available to businesses in Lake County, Illinois.

CNBC Ranks Illinois Among Top in Nation For Business

, Date: July 25, 2023

CNBC has released its “2023 Top States for Business” publication which ranks states based on 10 broad categories of competitiveness. This year, Illinois ranked in the top 10 in the nation for four categories of competitiveness, and six categories in the top 20. Illinois is ranked the 17th best state for business, rising ahead two spots from the 2022 ranking and up from 30th in the 2019 ranking.

The report ranked Illinois:

• #2 in the nation for infrastructure (up from #3 in 2022)

• #2 in the nation for education (up from #6 in 2022)

• #6 in the nation for access to capital (up from #8 in 2022)

• #9 in the nation for cost of living (up from #20 in 2022)

“I couldn’t be prouder that we’re outpacing more and more states, and now CNBC has ranked Illinois number two in the nation for both infrastructure and education,” said Governor JB Pritzker. “Over the last four years, our Rebuild Illinois Capital Plan has been modernizing our transportation systems. Our higher education institutions have become more affordable and have risen in college rankings. We’ve invested historic levels of funding into early childhood education and K-12 schools which now rank 6th in the nation by US News and World Report. Illinois is improving our economic prospects by focusing on the long term. Here’s to continued improvement in 2024.”

“Illinois stands out as one of the best states in the nation, and as leaders, we know it is the people who make our state so great,” said Lt. Governor Juliana Stratton. “Since day one, our administration has been committed to the work that ensures Illinoisans can thrive so we can go even further together. By investing in our schools, infrastructure, and businesses, we are championing an Illinois that soars to greater heights.”

Through the landmark $45 billion Rebuild Illinois initiative, Illinois has made unprecedented investments to modernize roads, bridges, airports, and ports – resulting in the complete renovation of more than 5,300 miles of highway and almost 500 bridges, as well as more than 750 accessibility and safety improvements.

Illinois has long been known for its superior infrastructure, boasting top freight access, miles of interstate highway, and accessibility to 80 percent of locations in the continental U.S. within four hours through Illinois’ superior airports. Over the next six years, Illinois will invest an additional $13.96 billion to continue its full-scale infrastructure revitalization that will enhance all modes of transportation across the state.

Additionally, the Pritzker Administration has prioritized sustained year-over-year investments in education from cradle to career. Most recently passing Smart Start Illinois, building upon the state’s strong educational foundation by ensuring students have access to high-quality early education for generations to come.

Governor Pritzker’s administration has overseen the largest early childhood investments in state history, totaling in over $1 billion to support early childhood care and education. Smart Start Illinois begins a major push across birth-to-five programs, which includes:

Pre-school expansion to eliminate preschool deserts and cover every child
Improve early intervention services to allow thousands of children to overcome developmental challenges
Enhance Illinois’ nation-leading home visiting program
Raises for early childhood workers and providers

Illinois ranks sixth in the nation in K-12 education, with funding being increased this year by an additional $525 million, including $350 million for evidence-based funding and $45 million for the first year of an innovative three-year pilot program to fill teacher vacancies.

Governor Pritzker has also increased MAP Grant and AIM High funding to a record-breaking, all-time high of more than $750 million, making it possible for nearly every eligible student at or below median income to attend community college for free.

“Thanks to Governor Pritzker and the General Assembly, Illinois has stronger business attraction incentives than ever before and the state is building momentum,” said DCEO Director Kristin Richards. “Combined with our world-class infrastructure, superior education system, and a reasonable cost of living, Illinois continues to grow its economy and improve quality of life for Illinoisans.”

In addition to Infrastructure, Education, Access to Capital and Cost of Living, Illinois ranked among the top 20 states for Life, Health, and Inclusion (17th) – which measures quality of life metrics such as health care, worker protection, voting rights and other data points. Illinois also ranked 14th for Technology & Innovation, which looks at the number of patents, research and similar measures.

The positive rankings in key competitive categories come as Illinois is experiencing a record-setting year for economic development, including ranking #2 in the nation for corporate investment and #1 for workforce development in the Midwest by Site Selection Magazine. Illinois also shattered its record for film production spending (nearly $700 million) and reached an all-time high for hotel revenues in FY23.

Additionally, Illinois reached $1 trillion GDP for the first time in 2022 and nearly tripled companies’ capital investments through EDGE agreements from 2019 pre-pandemic levels to $1 billion in 2022.

Over the past several years, Illinois has launched new business attraction incentives while making improvements to its existing suite. Recent programs and improvements to business attraction include:

Invest in Illinois Fund: $400 million closing fund provides discretionary grant assistance for large projects with significant job creation and capital investments.
Reimagining Energy & Vehicles Illinois (REV Illinois): Up to 100% income tax withholding for new jobs created in the EV/clean energy manufacturing sectors, among other benefits.
Economic Development for a Growing Economy (EDGE) Program: With more than $1 billion in investment from companies receiving EDGE credits in 2022, EDGE is Illinois’ premier incentive program. EDGE provides competitive tax incentives to businesses in all industries locating or expanding in Illinois.
Data Centers Investment Program: Provides qualifying data center owners and operators with highly competitive exemptions from a variety of state and local taxes.
Enterprise Zones (EZ) and High Impact Business (HIB): Enterprise Zones provide various benefits including building material sales tax exemptions, utility tax exemptions (natural gas and electricity), and investment tax credits.
Manufacturing Illinois Chips for a Real Opportunity (MICRO): Provides incentives for manufacturers of microchips and semiconductor parts for job creation/retention benefits, training cost benefits, credits for construction jobs, and investment credits.

HOW CAN YOUR COMPANY LEVERAGE THIS SUCCESS?

As the non-profit organization charged with leading economic development in Lake County, Illinois, we are positioned to provide free tools, connections, incentives and insights to help your business grow. The Chicagoland region has celebrated tremendous success and national recognition in recent years, and it is the perfect time to capitalize on the momentum. Connect with us here to see how we can help you tap into resources offered by our partners, including the Illinois Department of Commerce and Economic Opportunity. This post was adapted from this press release.

How We’re Building a Foundation for Inclusive Growth

, Date: June 29, 2023

In 2021, Lake County Partners received a $110,000 federal grant to lead the development of a new Comprehensive Economic Development Strategy (CEDS). The award came at a critical time amid the COVID-19 pandemic, when many communities were examining their business climate, addressing social upheavals and placing renewed attention on long-range planning and stability. The money was provided by the Economic Development Administration (EDA), as part of the CARES Act with the intention of creating jobs and strengthening Lake County’s economy.

“The CEDS plan will help the region recover from the COVID-19 pandemic by creating a new economic development vision for the area,” stated a release from U.S. Representative Brad Schneider, issued when the grant was awarded to Lake County Partners. “Long-term, the funding used to update the CEDS plan will create and retain more jobs, attract private investment, and bolster local economic resiliency.”

Immediately upon receipt of the grant, Lake County Partners got to work by issuing a Request for Proposals to conduct the process and finalize a new CEDS for Lake County. After a thorough vetting process, TIP Strategies was selected to lead the effort, which would be overseen by a steering committee made of up a diverse group of stakeholders and include input collected from the public. The process was intentionally inclusive and engaging – the Steering Committee began meeting monthly, conducting roundtable discussions and a “Strengths Weaknesses Opportunities and Threats” (SWOT) analysis to determine priorities. As a part of the project, the committee also worked with TIP Strategies to develop a critical site inventory that could be used to inform decision-making and hosted an “Opportunity Workshop” to synthesize feedback.

After a year filled with stakeholder sessions to create a well-rounded strategy that will create jobs, fuel collaboration and strengthen Lake County’s economy, a draft CEDS document finalized; it reflected the group’s desire to establish a framework that supports talent development and attraction, education, housing, and other elements critical to quality of life and the business climate. The draft CEDS was presented to the public for a comment period that culminated in Q1 of 2022, at which time Lake County Partners’ Board of Governors voted to approve the document. Lake County Partners then spent the remainder of 2022 presenting the final version of the CEDS to stakeholders and receiving the endorsement of the Lake County Partners Board, Lake County Board, the College of Lake County Board and the Lake County Workforce Development Board. The CEDS was also submitted to the EDA for certification and approved.

While the final CEDS document reinforces the importance of business retention and attraction, it goes further to explore structural issues that create the foundation for healthy and inclusive economic growth across the vibrant and diverse communities in Lake County – as encouraged by the Steering Committee. As a result, LCP has spent the first half of 2023 spearheading several major initiatives to support the goals of the CEDS.

“Lake County Partners has always excelled at making connections, and the CEDS has presented us with new opportunities to engage our partners and fortify the fundamentals that make Lake County such an attractive place in which to live and work,” notes Bethany Williams, Lake County Partners’ Director of Strategy and Intelligence, and the manager of the CEDS process. “Once the CEDS was completed, we turned our attention to the building blocks of society, and we’re making significant inroads on three very important fronts: early childhood education, housing growth and collaboration.”

FROM PLAN TO ACTION

EARLY CHILDHOOD EDUCATION

Lake County is an excellent best place to be a child and raise a family, but there are opportunities to enhance its support systems for children and families from the prenatal period through age five.

Investments of this nature would help fortify Lake County’s talent pipeline and make it possible for more parents in their prime working years to pursue career opportunities without sacrificing the care or education of their children.

LCP is working with a group of philanthropic and educational partners to build on the results of a landscape assessment of the early childhood system, and design a path forward to provide critical services to every child and family who needs them.

HOUSING GROWTH

Talent is a major consideration of businesses considering investments and expansions, and it goes hand-in-hand with housing.

A tight housing market has turned LCP’s attention on a study that is examining demand across a variety of types and price points to ensure that Lake County’s housing landscape is competitive and attractive.

The final study, scheduled to be completed in late 2023, will help communities make land use, transportation and infrastructure decisions and identify opportunities for reuse of underutilized spaces.

BROADENING COLLABORATIONS

The CEDS challenged LCP to expand the scope of its work, inviting conversations about how Lake County fits within the region, the Midwest and the global economy; one of the results of this discussion was the formation of the Greater Chicagoland Economic Partnership.

The CEDS also dug into socioeconomic themes, encouraging a deeper look at LCP’s diversity, equity and inclusion initiatives. LCP subsequently amended its bylaws for the first time in nearly 20 years to ensure that its guiding principals are reflective and respectful of Lake County’s vibrant and diverse community. To further support this goal, LCP staff also assumed leadership roles on boards tackling wide-ranging issues like land use, affordable housing, community health, college and career awareness, workforce development, transportation and transit.

WHAT’S NEXT FOR THE CEDS?

Our work on the CEDS doesn’t end here. Stay up to date with news on the initiatives here, and connect with us here to see how your company can work with us to grow in Lake County, Illinois.

Manufacturers Are Making Major Investments in Lake County, Illinois

, Date: June 27, 2023

Based on job growth and investment, business has never been bigger in Lake County, Illinois. Lake County Partners is poised to stoke the success with a strategic workplan focused on business retention and attraction, which is leveraging Lake County’s incredible talent, real estate, and quality of life, and resulting in significant investments.

“In the last four and a half years, Lake County Partners has fueled $810 million in direct capital investment, created nearly 4,200 new jobs and retained over 4,723 existing jobs,” says Lake County Partners’ Director of Business Development Director Ron Lanz. “I am currently managing a robust project pipeline, with 42 projects in key industries like advanced manufacturing, life science and sustainable energy. Our involvement with the Greater Chicagoland Economic Partnership is also opening up new business attraction opportunities. In my conversations with business leaders, their optimism remains strong, so I expect to see continued investment and growth in the back half of 2023.”

One in every 7 local jobs is in manufacturing, and Lake County has two times the workforce to support it than other similarly-sized communities. Top talent, coupled with innovation, leading-edge technology, access and infrastructure, are among the many reasons that local leaders are choosing the area to grow. The industry has become a major focus of Lake County Partners; as a result, many local employers are enlisting Lake County Partners’ support as they make major expansion and hiring decisions.

Over the past year alone, Lake County Partners has been directly involved in brokering deals for a variety of manufacturers – work has included coordinating economic incentives, tapping into workforce initiatives, finding space, making connections and producing ribbon cuttings and ground breakings. Examples of recent wins follow.

RECENT MANUFACTURING WINS IN LAKE COUNTY

Belle Aire Creations, a creator of market-leading fragrances and flavors for the world’s leading brands, worked with LCP to celebrate a sustainable 40,000 sq. ft. facility in Round Lake Park, a short distance away from its main campus in Mundelein. The new facility quadrupled the company’s manufacturing footprint, and created 15 new jobs that shortened lead times and increased capacity. The company is also currently expanding in Libertyville with a new global headquarters and creative center.

Graph-Pak Corporation, a 35-year leader in the design, manufacture and distribution of paperboard packaging, relocated into a 207,000 sq. ft. facility in Island Lake. The project represented a $7 million capital investment and created 110 new jobs. LCP worked with the state and leveraged Enterprise Zone economic incentives to keep Graph-Pak in Illinois.

Quaker Houghton, a global leader in industrial process fluids, committed to a $25 million retrofit and expansion of portions of its 75,000 sq. ft. Zion facility.

LCP teamed with the state to provide Enterprise Zone economic incentives, including those that exempted the company from state and local sales taxes on eligible building material purchases to offset project costs. The project retained 31 employees and created 10 new jobs.

Margolin Fanletic, an Illinois-based e-commerce apparel and shoe retailer, purchased a 232,000 sq. ft. building in Gurnee to expand its warehouse and distribution operations.

This $17 million capital investment created 40 new jobs. LCP worked with the company to leverage Enterprise Zone economic incentives and defray a portion of the retrofit expenses.

Since 1978, RealWheels has manufactured stainless steel accessories for heavy-duty trucks and vehicles. With demand growing and new product development underway, RealWheels worked with LCP to expand into a 65,000 sq. ft. facility in Zion. LCP coordinated with city officials and the state to help RealWheels tap into TIF, EDGE, and Enterprise Zone incentives. As a result, RealWheels invested $6 million, retained 45 local employees and hired 15 new people.

For more than 40 years, Advanced Prototype Molding (APM) has been providing its prototype molding services via a wide range of capabilities including 3d printing, RTV molding, and tool and die. With business booming, APM made a capital investment of $5 million to expand into a new 50,000 sq. ft. facility and create 45 new jobs in Wauconda. With LCP’s help, APM tapped into a suite of incentives including TIF, Enterprise Zone, and EDGE.

BECOME ONE OF OUR SUCCESS STORIES

The good news doesn’t end here. Review other recent wins, and keep an eye on our social media, blog and news to know more about businesses in Lake County, Illinois and access our Lake County data hub.

Lake County Partners has over 25 years of experience driving economic growth and the resources to take your growing company further. Learn more about Lake County’s advanced manufacturing market and request our support here.

Exciting Life Science Space Enters the Market at Rosalind Franklin University

, Date: June 13, 2023

Rosalind Franklin University (RFU) launched the Helix 51 incubator over four years ago to advance early-stage and start-up life science companies in Lake County, Illinois. Since its inception, Helix 51 has welcomed 15 companies specializing in fields such as oncology, cardiovascular health, infection disease, fibrotic disease and fibromyalgia.

LCP has profiled many of the startups, including Covira, Everyplace Labs, and ARTEC Biotech, going in depth to look at the groundbreaking ways that they will change the life science landscape and have global impact.

Helix 51 also graduated one company, AirAnswers, which then became the first company to reside within the school’s Innovation & Research Park (IRP). The IRP is a fertile environment for collaboration and creativity among academic and industry scientists, innovators and entrepreneurs. Through cutting-edge, in-demand laboratory and office space, users are encouraged to interact and share ideas, expertise and tools.

Using $2 million in matching funds from the Illinois Department of Commerce’s wetlab buildout program awarded in 2022, RFU invested in the build out an additional 14,000 sq. ft. of wetlab space in the IRP that was recently completed and is now coming online. The new built-out lab space features:

8,000 sq. ft. on the first floor, divided into 2 spaces of approximately 4,000 sq. ft. each that can be used by one or two growing companies; and,
6,000 sq. ft. on the second floor, divided into 9 individual labs.

Each area has space provided for lab refrigerators/freezers, storage, and other scientific equipment. RFU has also provided chemical fume hoods and biosafety cabinets, and both spaces are also equipped with emergency power. Occupants of the spaces also have access to the IRP’s 8 conference rooms and Harris Collaboration Zone as well as autoclave/glass wash and lab ice machines and a café. Also available nearby in the Helix 51 incubator is a new class 100,000 clean room and state-of-the-art lab equipment. Furthermore, the campus is located in an Illinois Enterprise Zone, giving prospective tenants fiscal incentive opportunities.

Avison Young is representing the space, and interested companies are encouraged to seize the opportunities quickly. Get the building specs in this brochure.

LAKE COUNTY IS LEADING IN LIFE SCIENCE

As part of the buildout, RFU expanded the Helix 51 incubator to handle additional lab-based companies – an important step because Helix 51 is the only biomedical incubator north of downtown Chicago.

Two new companies have signed on to the Helix 51 Incubator in the last 6 months: UP Oncolytics, a spinout from Advocate Aurora that was founded by a neurosurgeon and focuses on oncolytic viruses for treatment of glioblastoma, and Integrated Life Systems, a medical device company founded by two former Abbott executives.

The flurry of activity at RFU has grabbed attention and confirmed what many economic development pros across the nation know: Chicagoland has quickly emerged as the life science industry’s “third coast.” Over 125 regional biotech leaders recently converged for the Lake County Bioscience Real Estate Summit to celebrate the industry’s growth and marvel at the IRP, with representation from AbbVie, World Business Chicago, Aptinyx, Intersect Illinois, Jones Lang Lasalle and many other leading life science companies and architectural/engineering firms.

The summit zoomed in on Lake County’s vibrant life sciences ecosystem, which includes 147 companies, supports 33,000+ jobs and generates $85 billion in worldwide sales.

Bisnow’s participation in and coverage of the event highlighted Chicagoland’s unstoppable force in the life science market. The region has leapt to No. 7 on CBRE’s annual list of largest life science employment clusters, surpassing Philadelphia, Los Angeles and Minneapolis-St. Paul and becoming the highest-ranked noncoastal city on the 2023 list.

Major league pharmaceutical and biotech companies in Lake County like Abbott, AbbVie, Pfizer, Horizon Therapeutics, Takeda, Amgen and Fresenius Kabi have also powered the metro to #2 in the nation for pharmaceutical and medicine manufacturing. There is no end in sight, with Lake County’s life sciences job market growing steadily at 10% per year.

The region is now poised to rise into the top 4 national markets, turbocharged by investments in talent and institutions like the IRP, and the landing of the Chan-Zuckerberg project – an instance in which Chicagoland life science leaders beat out 57 applications from 36 US cities to land $250 million to fuel lab infrastructure and research to propel growth and innovation in Illinois. It’s no wonder that so many growing life science companies are taking an interest in the IRP and looking at ways to leverage Lake County’s success.

READY TO GROW YOUR COMPANY?

LCP has over 25 years of experience driving economic growth in Lake County, Illinois and the resources to take your growing life science company further. Learn more about Lake County’s strong life sciences market and request our support here.