By Carrie Williams
From the March/April 2024 issue
IThe incentive programs helped attract nearly $5 billion in private investment to the state of Illinois in 2023, according to Intersect Illinois.
“From the makers of Pop Tarts to a leading vehicle battery manufacturer, companies are choosing to be in Illinois, and our collaborative group of business and civic leaders are building on that momentum,” said Intersect Illinois Chairman John Atkinson. “Illinois offers competitive incentives and abundant support, along with the assets companies need to thrive, including leading infrastructure, unparalleled transportation and a world-class higher education and community college system, as well as a highly skilled workforce.”
The Reimagining Energy and Vehicles (REV) and Economic Development for a Growing Economy (EDGE) programs led to more than a 60 percent increase in job creation, from 2,691 to 4,329. The Data Center Tax Credit Program brought in more than $1.8 billion in state investment in 2023, an increase from roughly $500 million the previous year, according to Intersect Illinois.
Because of the funds coming to the state, Illinois Department of Commerce and Economic Opportunity (DCEO) Director Christine Richards called the Land of Lincoln an “economic powerhouse” under Gov. JB Pritzker.
“Whether it’s unmatched infrastructure, competitive business incentives or the state’s world-class workforce, Illinois ranks among the best in the nation for economic development,” Richards said.
CNBC’s “2023 Best States for Business” report, released last July, ranked the state 2nd for infrastructure and education, 6th for access to capital and 9th place in terms of cost of living.
Investments in Illinois
Salesforce recently opened a 57-story building in downtown Chicago. Other notable projects of the past year include Gotion’s electric vehicle (EV) battery gigafactory in Manteno and REV agreements with Manner Polymers in Mount Vernon; Prysmian Group in Du Quoin; and Microlink in Niles.
REV Illinois continues to make its presence felt in 2024 with an agreement for Wieland North America to invest $500 million in its East Alton facility.
“Copper production is an essential part of the future of sustainable manufacturing in Illinois, and Wieland’s commitment to increasing capacity will benefit other sustainable industries across the state, further growing this thriving sector,” said Governor Pritzker.
Notable EDGE investments include Incobrasa in Gilman; UPSIDE Foods in Glenview; The expansion of Gulfstream Aerospace Corporation in St. Clair County; Expansion of Flender Corporation’s manufacturing facilities in Elgin; and the expansion of Bonnell Industries in Dixon.
Data center investment to top $1.8 billion in 2023, up from $500 million in 2022. Projects include Prime Data Centers in Elk Grove Village and Metro Edge Development Partners’ $257 million data center investment in Chicago and the opening of Meta’s $1 billion DeKalb data center.
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The state’s manufacturing footprint is “growing faster than ever,” according to Governor Pritzker. In early February, Governor Pritzker, DCEO and the Illinois Manufacturing Excellence Center (IMEC) announced $1 million in funding for the Made in Illinois grant program.
The program offers up to $50,000 in matching grants to “small and medium-sized Illinois manufacturers to support innovation and strategic advancement,” according to the DCEO.
“This is possible because of a talented local workforce and the coordination of state and local officials creating policies that lead to job creation and growth,” said Governor Pritzker.
“Thanks to organizations like IMEC and the Illinois Made Program, manufacturers are getting more opportunities to grow their businesses right here at home and play a major role in making Illinois the best place in the nation to live, work, do business and grow family.”