*Growing Trade in Manufacturing Secures City’s Continued Global
Standing*
**HSBC Made For Trade Event Gathers Business Leaders and Public
Officials to Discuss Manufacturing and Trade’s Impact on Chicago
Economy**
CHICAGO -- (Business Wire)
Advanced manufacturing expertise coupled with diversified manufacturing
and related business services ensure Chicago’s continued future as a
leading global city, according to a new report commissioned byHSBC
Bank USA, N.A.
The report, authored by Chicago Council on Global Affairs Senior Fellows
Richard C. Longworth and Phil Levy, finds that while manufacturing is
Chicago’s second leading industry behind social services, it dominates
the metro and regional economies and trade. Nationally, manufacturing
comprises about 12 percent of U.S. gross domestic product.
Furthermore, manufacturing in Chicago will continue to thrive because of
the city's deep expertise and resources in the industry, including
advanced manufacturing processes based on research and development, the
report shows.
“While manufacturing is an evolving industry, Chicago-area manufacturing
and trade in manufacturing will continue to be huge forces in the local
economy,” said The Chicago Council on Global Affairs’ Longworth. “The
region is central to the global supply chain of many industries, and if
global manufacturers need advice on how to run an industry, they come to
Chicago to get it. While Chicago’s bright future will depend on many
sectors, manufacturing is undoubtedly Chicago’s bellwether.”
Some of the key trade highlights of the report, Revival
in the Heartland: Manufacturing and Trade in Chicago, include:
-
Manufacturing accounted for two-thirds of the metro region's exports
in 2013
-
Manufacturing added over $6 billion in direct wages into Chicago’s
six-county region in 2012
-
Each manufacturing job accounts for a spin-off of another 2.2 jobs,
adding about 800,000 more jobs at locally-based suppliers and in
business services, such as accounting
-
Manufacturing adds close to $54 billion yearly to the gross regional
product
-
Manufacturing makes up about 90 percent of the state’s total exports,
totalling $63 billion in 2012
Chicago also benefits from a diverse manufacturing base that is
supported by strong business services. The report, which will be
featured at today's HSBC
Made For Trade1 Chicago – Manufacturing Global Connections,
shows that Chicago’s manufacturing industry is dispersed among several
sectors. It also notes that the city’s strong business and professional
services related to manufacturing will keep growing, particularly as
developing countries continue to grow and look for these services.
“Chicago is the epicenter of America's manufacturing renaissance and I’m
pleased to be part of HSBC’s Made for Trade event to highlight our
leading role in the global marketplace," said Chicago Mayor Rahm
Emanuel. "Chicago’s strength lies in diversity as no more than 13
percent of our economy is tied to any one sector. This ensures our place
as a thriving hub for global business and international trade. There is
excitement in the air as the City of Big Shoulders transforms to a place
for big discoveries while the next generation of advanced manufacturing
flourishes here.”
Other speakers at today's Made
for Trade event include leaders from: Illinois Manufacturer’s
Association; The Chicago Council on Global Affairs; Boeing; Skidmore,
Owings & Merrill; Suzo Happ; Hydro Inc.; and The Digital Manufacturing
and Design Innovation Institute; as well as Irene Dorner, President and
CEO, HSBC USA; and Steve Bottomley, Head of Commercial Banking North
America, HSBC Bank USA, N.A.
HSBC, established in the U.S. in 1875, has a rich history of supporting
international commerce and is the largest trade financer in the world.
“Chicago is truly an international city, and the flow of goods
throughout the area is a natural extension of its deep manufacturing
history,” said Steve Trepiccione, Senior Vice President, Managing
Director and Head of Midwest Region, Commercial Banking, HSBC Bank USA,
N.A. “As we look at the future of global trade, it's exciting to see how
well positioned Chicagoland is for continued growth. As the leading bank
for international trade, HSBC looks forward to helping Chicagoland
businesses continue to push the limits of their borders.”
This is the fourth official stop of the HSBC
Made For Trade tour, which launched in Los Angeles in March before
moving on to Houston and San Francisco. The tour will culminate this
October in Washington, D.C.
For more information about HSBC Made For Trade and how HSBC is helping
to make global connections, please visit: http://www.MadeForTrade.hsbc.com
Notes to Editors
(1) HSBC Made For Trade
HSBC Made For Trade is a national conversation with leaders in business,
government, industry and academia about the role of global trade in
today’s economy. This national tour looks at the contribution of the
international flow of goods, services and capital to the U.S. economy,
and the opportunities for American businesses brought about by global
trade. HSBC Made For Trade stops in four U.S. cities whose economies
have been shaped by global trade, and concludes in Washington, DC, where
voices from around the country are brought together with national
officials and thought leaders to discuss policies to further promote the
international flow of goods, services and capital.
About HSBC
Founded in 1865 to finance trade between Asia and the West, today HSBC
Group is one of the world’s largest banking and financial services
organizations. Headquartered in London, HSBC Group operates through
long-established businesses and an international network of some 6,300
offices in 75 countries and territories. HSBC is the world’s leading
bank for international trade, financing approximately 10 percent of
international trade flows in 2012.* Our global reach and expertise helps
millions of customers – from small businesses to multinationals – unlock
their potential.
In the U.S., HSBC serves 3 million customers through retail banking and
wealth management, commercial banking, private banking, asset
management, and global banking and markets segments, and operates more
than 240 bank branches: over 155 in New York State as well as in
California, Connecticut, Delaware, Washington, D.C., Florida, Maryland,
New Jersey, Pennsylvania, Oregon, Virginia, and Washington State.
About The Chicago Council on Global Affairs
The Chicago Council on Global Affairs, founded in 1922, is an
independent, non-partisan organization committed to educating the public
– and influencing the public discourse – on global issues of the day.
The Council provides a forum in Chicago for world leaders, policymakers
and other experts to speak to its members and the public on these
issues. Long known for its public opinion surveys of American views on
foreign policy, The Chicago Council also brings together stakeholders to
examine issues and offer policy insight into areas such as global
agriculture, the global economy, global energy, global cities, global
security and global immigration.
*Oliver Wyman Global Transaction Banking Survey 2012
Contacts:
Media Inquiries
HSBC
Laura
Sheridan Powers, 212-525-0115
laura.s.powers@us.hsbc.com
Source: HSBC
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