Construction begins on McCormick Place Event Center in Chicago, will create thousands of jobs
CHICAGO — Officials have broken ground on the McCormick Place Event Center. Development of the 10,000-seat Event Center represents a public-private partnership between the Metropolitan Pier and Exposition Authority and DePaul University that will create thousands of jobs and inject millions of dollars into Chicago’s economy.
“This world-class Event Center will create thousands of jobs and build on Chicago’s status as one of the country’s top destinations for tourism and conventions,” said Mayor Rahm Emanuel. “Today’s groundbreaking not only marks a major victory for Chicago’s tourism industry but ushers in a new era for our passionate sports fans.”
The event center will have the capacity to host general sessions for conventions and trade shows, graduation ceremonies, concerts and other special events, as well as serve as home court for DePaul University’s women’s and men’s basketball teams. Development of the facility and other tourism investments will create 7,400 construction jobs. Upon completion of the Entertainment District, MPEA projects that an additional $250 million per year will be spent in the area, which should support more than 2,500 new jobs.
The McCormick Place Event Center is a key component of the MPEA’s expanded portfolio of convention and trade show offerings designed to open up Chicago to new markets in the industry and continue the growth of the last few years. The McCormick Place Event Center will be constructed by the MPEA and DePaul University for $164 million.
Economic impact data released earlier this year showed that tourism-related employment in 2014 increased 6 percent since 2011 to 136,000 jobs. Approximately 2,500 new jobs were added in 2014 – the fourth largest annual increase in the last decade.
Image courtesy of McCormick Place
Source: Chicago Mayor’s press release