Schaumburg and the O'Hare Expansion
The announcement that O’Hare International Airport will be undergoing an $8.5 billion-dollar expansion and rebuild has been lauded as a “game-changer” and “watershed moment” for Chicago’s economy but the economic potential of this expansion will not be limited to Chicago alone. The investment into O’Hare’s expansion will have considerable regional implications and directly impact Schaumburg’s economy and long-term economic prospects.
By O’Hare adding 3 million new square feet of terminal space and 30-to-35 additional gates to attract and accommodate an additional 20 million passengers each year provides increased opportunity across all industry sectors in Schaumburg. From expanding a prominent North American corporate headquarters base to an increased number of visitors and tourist shopping and eating in Schaumburg this expansion will not just benefit recreational travel but will link seemingly unrelated businesses by tying them to an affluent global market.
Schaumburg’s status as Illinois’ 2nd largest economic center – behind only Chicago – has been realized because businesses recognize the advantage that Schaumburg’s location offers to their operation and planned growth. During the SBA’s BR&E surveys
Location is primarily the first advantage that executives cite explaining their decision to be based in Schaumburg. Nearly 50 percent (46.6%) of all BR&E conversations since August 2017 have referenced Location as a key business benefit that Schaumburg provides.
This emphasis on Location has to do with Schaumburg’s global connectedness and relationships with international markets. Schaumburg’s proximity to O’Hare International Airport is referenced directly in over 40% of the conversations that Location is discussed. With a significant concentration of international businesses, and destination attractions like the Woodfield Mall, the convenience of a 20-minute commute from Schaumburg to O’Hare is noteworthy consideration in the decision to operate, expand, shop, play, and live in Schaumburg.
With O’Hare currently providing nearly 1,100 direct domestic flights and another 125 direct international flights each day air service has helped secure Schaumburg’s standing and connectivity in the global marketplace. As construction breaks ground the expansion of the existing airlines servicing Chicagoland will mean that Schaumburg can continue to emerge as an international destination for investment as executives, goods, shoppers, visitors and will be able to easily traverse the globe to continue expanding our economic presence.
While Chicago may be considering this a “game-changer” Schaumburg should consider this the “take-off” to a more prosperous economic future – for the entire community!
Posted on Mar, 30
by Kyle Schulz filed under