The evidence that Illinois is a top-performing business environment keeps writing itself. In March, Site Selection magazine reported that Illinois ranked second in the nation for corporate expansions and relocations for the second straight year. Illinois tallied 552 corporate facility projects in 2023, up from 487 in 2022.
In that same issue, the nation’s premier corporate real estate publication reported that Greater Chicago ranked as the No. 1 top-performing metro area in the country for a record-setting 11th year in a row. How dominant is Chicago? Its 485 facility deals easily outdistances the 452 secured by Dallas-Fort Worth-Arlington.
“Illinois continues to attract leading companies to our state, with hundreds of openings and expansions every year,” said Gov. JB Pritzker. “With our unique incentives, our growing market, and our diverse and talented workforce, there’s no doubt that the economy in Illinois is thriving. This impressive recognition from Site Selection Magazine for the second year in a row makes it clear: Illinois is back and open for business.”
When you consider where businesses are investing in Illinois, the evidence of this robust comeback becomes even clearer. The projects are not confined to just one or two corners of the state. They are occurring in every region of Illinois. Here are just a few of them:
- Gotion is building a $2 billion electric vehicle manufacturing campus in Manteno and creating 2,600 jobs.
- Kraft Heinz is constructing a $400 million distribution center in DeKalb and hiring 150 workers.
- Gulfstream is investing $285 million in Cahokia while creating 200 new jobs.
- Incobrasa is doing a $250 million expansion in Gilman and adding 40 jobs.
- Manner Polymers is investing $54 million in Mount Vernon and generating 60 jobs.
This momentum is contributing to an uptick in employment statewide. According to a recent release from the U.S. Bureau of Labor Statistics, total nonfarm jobs are increasing in a majority of Illinois metro areas. The data released on June 27 showed strong employment gains in 10 of the 14 MSAs in the state.
“Steady job growth continues to benefit workers and employers in every corner of the state,” Deputy Gov. Andy Manar said. “Investing in a strong, viable workforce ecosystem which remains advantageous to our diverse labor force continues to be a top priority.”
The largest job gains year-over-year are occurring in the Champaign-Urbana MSA (up 3,100 jobs); Bloomington (up 1,700); and Elgin (up 4,500). In the Chicago-Naperville-Arlington Heights MSA, 4,900 new jobs were added between May 2023 and May 2024.
Illinois ranks second in the nation for corporate expansions and relocations for the second straight year. Illinois tallied 552 corporate facility projects in 2023, up from 487 in 2022.
— Source: Site Selection Magazine, March 2024
Why Companies Choose Illinois
There are many factors contributing to Illinois’ statewide rebound post-COVID, but when we talk to CEOs and site selectors, they typically cite these factors as most important in why they chose an Illinois business location:
- Access to an abundance of world-leading talent from major research universities.
- A plethora of available sites and buildings.
- Much lower real estate and business operating costs, especially when compared to both U.S. coasts.
- Abundant and affordable supplies of water, power and other essential utility infrastructure.
- The logistical advantage of being located in the center of North America.
- Access to six Class I railroads and multiple international airports.
- Access to North America’s largest industrial market in Chicago.
- Highly proactive economic development leadership teams at every level of government.
- Construction costs ranking among the lowest in North America.
As Kyle Schulz, chief growth officer at World Business Chicago, puts it, “Chicago is the capital of the Midwest economy. You will be able to find a customer in any sector here. We are the center of nearly 25% of U.S. GDP in this region. Chicago is a magnetic force that is attracting the young talent that every company wants.”
There are 500,000 college students within three hours of Chicago. Many of them attend colleges or universities ranked among the world’s best. For example, the University of Chicago ranks as the No. 6 Best College for Public Policy in America, per niche.com. It ranks in the top 10 in nine other categories. According to U.S. News & World Report, the University of Illinois Urbana-Champaign ranks as the No. 12 best public university in America and 35th best overall. It ranks in the top 10 nationally in library and information science; accounting; civil engineering, materials engineering; and general engineering.
“We are the center of nearly 25% of U.S. GDP in this region.”
— Kyle Schulz, Chief Growth Officer, World Business Chicago
The students who graduate from these institutions often pick Illinois as the place to build their career. That is why Chicago ranks No. 1 for business incubation and startups.
Schulz says the surrounding infrastructure makes business and career success so much more attainable in Illinois compared to other states. “The future of food and other industries is here in Illinois,” he said. “When you look at our affordable, reliable and clean power, plus the fact that we have every type of transportation infrastructure needed to move people and goods, we are an incredible magnet for business.”
A History Lesson in Progress
Downstate leaders echo these sentiments. At Coles Together Economic Development in Coles County in Mattoon, Illinois, Dr. Ronda Sauget, president and CEO, says that businesses in a variety of sectors are growing throughout the county.
“Rural King Supply farm stores are growing like mad in Mattoon,” Sauget said. “They are headquartered here, and they are bullish on this region. We have a Canadian National Railway certified site. FutureGen is a carbon sequestration project that is poised to take off there. We are seeing a lot of interest here for carbon capture and sequestration. We believe that this site is going to be a destination for these projects.”
The site in question covers 420 acres in Mattoon. It was selected out of a national field of four finalists under the administration of President George W. Bush, but it is finally ready to move forward with development, said Sauget. “We now own a total of 1,200 acres,” she adds. “We have been sitting on this site for a long time. Only now has it become viable for private industry to pursue these kinds of projects.”
Mars Pet Care, Lender’s Bagels and a John Deere maintenance training school call Coles County home and continue to expand their workforces, said Sauget. “Plus, the family of Abraham Lincoln is here. A lot of Lincoln history is based in this county. A Lincoln-Douglas debate took place here. Tourists travel to Coles to see this history and experience the outdoor recreation that we have to offer.”
For growing companies, that’s yet another reason to invest in Illinois.
