< Previous18 ILLINOIS INVESTMENT GUIDE STATISTICAL PROFILE Illinois by the Numbers Top 20 Projects, July 2024 - June 2025 SECTORPROJECTS Transport & Logistics129 Machinery, Equip. & Const.113 Business & Financial Services97 Food & Beverage67 Consumer Products46 IT & Comm.41 Chemicals & Plastics38 Life Sciences37 Electronics28 Other113 TYPEPROJECTS Distribution Warehouse287 Manufacturing193 Office 188 Headquarters55 Data Center20 Research and Development9 Source: Conway Projects Database Top Projects by TypeTop Projects by Sector COMPANIESCITYSECTORCATEGORYINVESTMENT (IN MILLIONS )JOBS T5 Data CentersGrayslakeIT & Comm.New10,000800 MicrosoftCorp. Plano IT&Comm. New 2,000 200 EquinixElk Grove VillageIT & Comm.New2,00025 CyrusOne YorkvilleIT & Comm.New2,00050 AlignedDataCenters HoffmanEstates IT&Comm. New 1,000 200 PsiQuantum, Corp.ChicagoIT & Comm.New1,000150 Avina Clean HydrogenChicagoChemicals & PlasticsNew820157 Stack InfrastructureElk Grove VillageIT & Comm.New40025 Fuyao Glass Industry Group Co.DecaturMachinery, Equip. & Const.Expansion400 CyrusOne AuroraIT & Comm.Expansion350 QTS Realty TrustChicagoIT & Comm.Expansion300 Vetter CM USADes PlainesLife SciencesNew285 CompassDatacenters HoffmanEstates IT&Comm. New 250 25 Endeavour EnergyAuroraIT & Comm.New25060 TA RealtyNorthlakeIT & Comm.New25025 Mars Chocolate North AmericaYorkvilleFood & BeverageExpansion250110 EdgeconnexElk Grove VillageIT & Comm.New25025 Colovore AuroraIT & Comm.New25025 MicrosoftCorp. CherryValley IT&Comm. New 250 300 Stream U.S. Data CentersElk Grove VillageIT & Comm.New25050 38% DW 26% Manf. 25% Office 19% Trans. & Log 17% Machinery 14% Bus. & Fin. 18% OtherILLINOIS INVESTMENT GUIDE 19 Source: Illinois EDC 30+ FORTUNE 500 HEADQUARTERS, AMONGST THE HIGHEST NUMBER IN THE MIDWEST 5TH LARGEST GDP IN THE NATION, 19TH LARGEST ECONOMY IN THE WORLD #2 IN THE NATION FOR BUSINESS EXPANSIONS AND RELOCATIONS IN 2024 38.3% EDUCATED WITH A BACHELOR’S DEGREE OR HIGHER 6.3 M #2 WORKFORCE CHICAGO’S O’HARE (TIED) RANKS TOP-10 MOST CONNECTED AIRPORT IN THE WORLD 5 FEDERAL LABORATORIES USDA Agricultural Research Service, DoD U.S. Transportation Command, DoD Construction Engineering Research Laboratory, Argonne National Laboratory, Fermi National Accelerator Laboratory 5th 30+ OF THE CONTINENTAL U.S. IS WITHIN TWO-DAY TRUCK DRIVE 83% Over 80 international Consulates, Consulates General and Honorary Consulates, and 6 international trade offices (in Belgium, Canada, China, Israel, Japan and Mexico) 80+ #1 In Sustainable Development in Midwest CONNECTED AIRPORT IN U.S. 242 higher education institutions 242 $3.64B 30+ OVER #1 OF VENTURE INVESTMENT IN 2024 ALONE, 9TH LARGEST IN THE NATION20 ILLINOIS INVESTMENT GUIDE s director of the Illinois Department of Commerce and Economic Opportunity, Kristin Richards oversees DCEO’s mission to create a positive economic climate to attract job creators, support Illinois’ skilled workforce and bolster communities to provide opportunities for all Illinoisans. A native of Belleville and a current resident of Chicago, Richards off ers her take on a variety of state economic development initiatives in the following interview. How does the Illinois Works Pre- Apprenticeship Program help develop workforce talent statewide? KRISTIN RICHARDS: All of DCEO’s training programs, including Illinois Works, have a sharp focus on equity — designed to build the pipeline in high-demand industries and eliminate barriers to entry for historically underrepresented communities. e Illinois Works Pre-Apprenticeship Program provides training opportunities, expands the talent pipeline and boosts diversity in the construction industry and building trades. Illinois Works is just one example of a state-led initiative that reinforces our belief that pre- apprenticeships and apprenticeships can lead to career opportunities. Since the program’s inception, Illinois Works has awarded a total of $ million serving over , residents. rough a variety of pre-apprenticeship and apprenticeship programs throughout the state, DCEO is opening the doors to opportunities to join the state’s world- class workforce. Illinois employers off er apprenticeships in a diverse array of fi elds including health care, manufacturing, information technology, construction, hospitality and more. Illinois boasts nearly , active registered apprentices, with about , employers participating in more than programs. As important, in every region of the state dedicated workforce DCEO DIRECTOR INTERVIEW State incentives are designed to lift the boats of all workers in Illinois. by RON STARNER A How DCEO Helps Make Illinois Work for All Photo: Getty ImagesILLINOIS INVESTMENT GUIDE 21 professionals are in place to set up tailored apprenticeship programs for employers. These workforce professionals, known as Apprenticeship Specialists, are in place to meet employers’ needs, and can be accessed through ApprenticeshipIllinois.com. ApprenticeshipIllinois.com also contains access to information about funding opportunities that may offset apprenticeship program costs. For example, employers can qualify for the Illinois Apprenticeship Education Expense Tax Credit, worth up to $3,500 per apprentice annually, with an additional $1,500 for eligible underserved populations, to help offset training costs and incentivize workforce development. Did Illinois adopt any major new incentives legislation in the past year? RICHARDS: Yes. Here are some of the key bills we passed: • $500 million in funding for historic site readiness initiatives (Surplus to Success and DCEO Site Readiness Initiative): The Governor’s site readiness initiative, which includes the Surplus to Success program, represents the most significant investment in State history to make more sites across Illinois ready for business. This includes remediation of state-owned sites as well as efforts to market and recruit out-of-state businesses to call Illinois home. These projects are readying sites for new capital investment and job creation to solidify Illinois’ reputation as an economic powerhouse that provides companies with access to the infrastructure they need to succeed. • Advancing Innovating Manufacturing for Illinois Tax Credit (AIM Illinois) : AIM Illinois is a new incentive program that supports manufacturers – particularly small and medium-sized companies – who are making significant capital investments. The program provides tax incentives to companies making large facility and equipment investments in Illinois – making the state more competitive to win and retain capital-intensive business. • Enhancing Key Incentive Programs: There were several improvements to DCEO’s incentive programs based on industry feedback, including EDGE and REV Illinois. EDGE is expanded to provide additional incentives to companies investing $100 million or more, and REV has been expanded to include additional EV supply chain industries. This will make Illinois even more competitive in its efforts to attract and retain businesses. • Capital Investment Programs: In addition to the site readiness capital initiatives, the FY26 budget funds several capital programs that invest in our workforce such as manufacturing training academies ($24M); incentive programs that keep Illinois competitive like the Enterprise Fund ($50M) and Prime Sites Capital Grant Program ($75M); and funding for the Made in Illinois program ($1.5M) which supports small and mid-sized manufacturers. How is REV Illinois working? RICHARDS: The Reimagining Energy and Vehicles in Illinois (REV Illinois) offers the most competitive clean energy incentives in the country. This first-in-class incentive program continues to improve year after year to address industry needs and increase its effectiveness at attracting businesses considering Illinois. REV Illinois offers competitive incentives to expand in or relocate to Illinois for companies that manufacture or are engaged in the research and development of electric vehicles or aircraft, associated battery, charging infrastructure and recycling products, as well as renewables including solar, hydrogen, wind, energy storage and green steel manufacturing. Program benefits can last 20 to 30 years, and include provisions to retain income tax withholding, exemptions on utilities taxes, tax credits, training credits, grants and equipment/capital cost exemptions. Local jurisdictions can also provide property tax abatement for the life of the agreement. Guided by Illinois’ Economic Growth Plan, the REV Illinois program supports a targeted industry for the state — clean energy production and advanced manufacturing 22 ILLINOIS INVESTMENT GUIDE — which continues to expand because of strong state leadership and a commitment to fostering innovation, sustainability and long-term economic competitiveness. Illinois is committed to supporting companies that invest in our communities while contributing to our vibrant clean energy ecosystem. Tying the reduction in carbon emissions to large investments in the clean energy sector represents a generational opportunity for Illinois. During 2024, the number of jobs retained by EDGE and REV Illinois — the state’s most active incentive programs — more than quadrupled, from approximately 3,000 to 12,800, with 4,100 new jobs created by the programs. By comparison, prior to the pandemic in 2019, company investments from EDGE totaled $348 million, new jobs totaled approximately 1,700, and REV Illinois did not yet exist. REV Illinois investments more than doubled from $2 billion in 2023 to $4 billion in 2024. Major agreements from 2024 include EV manufacturer Rivian investing $1.5 billion in Central Illinois to produce its highly anticipated R2 model, Avina Clean Hydrogen’s $820 million sustainable aviation fuel (SAF) investment in Southwest Illinois, Wiegel Tool Works, Inc.’s Wood Dale headquarters expansion to grow production for EV and renewable energy markets, EV manufacturer Ymer Technology opening its U.S. headquarters in Buffalo Grove, EV battery material supplier Bedrock Materials locating its research and development headquarters in Chicago, and EV component manufacturer Wieland Rolled Products North America investing $500 million — reinforcing its long-term commitment to six facilities across the state and the future of advanced manufacturing in Illinois. REV Illinois agreements have continued to make waves in 2025, including Rivian solidifying its commitment to Illinois with a $120 million investment in a supplier park in Normal, electric bus company Damera opening its first U.S. assembly plant in Illinois, next-generation battery technology company Pure Lithium Corporation relocating its company operations to Illinois, and global automotive seating supplier Adient establishing its facility in Normal. How is the Illinois New Stores in Food Deserts Program working? RICHARDS: Through the Illinois Grocery Initiative, the State of Illinois has made progress in our continued effort to combat food insecurity. We’re changing lives and livelihoods by making it easier to put fresh food on the table. The grantees will make a significant impact on their communities, ensuring residents have access to quality and affordable food while also strengthening their local economies. The New Stores in Food Deserts Program awards are supporting the establishment of new grocery stores in food deserts. This funding is supporting construction and renovation costs for new stores, as well as many first-year operations costs, such as employee wages, utility costs and initial inventory of food. DCEO provided approximately $6.9 million through Round I of the Illinois Grocery Initiative New Stores Grants and recently awarded $9.6 million through Round II. The Equipment Upgrades Grant Program backs energy-efficient equipment upgrades for existing stores, with priority given to those located in food insecure communities across the state. This program is designed to strengthen existing grocery stores and preserve access to fresh food in food-insecure communities, in an effort to stop the formation of new food deserts. After providing $1 million through Round I of the Illinois Grocery Initiative Equipment Upgrades Grant Program, DCEO opened Round II in January 2025. “ During 2024, the number of jobs retained by EDGE and REV — the state’s most active incentive programs — more than quadrupled, from approximately 3,000 to 12,800, with 4,100 new jobs created by the programs. ” — Kristin Richards, Director, Illinois Department of Commerce and Economic OpportunityILLINOIS INVESTMENT GUIDE 23 What are your agency’s top priorities for the next 12 months? RICHARDS: Guided by Illinois’ Economic Growth Plan, DCEO will continue to work toward economic goals that will have a lasting effect for Illinois families and communities. Our plan is guided by four overarching economic development goals: • Focus on high-growth sectors and continue overall business climate improvements. • Advance comprehensive economic development efforts for business growth and attraction. • Promote equitable growth by empowering workers, entrepreneurs and communities. • Build out the new clean energy economy. Illinois has the fifth largest economy in the U.S. What keeps it that way? RICHARDS: Illinois has a $1 trillion economy that small businesses in every corner of the state are part of building — one of only five states to reach this milestone. Illinois is proud to be at the forefront of industry, innovation and investment — from clean energy and tech, to manufacturing, logistics, biosciences and countless other sectors. Our transportation and location in the “Middle of Everything” are unmatched. Our infrastructure is unparalleled, our workforce is among the best in the Midwest and beyond, and our business prospect pipeline is deeper than ever. In 2025, our incentives are stronger, and we’re better positioned to attract large-scale investments. Illinois has established itself as a premier destination to locate and grow a business. And we are just getting started. 24 ILLINOIS INVESTMENT GUIDE hen Philip B. Clement was named the new president and CEO of World Business Chicago on April 2024, everyone in the Windy City knew that America’s second-largest financial center had found its man. Words of praise came in immediately from a host of Fortune 500 leaders throughout Illinois and beyond. And with good reason: Clement brings to this job a wealth of experience in guiding growth at some of the world’s top companies. Before joining World Business Chicago (WBC), Clement served as global chief marketing officer at Johnson Controls, a company with 105,000 employees in more than 120 countries and $26 billion in annual revenue. Before that, he spent 12 years as global chief marketing officer for Aon, and prior to that he launched a number of tech companies and his own consultancy. “We are thrilled to welcome Philip B. Clement as the new president and CEO of World Business Chicago,” said Charles Smith, vice chair of World Business Chicago. “His proven leadership, strategic vision and commitment to inclusive economic development make him the ideal candidate to lead our organization as we work to drive growth, attract investment and promote Chicago as a global business destination.” In the following discussion, Clement talks about the progress WBC has made over the years and how he intends to lead the organization moving forward. What factors contribute to the positive business climate in and around Greater Chicago? PHILIP B. CLEMENT: Several key factors contribute to Greater Chicago’s positive business climate, making it a prime location for businesses looking to expand or relocate. WORLD BUSINESS CHICAGO INTERVIEW World Business Chicago’s new president and CEO details the city’s many assets. by RON STARNER W CHICAGO Window & Gateway to the World Chicago’s iconic Buckingham Fountain Photo courtesy of Illinois Office of TourismILLINOIS INVESTMENT GUIDE 25 The city boasts a highly educated, diverse workforce, bolstered by strong academic institutions and dynamic diaspora communities, offering global companies not only deep talent but also valuable cross- border connections. Chicago’s strategic location, coupled with its diversified economy, sets the region apart. With a GDP of $886 billion, Chicago is the third-largest economy in the U.S., home to robust industry clusters across food manufacturing, finance, professional services, TDL and tech. The presence of national labs, including Argonne and Fermilab, strengthens Chicago’s innovation ecosystem, supporting cutting-edge research and creating a pipeline of talent in fields like quantum computing and AI. Chicago’s affordability, when compared to other major metros, provides companies with a significant advantage in maximizing their capital. In an era of scarce investment dollars, businesses in Chicago benefit from a lower cost of doing business while still being able to tap into a global customer base. Chicago’s strong innovation base — including over 24 corporate R&D centers and world-class research universities — positions the city as a leader in driving growth and scaling companies. Why do so many companies announce expansion projects annually in Chicago? CLEMENT: Companies continue to choose Chicago for expansion due to its unmatched combination of economic stability, diverse industry strengths, and a collaborative environment that fosters growth. Chicago’s economy is the third-largest in the U.S., and its diverse industry clusters create a robust ecosystem for companies looking to scale. In 2024 alone, Pro-Chicagoland Decisions (PCD) generated 14,800 jobs, $1.32 billion in earnings, and the acquisition of more than 12.6 million square feet. Manufacturing continues to be a dominant industry, representing 40% of PCD projects, followed by professional services and transportation, which further illustrates the city’s strength across core sectors. Nearly 60% of 2024 PCDs were located in the Greater Chicagoland Economic Partnership (GCEP) counties, underscoring the power of the seven- county region in attracting business, talent and investment. Additionally, Chicago’s leadership in emerging technologies, including quantum computing and AI, is further solidifying its position as an innovation hub. The University of Chicago’s top ranking in quantum physics research and the city’s recognition as an AI Star Hub are key factors in attracting global investment in these high-growth areas. With a population of 9.4 million, Chicago offers a vast local consumer market, making it an ideal testbed for new products and services that can scale nationally. The city’s strategic location, diverse economy and continued focus on innovation make it a clear choice for companies looking to expand and thrive. Is space getting tight in the market for office and industrial users? CLEMENT: While Chicago’s office market continues to experience fluctuating vacancy rates, with both CBD and suburban office spaces seeing a steady increase in availability, the industrial market remains relatively tight with a lower vacancy rate. In the Chicago CBD office market, vacancy rates have steadily increased, rising from 19.8% in Q1 2023 to an estimated 25.5% by Q2 2025. Suburban office vacancy rates are also rising, with rates hovering around 27% over the past year, indicating that office space availability is still relatively high. However, in the industrial sector, the situation is markedly different. Vacancy “ Chicago’s affordability, when compared to other major metros, provides companies with a significant advantage in maximizing their capital. In an era of scarce investment dollars, businesses in Chicago benefit from a lower cost of doing business while still being able to tap into a global customer base. ” — Philip B. Clement, President & CEO, World Business Chicago26 ILLINOIS INVESTMENT GUIDE rates for industrial space have remained low, with a slight uptick in recent quarters, reaching around 5.5% by Q2 2025. This still reflects a competitive market where demand for industrial space, particularly for logistics and distribution, remains robust due to Chicago’s strategic location and the continued growth in e-commerce and supply chain sectors. While there is more available office space, the industrial market continues to face tighter conditions, driven by Chicago’s role as a critical hub for warehousing, transportation, and logistics. Businesses seeking industrial space should anticipate continued competition for prime locations. Describe a few big projects announced recently. CLEMENT: RJW Logistics recently expanded into a 977,000-square-foot distribution center in Joliet and secured another 640,000-square-foot industrial lease in the same area, reinforcing Chicago’s role as a key hub for transportation and warehousing. Universal Destinations & Experiences is investing approximately $100 million to launch Universal Horror Unleashed, a year- round immersive experience. This project will transform a 114,000-square-foot building and is expected to generate over $1 billion in economic impact for the city, along with creating over 400 jobs. Abbott Laboratories is expanding its manufacturing and R&D operations in Lake County, adding up to 200 new jobs. This follows the company’s 2022 announcement of leasing more than 100,000 square feet in the Willis Tower, further bolstering Chicago’s strength in manufacturing and life sciences. Pure Lithium Corporation is relocating its operations from Boston to Chicago, investing $46 million to manufacture Illinois’ first commercially viable lithium metal battery, creating 50 new jobs and contributing to the state’s growing clean energy sector. In finance, we’re also excited to share that BlackRock is expanding its Chicago presence with a new office on Monroe Street. With over $178 billion invested in Illinois public companies and pension funds benefiting 1.2 million Illinoisans, this expansion is a strong vote of confidence in Chicago’s business climate. Do you still have plenty of available sites? CLEMENT: Greater Chicago continues to have a healthy supply of available sites across key markets, offering opportunities for businesses looking to expand or relocate. In the industrial market, the Chicago MSA has an availability rate of 8.8%, with over 126 million square feet of available space, and more than 12.6 million square feet currently under construction, signaling continued growth and capacity to meet demand. For the office market, the availability rate is 19.3%, with nearly 99 million square feet of available space. While office demand has been impacted by shifts in remote work, there remains a substantial inventory with new construction underway to meet evolving market needs. In the retail market, availability stands at 5.9%, with more than 33 million square feet available. This space, along with ongoing retail development, offers excellent opportunities for businesses looking to enter or expand within the region. Overall, Chicago continues to offer a range of available sites across industrial, office and retail sectors, backed by strong infrastructure and ongoing construction to support future growth. World Business Chicago Vice President of Research Hannah Loftus and President and CEO Phil Clement Photo courtesy of World Business Chicago.Next >