Study finds Will County airports produce major economic impact

Study finds Will County airports produce major economic impact

In the news

Study finds Will County airports produce major economic impact

The Joliet Park District has increased fuel prices at Joliet Regional Airport, where rental rates for hangar space increased Wednesday.

BY ALEX ORTIZ – AORTIZ@SHAWMEDIA.COM
SHAWMEDIA.COM

Three airports in Will County accounted for more than $140 million in economic impact and supported the creation of almost 800 jobs, according to a recent study.

The Illinois Department of Transportation conducted the study to assess the economic and social contributions of Illinois airports to the state economy, according to a description of the report that was published earlier this year. The analysis included data collected in 2019, according to the study.

The Illinois Aviation Economic Impact Analysis captured both quantitative economic impacts and community benefits through case studies.

The study looked at 85 airports, which included 12 providing commercial service and 73 that are focused only on general aviation.

Commercial service airports accommodate a large assortment of passenger jets. General aviation airports typically offer different sets of facilities that accommodate diverse types of aircraft and wide range of users, according to the report.

Among the airports analyzed were Bolingbrook’s Clow International Airport, the Lewis University Airport in Romeoville and the Joliet Regional Airport. The study examined two main areas, on-airport activity and visitor spending.

The Joliet Regional Airport accounted for $15 million in total economic impact. That included just more than $2 million in direct visitor spending.

The Joliet airport supported the creation of 82 jobs, according to the report.

Bolingbrook’s Clow Airport produced $34 million in economic impact.

That included $4.4 million in direct visitor spending.

The Bolingbrook airport supported the creation of 194 jobs, according to the report.

Lewis University Airport in Romeoville accounted for more than $92 million in total economic impact.

That also included $18.3 million in direct visitor spending.

The Romeoville airport supported the creation of 518 jobs, according to the report.

In total across the state, airports have produced almost half a million full and part-time jobs, more than $32 billion in labor income, and more than $53 billion in economic productivity.

To learn about the airport impact study, visit ilaviation.com.

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CEO Speaks to Future Leaders

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Doug Pryor was Invited by the Joliet Region Chamber of Commerce & Industry to speak to their Leadership School participants in a panel discussion along with Will County Executive Jennifer Bertino-Tarrant and City of Joliet Mayor Bob O’Dekirk.

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Will County elected officials attend Lobby Day in Springfield

Will County elected officials attend Lobby Day in Springfield

In the news

Will County elected officials attend Lobby Day in Springfield

Will County elected officials including County Executive Jennifer Bertino-Tarrant, and business leaders including our President & CEO, Doug Pryor, attended Lobby Day in Springfield hosted by the Will County Governmental League. The day included a legislative briefing with Illinois Senate President, Don Harmon and other local legislators and a photo opportunity with Illinois Governor JB Pritzker.

This annual drive down to Springfield is critical to communication providing for a dialogue regarding impacts of pending legislation and assures the goals and priorities for a bright future of our County are understood by our state legislators.

Will County elected officials attend Lobby Day in Springfield

Pictured Above: Mayor Dietz-City of Wilmington, Mayor Kernc-Village of Diamond, Mayor March-Village of Peotone, Mayor Keith Ogle-Village of Frankfort, Mayor Jenco-Village of Elwood, County Executive Jennifer Bertino-Tarrant, Doug Pryor, CEO-Will County CED, Allison Swisher-City of Joliet, Mayor Brown-City of Morris, Mayor Roudez-Village of University Park, Hugh O’Hara, Executive Director-Will County Governmental League, Village President Offerman-Village of Minooka, Governor JB Pritzker.

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Lion Electric gives glimpse into future factory

Lion Electric gives glimpse into future factory

In the news

Foster, Casten, Underwood and Rush Highlighted Electric Vehicle Infrastructure Funding at Lion Electric Facility

Joliet plant gearing up for first electric bus production later this year

The Lion Electric Company on Monday gave a tour of its future Joliet factory to state and federal officials who extolled the value of providing government incentives to spur the production of electric school buses and trucks.

Foster-Nick-Judy-Mitchell-partners-in-workforce-education

Lion Electric already has business waiting for the Joliet plant to open later this year, a company executive said.

“We have orders today that need to be built,” Nate Baguio, senior vice president of commercial development for Lion Electric, said during a news conference that preceded the tour.

More than 2,000 vehicles that represent $550 million in business for Lion Electric are on order, and many of those will be built in Joliet, Baguio said.

Lion Electric Bus

The factory building, still waiting on production machinery to be installed, will be equipped to build 20,000 vehicles annually in four years and employ 1,400 workers. Some hiring has begun, although the hiring of assembly workers is still a few months away.

Read the full article at:
ShawLocal.com

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Illinois Ranking Rises to #3 In Corporate Expansion and Relocation

Illinois Ranking Rises to #3 In Corporate Expansion and Relocation

In the news

Illinois Ranking Rises to #3 In Corporate Expansion and Relocation

March 3, 2022 – Will County News

Site Selection magazine Illinois Ranking Rises to #3 In Corporate Expansion and Relocation

Exciting news this morning shared by our state business development partner, Intersect Illinois and published by Site Selection Magazine! Illinois’ ranking improved from #4 in 2020 to #3 in 2021 for corporate expansion and relocation projects.

Two Will County projects alone – Lion Electric in Joliet and Scott’s Miracle Grow in Channahon accounted for $155 million in investment and 1,750 of the 21,000 new jobs for all Illinois projects identified. Additionally, Wayfair’s $125 million investment in Romeoville will bring 300 jobs.

Read the full release at IntersectIllinois.org

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Lion Electric’s Investment in Illinois Honored with Community Impact Award

Lion Electric’s Investment in Illinois Honored with Community Impact Award

In the news

Lion Electric’s Investment in Illinois Honored with Community Impact Award

The Illinois Department of Commerce and Economic Opportunity nominated Lion Electric for the CiCi Award, in partnerhsip with Intersect Illinois.

Lion Electric was chosen from hundreds of nominees for the value both to the community and the economy as a whole.

Lion electric CiCi awards

Lion Electric, the Canadian manufacturer of electric buses and trucks, has been named one of the country’s top Community Impact projects by Trade & Industry Development magazine. The annual award recognizes companies that make a difference in the community in which they locate.

In May of 2021 Lion announced it would bring its first U.S. manufacturing facility to Illinois, investing $70M in the commercial vehicle production plant, where it will employ more than 700 people. The new facility is the largest dedicated production site for zero-emission medium and heavy-duty vehicles in the U.S. and Lion’s biggest footprint in the market.

“Lion is the leader in electric school buses and has always been dedicated to the U.S. market, and our commitment to be close to our customers is one of the core values we have as a company. This significant expansion into the U.S. market will not only allow us to drastically increase our overall manufacturing capacity of electric trucks and buses but to also better serve our customers, while adding critical clean manufacturing jobs that will form the backbone of the green economy,” said Marc Bedard, CEO and Founder of Lion.

“Lion’s historic investment to bring its largest production facility to Illinois represents not only a win for our communities, but a strong step forward in our work to expand clean energy alternatives and the jobs they bring to our communities,” said Governor JB Pritzker.

Read the full article from INTERSECT Illinois here.

Trade & Industry Development’s Corporate Investment & Community Impact Awards

CiCi Award Lion Electric

The Illinois Department of Commerce and Economic Opportunity nominated Lion Electric for the CiCi Award, in partnership with Intersect Illinois. Lion Electric was chosen from hundreds of nominees for the value both to the community and the economy as a whole.

Read the article From Trade and Industry Development here.

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Doug Pryor Delivers Economic Report to Joliet Region Chamber of Commerce

Doug Pryor Delivers Economic Report to Joliet Region Chamber of Commerce

In the news

Doug Pryor Delivers Economic Report to Joliet Region Chamber of Commerce

Doug Pryor shared some of the highlights and successes of Will County over the past year.

Doug Prior Presents 2022 Economic Report to The Joliet Chamber of Commerce

Additional highlights of the presentation:

  • Illinois gets beaten up, but we are a HUGE economic engine for the Midwest. The state of Illinois remains a powerhouse in the areas of expanding companies, business creation, sustainable development and ranks as the 18th largest economy in the world! We have the opportunity to build an EV and new energy ecosystem here where we will be competitive for years to come.
  • Will County remains the top job creating County in the state.
  • Will County Job Recovery – In April of 2020 we lost 30,000 jobs or 12%; since then we have fully recovered to 2019 jobs at 273,000
  • 2021 was an all-time record for industrial leasing at 28 million sf. Why? E-commerce and supply chain bolstering.
  • Will County continues to be #1 in the state building the most single-family homes in each of the last three years!
  • Transportation News: $2.032 billion in total Will County investment in the Illinois Department of Transportation’s 2022-2027 Plan includes:
    • 119 Will County projects over the next six years
    • 41 Will County projects slated for Fiscal Year 2022
  • The Lion Electric project is underway and currently hiring for a startup later this year. This $130 million investment is just the beginning.
    • The financial opportunities for Lion and other EV makers are strong and will continue to grow. Lion should have full order books and be able to grow in Joliet as more funding continues to be made available at state and federal levels. This will help Lion, Rivian, and the Governor’s Office attract other EV supply chain partners to the area and bring more good-paying jobs to Joliet and Will County.

Doug wrapped up with his Outlook for 2022

  • Omicron, inflation, rate increases, and reduction of fiscal support stall growth
    • Q1 GDP estimates are falling, consensus now well below 2%
  • Industrial stays strong, and starts to explore new areas as the familiar communities get closer to being built-out; rents rise
  • Retail stays steady, sales growth moderates, new projects may wait for certainty
  • Office space in downtowns continue to be under pressure
  • Housing continues to grow; multifamily will be a significant growth sector
  • New energy drives development projects – EV, solar, hydrogen, batteries
  • Labor force continues to grow slowly, higher wages persist
  • Will County continues to lead in residential and job growth!

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