While One Company Expands, Others Threaten to Leave

June 10, 2011

We here at Chicago Real Estate Forum know that jobs are essential to the recovery of the housing market, so it is with great pleasure that we get to tell you that there will be more than a thousand new ones on the horizon in Chicago.

Mayor Rahm Emanuel has announced that United Airlines will be expanding its operations in the city, thereby creating 1,300 “well-paying” new jobs by the end of next year.

The announcement was made Friday on the 10th floor of Chicago’s Willis Tower, where many of the United Airlines employees will be working.

“I promised to foster a business climate that attracts and retains the greatest companies in the nation,” said Mayor Emanuel. “I am happy to announce that United has substantially increased their commitment to the city of Chicago, by bringing these jobs to the hardest working people in America.”

United and Continental Airlines recently merged into one, and Chicago is reaping the benefits as the headquarters for the newly combined airlines.

The new jobs will be positions that support the the airline’s global operations. United Airlines president and CEO Jeff Smisek was on hand for the announcement.

“As Chicago’s hometown airline, United is pleased to announce that we are bringing an additional 1,300 jobs downtown from locations throughout our system by the end of 2012,” said Smisek.

“Mayor Emanuel recognizes the importance of keeping Chicago competitive with other cities and expanding job growth here, and we look forward to working together with him and his team.”

Job growth is important here, considering an increase in corporate taxes has companies threatening to leave the state.

The Chicago Board Options Exchange is the latest group to say that a boost in Illinois’ corporate taxes might force the company to move.

“Our industry has become increasingly electronic and, if the environment becomes too unfavorable, business into our exchanges can be easily redirected to competitors in other cities through the flip of a switch,” the CBOE said in a statement.

This announcement comes one day after CME Group Inc., which owns the Chicago Merchantile Exchange and the Chicago Board of Trade, said the same thing.

You know you’re in trouble when multiple companies with the word “Chicago” in their names are threatening to leave the state. Stay tuned.

Categories: City of Chicago, Economy

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