Wednesday, February 22, 2012

The News

In October 2011, the Illinois General Assembly passed landmark legislation that will transform ComEd’s distribution system in to a smart grid with advanced metering infrastructure and digital distribution automation equipment installed on our lines and in our substations. The Energy Infrastructure Modernization Act (SB 1652) authorizes implementation of a 10-year, $2.6 billion investment program by ComEd to strengthen the existing electric system, while adding new digital technologies. This investment represents one of the largest smart grid deployments in the United States and enhances a critical economic development attribute that will help set northern Illinois apart from other regions as we work to grow our overall economy.

The modernization program is designed to enhance overall system reliability, reduce outages, improve power restoration and empower customers to save money. ComEd is legislatively mandated to reduce the frequency of outages by 20 percent over 10 years, resulting in 700,000 fewer outages per year and to reduce annual average outage duration by 15 percent over 10 years. This is over and above ComEd’s already strong reliability levels.

Energy Infrastructure Modernization Act Fact Sheet - click to download pdf

Home to an unrivaled economy, workforce, and quality of life, Chicago is a thriving metropolis, yet a tight-knit community for business and residents. The city's dynamic character can be attributed to its people, its location and infrastructure, and its collaborative business and government community.

Centrally located, Chicago provides easy access to the world. The city has 2,900 daily flights including direct and nonstop service to more than 200 cities worldwide, and serves as a hub for all six Class-One North American railroads, as well as six major U.S. Interstates.

Chicago is a leader in a number of key industries including: Business & Financial Services, Manufacturing, Information Technology, Health Services, and Transportation & Distribution, and is a global leader in options, futures, and derivatives trading.

This combination of market access and economic diversity provides the resources a company needs to flourish. Alongside Chicago's pro-business environment, support services, and unique opportunities for growth, the city also offers a vibrant mix of cultural, educational, and social amenities.

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Pam Cumpata, President, McHenry County EDC 

A primary employer is defined as the one creating a product or service that is principally sold outside of a region, thereby generating new money and profits into the region. Examples include manufacturing, back-office operations or service centers, corporate headquarters, distribution facilities and research and development. Why are primary jobs important? Because primary jobs create the disposable income that allows development of retail, entertainment and service sectors (secondary jobs).

One way to understand the economic impact of a primary employer is to use the following example. Company A plans to expand and hire 25 additional people receiving compensation on average of $50,000 per year. The impact on their suppliers is 7 employees receiving compensation of $49,000 and the retail employment sector is 9 employees at a compensation of $33,000. Overall this company’s expansion directly and indirectly supports a payroll of $4 million into the local economy, which in turn supports 18 children in the school system and 28 households. Every time a manufacturer/primary employer expands, the entire local economy benefits. Conversely, when a primary employer leaves or contracts, the local community is negatively impacted in more ways than just job loss.

States, municipalities and economic developers need to continue to focus on retaining, expanding and attracting primary employers which provide the disposable income for our communities. It is essential that business, education and government work together to support and value our primary employers since they are the foundation for our economy. Economic Development is a process and the responsibility of everyone.

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