![]() ![]() ![]() The Turnaround State: How Illinois Became Corporate Central in 2001 (cover) A Pampered Deal Lands in the Suburbs Clusters: From Logistics to Biotech Request Information ![]() |
The Turnaround State:
How Illinois Became Corporate Central in 2001
![]() Not that long ago, a number of experts had written the Second City off. Its days as a preferred location for Corporate America and the world's No. 2 financial center were over, they said. They were wrong. Consider the state of Illinois' track record in 2001:
That track record is a far cry from a city destined for the scrap heap of history, as some journalists in the business press suggested exactly one year ago. What happened to change the tide of history, and where did this amazing turnaround suddenly begin? Pam McDonough, director of the Illinois Department of Commerce and Community Affairs, credits much of the turnaround to the vision and efforts of one man: Gov. George Ryan. "A lot of the change in our success rate occurred with this governor, and it had to do with his economic development strategy," says McDonough. "Thanks to programs initiated under his watch -- programs like the Illinois EDGE (Economic Development for a Growing Economy) Tax Credit and the Illinois FIRST infrastructure funding program -- our track record and our ability to secure corporate relocation projects really started to shift. Plus, we have done a much more aggressive job of making sure that we are integrating all of the appropriate state and local incentives into our deals." One such incentives package -- the General Assembly's passage of the Corporate Relocation Act -- led directly to Chicago luring the corporate headquarters relocation of Boeing from Seattle. Without that important piece of law, the city would have lost a US$250 million deal and the prestige that goes with being home to a $57 billion-a-year company. But the Boeing move doesn't begin to tell the whole story about what is happening in Illinois. To find that story, one has to go beyond the confines of the Loop and explore the record-breaking level of corporate expansion activity that's occurring in places like Waukegan, Danville, Springfield, Edwardsville, Joliet, Bolingbrook, Libertyville, Woodridge and Addison. TOP OF PAGE
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