GE Supports One In 385 Jobs In Illinois
CHICAGO, IL (NYSE:GE) – GE supports one in 385 jobs in Illinois, an economic impact study released states. The report also revealed that GE’s operations create an economic impact of $4.45 billion in the state, $3.64 billion in Chicagoland, and $2.99 billion in Chicago. In 2013 GE commissioned research firm, Tripp Umbach, to compile the information which details the company’s progress within the region.
GE Chairman and CEO Jeff Immelt said, "Chicago is one of the nation’s great hubs of innovation and one of the world's great cities and GE is proud of our presence and impact there. Since 2011 we have added more than 500 jobs in Chicago, with additional jobs being created in Illinois. We will continue to invest in this key region, bringing our businesses closer to the customers and industries they serve."
According to the Tripp Umbach report, in 2012 GE spent nearly $3 billion with 550 Illinois-based suppliers. More than 25 percent of those dollars were spent with small and small disadvantaged businesses (as defined by the Small Business Association), supporting and growing the local small business sector. GE Capital also supplied more than $5.1 billion in credit lines to 6,030 local businesses and the company has provided intellectual assistance to 77 Chicago businesses, helping them harness a wide range of innovations in order to better achieve their goals.
“When global businesses like GE choose to invest and grow in Illinois, it drives our economy forward and creates jobs for our hard-working residents,” Governor Quinn said. “GE recognizes that our highly skilled and educated workforce and our accessibility to the rest of the world makes Illinois the best place to do business. I salute GE for its continued commitment and contributions to Illinois’ economy.”
Showing its commitment to Illinois growth, over the past two years GE renovated its Chicago office space, home to GE Capital and GE Transportation businesses, in turn creating 942 jobs and providing an economic impact of $126.9 million on the Chicago area throughout the course of the project.
"GE has created jobs in Chicago, and the company's innovative focus has made a strong and far- reaching impact on our local economy," said Mayor Rahm Emanuel. "GE is an outstanding corporate citizen and promotes our talented workforce. I applaud GE's work in supporting STEM education and inspiring the next generation of innovators and I look forward to continuing to work with the company as it grows alongside Chicago."
GE’s ongoing commitment to corporate citizenship and charitable giving was also highlighted in the report including its partnerships with after-school programs and universities to foster intellectual growth within the STEM (science, technology, engineering, and mathematics) fields, as well as the company’s support of internships and co-ops for nearly 100 students in the last year. GE also contributed $6 million across the state, including more than $4.5 million annually to the Chicago area through grants, volunteerism, company donations, and employee charitable contributions. These donations include support of local health clinics, Junior Achievement, the Consortium for Educational Change, the Greater Chicago Food Depository, BuildOn, and Big Brothers & Big Sisters.
GE’s presence in Chicago includes the global headquarters for GE Transportation and the Monogram® Design Center. GE Capital, the company’s financial services arm, also has a number of businesses in Chicago, including the headquarters for three GE Capital, Americas’ businesses: GE Antares Capital, Commercial Distribution Finance and Rail Services. To follow local company news via Twitter (@GEChicago). .
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
About Tripp Umbach
Founded in 1990, Tripp Umbach is a nationally recognized consulting firm that provides a comprehensive scope of services ranging from research and strategic planning to impact analyses for organizations, communities and corporations throughout the world. Headquartered in Pittsburgh with consulting offices throughout the United States, Tripp Umbach has completed thousands of assignments worldwide and provided the blueprint for its clients to leverage their assets and seize new opportunities. Their work has generated billions of dollars in economic impact. For more information visit www.TrippUmbach.com.