Resources Type: Newsletter

LCP is hitting the ground running in 2024 where economic development is concerned. This issue looks at the many accolades that Illinois has received for its workforce development, corporate investment, infrastructure, education, capital access and cost of living. We also dive into a new deep pool project proposed by Diveheart, explore what the new Made in Illinois automation grants mean for manufacturers, and review what the $8.1 million grant awarded to Rosalind Franklin University means for the school’s infrastructure, technology and training.

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We’re ending 2023 on a high note when it comes to business development in Lake County, Illinois. We capped off a record streak of job and investment growth, and this newsletter touches on the highlights, providing a bevvy of stories on life science, manufacturing and more. Plus, we celebrate Kevin Considine’s recent appointment as Vice Chair of the Greater Chicagoland Economic Partnership, and we visit with LCP Board of Governors’ Vice Chair Dan Joyce.

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Autumn has brought many opportunities to celebrate business growth and capital investment in Lake County, Illinois. Midwest Industrial Funds broke ground on a massive new spec development in Libertyville, LCP proudly participated in a regional delegation to Japan, and Governor Pritzker joined local officials in celebrating new green technology at EVBox. Plus, meet long-time LCP supporter and new Board of Governors member John McCann – he is the Economic and Business Development Manager at ComEd.

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This issue looks at the many ways that LCP is fueling capital investment and job growth. It also goes in depth on a recent ribbon cutting at advanced manufacturer Real Wheels, and promotes the new Asset Report & Map produced by the Greater Chicagoland Economic Development Partnership. Plus, meet Kim Wimer, the Human Resources Manager at Laser Precision and the Chair of the Lake County Workforce Development Board.

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Lake County’s talent pipeline continues to stand out as among the best in the nation. U.S. News & World Report just ranked local high schools among the top out of 18,000 schools surveyed. Rosalind Franklin University is making major investments in space and workforce training, with a new nursing program. As a result of local efforts, Chicagoland was just ranked in the Top 10 biopharma clusters in the country. Also, meet Benjamin Rodriguez, the new Director of College and Career Readiness at Community HS District 128.

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It’s been a hot summer for business in Lake County and in the state of Illinois. Illinois continues to top the charts for business. CNBC ranked the state among the top 10 in the nation in a variety of categories including infrastructure, education, access to capital, cost of living and quality of life. This newsletter also looks at the services that Lake County Partners provides to help businesses grow, provides a recap of 2022 in the form of an annual report, lists important event dates for leaders to tap into business resources related to exporting, life science networking, manufacturing, talent development and financing for sustainable projects. Finally, meet Cheri Richardson, a new LCP board member who leverages her professional skills to enhance the quality of life in Lake County.

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Lake County’s life science growth is skyrocketing, construction firms are investing in multimillion dollar deals aimed at attracting logistics tenants and the excitement continues from LCP’s recent Big Event. All that, and meet the new Chair of LCP’s Board of Governors, Steve Madden. Steve provides insights on Libertyville Bank & Trust services, the new Greater Chicagoland Economic Partnership, his time spent at Lake Forest College and his work with the Goldie Initiative to nurture women for senior leadership in commercial real estate.

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It’s easy to celebrate when you have strong leaders and BIG business growth. As measured by jobs and investment, the last four years have been one of the best runs in Lake County’s history. 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. It was an honor to gather with a record-breaking crowd of our partners to ring in LCP’s 25th anniversary at our legendary Big Event and celebrate the many accomplishments of outgoing Board of Governors Chair Richard Korengold from Mesirow. Learn about his achievements in our new Q&A.

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This newsletter focuses on Lake County’s prominence in the life sciences industry. Chicagoland’s life sciences sector has once again been recognized in the top 10 regional employment clusters in the U.S. by commercial real estate firm CBRE, with Lake County standouts like AbbVie, Abbott, Baxter and Horizon juicing the rankings. The area ranked even higher among the top major markets in the pharmaceutical and medicine manufacturing specialty, where it is #2 in the country. Industry experts have been touting the local life sciences industry as one of the biggest growing business sectors. Prominence on the national and global stage is expected to grow as new lab space – including that at Rosalind Franklin University of Medicine and Science in North Chicago – is added to the market. Life sciences and advanced manufacturing are central to LCP’s business attraction strategy. Also in this newsletter, find information on LCP’s upcoming Big Event and the new B2B grant program that will provide $175 million in grants for eligible restaurants, hotels and creative arts businesses impacted by the pandemic. Plus, meet Dr. Michael Karner and get his insights on how the education landscape is evolving in Lake County to support those in early childhood and provide new work-based learning experiences.

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Lake County is a model of strong economic development according to recent economic indicators. In just three years, the local Gross Domestic Product (GDP) grew 9.6%, reaching $69.7 billion. Real GDP was also up 1.1% in the same time frame. Projections anticipate a 21.8% increase in metro area GDP by 2027, and Lake County will enjoy another 2.8% uptick in jobs in the same time frame, resulting in 10,000 new jobs. The number of businesses in Lake County now exceeds pre-pandemic levels. Unemployment is low, and job growth and outputs are high. Growth capital is fueling key industries like manufacturing, life sciences, IT and healthcare, with startups in Lake County having raised $89.79 million in 2022 alone. This has favorable implications for commercial real estate; Lake County celebrated more than 20 investments in spaces of 20,000 sq. ft. or more last year. This issue also looks at Lake County’s thriving craft drink industry, accolades honoring the local workforce development ecosystem, and LCP’s recently issued RFP for a housing study. Also, meet the College of Lake County’s Ali O’Brien, who partners with LCP to develop talent and drive business forward, leveraging the state-of-the-art assets at the new Advanced Technology Center in Gurnee

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