< Previous48 ILLINOIS INVESTMENT GUIDE Chalsani recently was invited to speak on the Illinois quantum ecosystem and initiatives at Quantum Korea conference in South Korea. Similarly, in a bid to reach an international audience, IEDC, P33 and the Chicago Council on Global Affairs in July hosted the inaugural Global Quantum Forum, bringing together individuals from more than 20 countries centered on the global implications and opportunities of quantum. Illinois Checks All the Boxes “Illinois has all of the elements of the quantum value chain, providing a fertile base for further growth, development and commercialization,” says Chalsani. “For one, we’re home to world-class research institutions, including universities like the University of Illinois Urbana-Champaign, the University of Chicago – one of the first in the country to launch a quantum PhD program, Northwestern University and others, as well as two DOE National Labs, Argonne and Fermi, that continue to build on decades of pioneering discoveries to advance quantum science and technology. “Together with our outstanding four-year institutions and extensive community college system, we continue to collaboratively build one of the largest quantum- ready talent pipelines in the nation,” she adds. “Collectively, Illinois has a large and highly skilled STEM talent pool, which is critical. We have some of the world’s best business schools in the University of Chicago’s Booth and Northwestern’s Kellogg, which nurture high quality business and entrepreneurial talent, another key element needed for a developing quantum industry.” The IQMP recently launched the National Quantum Algorithm Center, a one-of-a-kind opportunity for companies across sectors to work alongside quantum experts, researchers and academics to solve industry challenges. Chalsani says the initiative will focus on the development of quantum algorithms and applications, ultimately developing solutions to some of society’s most complex challenges. How Illinois Stacks Up Globally Chicago is one of six U.S. locations among 20 worldwide recognized as leading global quantum real estate markets in The Future of Quantum Real Estate, a report released in July by JLL. It would have been hard to exclude it. Few places have a quantum computing ecosystem like the Windy City, which the JLL report says has attracted more than $1 billion in quantum-related investment in recent years. It’s home to the Chicago Quantum Exchange (CQE), a regional hub comprised of the U.S. Department of Energy’s Argonne National Laboratory and Fermi National Accelerator Laboratory and research universities in Illinois, Wisconsin and Indiana. CQE is based at the University of Chicago’s Pritzker School of Molecular Engineering. The Bloch Quantum Tech Hub, organized by CQE, is a coalition of universities; government, economic development and workforce agencies; and companies large and small working in the quantum computing space. It was awarded a $500,000 Consortium Accelerator Award grant from the Economic Development Administration in 2024 to boost industry adoption of quantum computing. Still another organization in the ecosystem is P33, which it says is “a nonprofit organization accelerating Chicago’s growth as a global tech and innovation hub by aligning the city’s research institutions, corporate leaders, civic talent, and investment ecosystem around high-impact sectors,” including quantum computing. “When we think about the ingredients needed to form a global quantum ecosystem, Chicago scores very high across the board (universities, existing quantum facilities, government support, advocacy groups, skilled workforce and a growing private sector),” says Andrew Batson, senior director, Americas Data Center Research and Strategy, JLL, a co-author of the firm’s report. “Quantum investment is concentrating in Illinois because industry resources and anchors exist to support growing businesses. “Chicago has established itself as a global quantum leader,” he adds. “The industry foundation that has developed in Chicago has a gravitation pull, which will attract additional investment over time and help the region sustain its leading position for a number of years.” “ Quantum investment is concentrating in Illinois because industry resources and anchors exist to support growing businesses. ” — Andrew Batson, Senior Director, Americas Data Center Research and Strategy, JLLILLINOIS INVESTMENT GUIDE 49 hen the Illinois General Assembly passed the $ . billion state FY budget on June , the bill included, among other economic development spending measures, a record $ million commitment to site readiness. Funds specifi cally were earmarked to support two state programs: Central Management Service’s Surplus to Success and the Site Readiness Initiative (SRI) of the Illinois Department of Commerce and Economic Opportunity (DCEO). Surplus to Success receives $ million, while SRI nets a new infusion of $ million. Together, these allocations represent the largest investment in state history to make sites across Illinois ready for business. Funding includes state dollars for remediation of state-owned sites as well as eff orts to market and recruit businesses from other states. e budget passage follows actions taken by Gov. JB Pritzker by RON STARNER SITE READINESS Grab a Shovel: Illinois Has the Land W Gov. Pritzker announces $500 million in funding to certify sites statewide. This site in Decatur is one of many currently available for development statewide. Photo courtesy of JLL50 ILLINOIS INVESTMENT GUIDE earlier this year to award site preparedness funding to 24 sites across Illinois. On January 29, Pritzker announced awards totaling $31 million through two competitive funding opportunities: grants to support due diligence activities, studies and site plans; and Capital Ready grants to support capital infrastructure improvements. The grants ranged in size from $35,000 to $3 million. Recipients of these awards included the Jo-Carroll Depot Local Redevelopment Authority in Northwest Illinois, which is getting $3 million to build natural gas infrastructure at the Savanna Industrial Park; and the City of Mattoon in Southeast Illinois, which is getting nearly $2.4 million to make substation improvements for 74 acres at Mattoon Enterprise Park. “Readiness planning, assessments, infrastructure improvements — these are all the fundamental work that must be done for businesses and investments to flourish and jobs to grow across the state,” Pritzker said. “In every corner of Illinois, there are communities that are overflowing with untapped potential but do not have the resources and support they need to fully realize it. Now, I am happy to say that a whole lot has changed. We are investing in our sites. We are thinking about the future, and we are growing economic development across the state.” DCEO Director Kristin Richards added, “The Regional Site Readiness Program is building on the state’s economic momentum. 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.” Pumping Millions Into Megasites The state also administers the Megasites initiative and the Vetted Sites program. The Megasites initiative is a state effort to support site readiness at large-scale tracts around Illinois. Two years ago, Pritzker kicked off the program by announcing $40 million in state funding for Megasites statewide. Recent award recipients include Jerseyville; Winnebago County; Interchange City West; Marquis Land Holdings LLC; and the International Union of Operating Engineers Local 150. The Illinois EDC currently lists 15 available Megasites statewide. Examples include the 3,184-acre NRG site in Morris in Grundy County and the 5,000-acre Dual Rail Mega Site in Rochelle in Ogle County. There are also the 3,300- acre Marquis Industrial Complex in Hennepin and the 3,200-acre AC Rail-Access Megasite in Manteno. All four of these tracts are firmly on the radar screen of site selectors right now. For a complete list of Megasites in Illinois, go to Illinois EDC’s website (illinoisedc.org) Vetted Sites Up to 70 Vetted Sites, also administered by the Illinois EDC, are identified by the organization as the top sites in Illinois based on eight site characteristics: acreage; utilities; logistics; permitting and entitlement; workforce; ownership; local and state incentives; and environmental and topographical conditions. The program also provides ample site data so that companies can make local decisions quickly and accurately. Currently, Illinois EDC Vetted Sites has 35 sites that are certified in the program. These tracts include the 500-acre Hartford Industrial Center and the 96-acre Blitstein Farm site in Dwight. There are 15 certified Megasites in Illinois. Vetted Sites is another state program that has 70 certified sites that are primed for fast- moving for industrial development. Source: Illinois EDCILLINOIS INVESTMENT GUIDE 51 Paulina San Millan, senior vice president of business development for Illinois EDC, says, “We retain experts in Illinois to certify our sites. They do a deep-dive analysis; and then we market them. We know that in the global economy today, if you don’t have the sites, you can’t compete for projects.” She adds that “We started at 35, we are now at 70. We are always asking ourselves ‘How can we be creative and get [these assets] in front of site selectors?’ ” Helping Illinois is the fact that many Vetted Sites are located along major highways. A good example is the I-80 Logistics Park site in Minooka. It has 416 acres that are ready for development. There are also the 250-acre I-55 Commerce Center in Litchfield and the 320- acre Cornerstone at Chicago Rockford International Airport. For a complete list of Vetted Sites in Illinois, go to illinoisedc.org/ resources/site-selection/megasites. Ameren Speeds Up the Process Eric Whitfield, economic director for Ameren Illinois, says his electric utility company began investing heavily into site preparation about three or four years ago. “We wanted to know two things: What are the top sites across the whole service territory? And what sites are being submitted for the most projects? It started out as a process improve- ment initiative for ourselves.” Whitfield says certified sites are essential today because “RFI submissions are only getting quicker and requiring more detailed information. We took our top sites and had our engineers look at them ahead of time. The Illinois EDC rolled out its Vetted Sites program at the same time. As they identified more sites, we were able to take those into our own intake and be more proactive.” Whitfield adds that the primary goal of shoring up site readiness is “improving speed to market. Everyone needs to know what it will take from an energy standpoint; and it helps our communities understand what they have.” To date, says Whitfield, Ameren has vetted close to 100 sites around the state. “We keep a rolling top 35 that we refresh each year,” he notes. “That helps us identify some gaps too. That led to the Site Readiness grants that the state now uses.” A big beneficiary of this new state program is downstate Illinois, he adds. “This program is really paying off for the downstate area. A sustainable aviation fuel plant went to Metro East [near St. Louis] because the rail-served sites in that area were pre-vetted. Because of results like this, we will continue to enhance this program.” “ We retain experts in Illinois to certify our sites. They do a deep-dive analysis; and then we market them. We know that in the global economy today, if you don’t have the sites, you can’t compete for projects. ” — Paulina San Millan, Senior Vice President, Illinois EDC52 ILLINOIS INVESTMENT GUIDE hen German copper supplier Wieland announced last year that it would invest $ million to modernize its production facilities in East Alton, the news was but the latest confi rmation that Illinois is a magnet for global foreign direct investment. Wieland, which supplies semi-fi nished copper and copper alloy products, is retaining jobs statewide and adding a new mill at this manufacturing complex in East Alton. “Wieland, which is a global company, could have chosen to make this investment anywhere in the United States, let alone anywhere in the world,” Gov. JB Pritzker said. “ is announcement is a compliment to the quality of the workers here in East Alton, their dedication and the region itself; and it is proof that in the global competition to attract and retain great companies, Illinois is competing and winning.” e numbers back him up. According to Dunn and Bradstreet, more than , international companies employ more than , people in Illinois. e top countries by FDI employment in Illinois are the UK with , workers in the state, followed by Germany, Canada, Japan and France. Compass Group PLC out of the UK is the top FDI employer in Illinois with , workers in the state. Other top foreign employers in Illinois include Fareva of Luxembourg, Randstad N.V. of the Netherlands, Banque de Montreal of Canada, and Continental AG of Germany. But global commerce is not a one-way street in Illinois. e FDI goes both ways, as evidenced by the fact that fi ve Illinois- based companies each employ more than , workers abroad, led by Chicago-based McDonald’s, which has a non-U.S. workforce of , people. United Airlines of Chicago is next on the list with , . As long as Chicago has served as the fi nancial and commercial capital of the Central U.S., it has built and maintained global ties. In , global exports from Illinois businesses reached an all- time high of $ . billion — a . % increase from and a % increase from , according to the World Institute for Strategic Economic Research (WISERTrade) and U.S. Census Bureau. Illinois ranks as the largest farm exporting state in the Midwest and the fourth largest in the country, according to USDA and Census Bureau data. Agricultural products alone accounted for $ . billion in exports from Illinois in — up .% from and up .% from . Besides agriculture, the largest exporting sectors in Illinois last year were chemicals at $ . billion; machinery at $. billion; W by RON STARNER Illinois sets new high mark for exports as it attracts record FDI. The Global Ties That Bind FDI & TRADEILLINOIS INVESTMENT GUIDE 53 computer and electronic products at $ . billion; and transportation equipment at $ . billion. ere are many reasons why Illinois serves as a global hub of commerce, but chief contributing factors include the following: • Illinois has a top- economy in the world. • Illinois is the No. state in the Midwest for new and expanding companies, per Site Selection Magazine. • Greater Chicago ranks as the No. metro area in the U.S. for new and expanding companies, per Site Selection, and has maintained this perch for years. • ere are Fortune headquarters and over , international companies from countries based in Illinois. • Illinois has a skilled and trained workforce of . million people. • Illinois is home to three national laboratories: USDA, Argonne and Fermilab. • Illinois is the only U.S. state with all six Class I freight railroads. Pitchbook recently analyzed , international capital deals in Illinois from through the third quarter of and found that the top fi ve foreign investors by deal count in Illinois-based companies were from the UK, Canada, India, Singapore and Switzerland. Among the largest of these investment deals was Medline’s $ billion leveraged buyout (LBO) by U.S.- based private equity fi rms from the UAE, Singapore and the U.S. Recent FDI facility deals in Chicago came from BSB Industry of Denmark, Rapyuta Robotics of Japan, and Farmer’s Milk of Ukraine. “Chicago is a key strategic hub for Japanese companies in the U.S. Midwest, off ering industrial diversity, market scale, excellent connectivity, a skilled workforce and a high quality of life,” said Nakagawa Takashi, chief executive director of the Chicago offi ce of the Japan External Trade Organization (JETRO). “ e city’s innovation ecosystem has also attracted a growing number of Japanese startups. WBC [World Business Chicago] and JETRO have actively supported Japanese business engagement through joint initiatives, such as the co-hosted seminar in Tokyo in March and the Quantum Delegation to Chicago in June. I am delighted to see our partnership becoming increasingly tangible and dynamic.” To support and enhance further ties abroad, Illinois EDC and DCEO organized multiple foreign trade trips for Illinois offi cials and business leaders this year. ese include trade missions to Japan, Mexico, Dubai, Monterrey, Barcelona, Toronto, Jakarta, Kuala Lumpur, and Paris. That Bind Sunset over Chicago, the No. 1 destination for FDI in the Midwest. Photo by Dice Sales courtesy of Enjoy Illinois54 ILLINOIS INVESTMENT GUIDE Just before Thanksgiving in 2024, Illinois Gov. JB Pritzker shared the good news that a $5 million state grant would enable Marshalltown Hammer to acquire the tool manufacturing operations of Vaughan and Bushnell. Photos courtesy of Office of the Governor Remembering ‘Forgottonia’: How a ‘Heart and Soul American’ Tool Manufacturer and Town Were Saved CASE STUDY : MARSHALLTOWN HAMMER by ADAM BRUNSILLINOIS INVESTMENT GUIDE 55 hen you’re a 155-year-old company, all it takes is a 135-year-old company to inject some vitality into the proceedings. That and some help from your friends. In April 2024, prospects for hand tool manufacturer Vaughan & Bushnell and its 120 employees looked as dim as the company’s long-ago roots, which trace back to 1869 in Chicago and eventually a major manufacturing plant located in Bushnell, Illinois, a town of fewer than 2,700 people located not far from the railroad town of Galesburg (home to Knox College) and the city of Macomb (home to Western Illinois University). “Macomb is not that big either,” says Robin Wilt, who just finished serving two terms as Bushnell’s mayor, “not Peoria- sized by any means.” Bushnell sits in the heart of a 16-county region of west-central Illinois that WIU student Neal Gamm in the 1960s branded “Forgottonia” because of perceived infrastructure neglect. Declaring himself the governor, Gamm and his fellow activists/ satirists attracted national attention (and eventually the desired attention of transportation officials) with the elaborate scenario, complete with a run-down building as capitol and a plan to secede, “go to war” with the United States, immediately give up and then petition for foreign aid. The official Forgottonia state bird? The albatross. State flower? The forget-me-not. Official flag? The white flag of surrender. Wilt, the first female mayor of Bushnell in its 160-year history, was in no mood to surrender in 2024. Sure, there are other employers around: Midwest Control Products, a maker of tubes, spring pins, spherical rod ends, ball joints and other products; a grain grinding operation from ADM; grain bin maker Bushnell Tank Company. But nothing drove the economy like the pounding of the hammer plant, where Vaughan & Bushnell also made prybars, handsaws and axes. A Bushnell native whose parents used to operate a gas station next to the plant, Wilt spoke to me on a July day when the sun was so hot the corn was sweating. But that’s nothing compared to the heat in the factory. “It’s a million degrees in there,” she says. “It’s an old plant, heart and soul American. It’s loud. I grew up falling asleep hearing the hammers drop,” along with the 100 trains a day that used to pass through town. “ It was a tremendous thing to be a part of. We couldn’t have done it without the State of Illinois stepping in and helping the way they did. ” — Robin Wilt, Bushnell native and former mayor56 ILLINOIS INVESTMENT GUIDE Wilt ran for mayor on a citizen’s ticket. “I didn’t declare Republican or Democrat because it’s not about politics for me,” she says. “It’s about the people.” It’s also about unseen things like infrastructure. “I learned more about the sewer system than I ever wanted to know,” she says. “It gave me a purposeful way of governing. We have to put so much money into that infrastructure we never see, but it sustains our village.” So does an employer such as Vaughan & Bushnell, whose operation Wilt describes as a “vital organ” to the town, where more than 80 of its employees lived. “I was in the thick of it all,” she says of the plant’s teetering fortunes. It was a situation that truly put the community in a position of survival, she says, “that I hope we don’t see again.” Rollercoaster Ride Privately owned since the beginning, Vaughan and Bushnell kept things close to the vest, but everyone had an aunt, uncle or parent who worked there. Word got around that business was down. After the city loaned the company money but things were still looking bad, the family called the city looking for further assistance. “We were blindsided,” Wilt says. “We didn’t know things were so bad. We had town meetings to find out what our community thought.” Within six weeks of the red alert, executives from tool company Marshalltown, based about a four- hour drive away in Marshalltown, Iowa, since 1890, were among the suitors on the ground in Bushnell evaluating whether they could make the acquisition. By May 2024, the answer was yes, which came as a huge relief to employees and town alike. Just as quickly, however, the devil in the details reared his head and the deal was off. Suddenly all those jobs were on the chopping block again. Plant closure appeared imminent. Some employees went ahead and retired. On closer inspection, however, there was still a heartbeat. One of the negotiators was about to head off Gov. Pritzker visits with Marshalltown Hammer Plant Manager Mike Havens.ILLINOIS INVESTMENT GUIDE 57 on a long-planned vacation and Wilt found herself stopping at truck stops to do interviews during a drive down to Texas to see her kids. “It was pretty frantic,” Wilt recalls. “We buckled down. That’s when the State of Illinois stepped in and said, ‘We have some grant money that can help you out. This is how you qualify for it.’ They spun it so fast. It was heaven sent, you could say.” Kim Pierce, president and CEO of Macomb Area Economic Development Corporation, “was a tremendous asset throughout the entire process,” Wilt says. “She was a key figure in making sure of the I’s we had to dot and T’s we had to cross.” So was Salvador Garza of the Illinois Department of Commerce and Economic Opportunity (DCEO). Consequently, Gov. JB Pritzker himself came to town on November 20, 2024, to announced that the state would provide a $5 million grant to enable the acquisition by Marshalltown. Marshalltown Hammer has committed to retaining at least 100 full-time jobs at its Bushnell facility, investing in updating manufacturing equipment and rebuilding the inventory needed to continue to manufacture tools at this site. “Today, we are shining light on a century-old legacy in Bushnell — American-made tools manufactured right here by generations of Illinoisans have built the places and spaces where we work, live and play,” DCEO Director Kristin Richards said at the ceremony. “Marshalltown Hammer’s success story is a true testament to what it means for government to work with our economic development and corporate partners and do what we do best: Invest in a sector that is key to Illinois’ economy, and invest in our neighbors, who call Western Illinois home.” Back in Business Thirty years working with student health insurance at WIU had given Wilts an inkling of the speed to expect from any government when it came to getting requests approved. But the Marshalltown deal was different. “I’ve never seen government move so quickly as it did,” she says. “It was a tremendous thing to be a part of. We couldn’t have done it without the State of Illinois stepping in and helping the way they did.” The state was not the only helping hand: The City of Bushnell owns and operates its own utilities, so offered a $500,000 concession on utility bills if Marshalltown employs a certain number of people. “That’s a lot of money for us little people to be giving up, but it was saving 120 jobs and the future of the community, so it had to happen,” Wilt says. Like small towns scattered across Illinois, Bushnell knows that even in a place where the major employer goes back six generations, this is no time to look back. As of July 2025, the community swimming pool’s splash pad was about to hold its grand opening. The refurbished Bushnell Train Depot continued to host events. And Marshalltown Hammer was looking to fill five open positions. “ Today, we are shining light on a century-old legacy in Bushnell — American-made tools manufactured right here by generations of Illinoisans have built the places and spaces where we work, live and play. ” — Kristin Richards, Illinois DCEO Director, at the November 2024 announcement of the Marshalltown Hammer investmentNext >