Power Construction Company Plans To Relocate Headquarters To Chicago, Illinois
“It’s great to welcome Power back to Chicago after 80 years,” said Mayor Rahm Emanuel. “This is a cutting edge company, with deep roots in our city. They are doing great things around the city, constructing wonderful buildings that help Chicagoans enjoy a high quality of life while spurring economic activity and job creation. I am so pleased to welcome Power, and I look forward to the company’s future success.”
“Power Construction is a thriving business, and they recognize that there is no better place to grow than in Illinois,” Gov. Pat Quinn said. “This move will create good-paying jobs and attract additional investment to the area.”
The relocation is a result of anticipated employee growth, changing workforce demographics, outdated office space, and most importantly, new construction opportunities within downtown Chicago. Power’s growth has always been a result of project performance and strategic pursuits. “Power has been fortunate to be regarded as a prominent city contractor, helping to transform where Chicagoans live, work, heal, and learn through projects such as Lurie Children’s Hospital, Roosevelt University, Rush University Medical Center, Loyola University, Burberry’s Chicago, and many more,” said Jeff Karp, CEO of Power.
The new headquarters is designed to enhance collaboration through open plan design and mobile technology, leverage new technologies such as Building Information Modeling, and take advantage of excellent public transportation that improve employee efficiency like the CTA Blue Line.
“We are excited to have recently broken ground on 10 major projects in the city, including the Rehabilitation Institute of Chicago, Arkadia Tower, and GEMS World Academy, to name a few. These projects are providing opportunities for literally hundreds of union construction workers in the next few years,” said Ken Gorman, Vice President of Power.
Officials of the firm worked closely with the Office of Governor Pat Quinn, World Business Chicago, Illinois Department of Commerce and Economic Opportunity, and the Office of Mayor Rahm Emanuel over the past 12 months on this strategic long-term commitment.
Power will be eligible for tax credits under the Economic Development for a Growing Economy program, administered by the Illinois Department of Commerce and Economic Opportunity. The tax credits, based on job creation, can be used against corporate income taxes to be paid for up to 10 years. The company is also eligible for an Employer Training Investment Program grant to keep its workforce trained in current technologies.
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