Illinois was second in the nation behind only Texas in business expansions and relocations and per capita projects in 2023, according to the March 2024 issue of “Site Selection Magazine.”
The state added 552 business expansion or relocation projects in 2023 – up from 487 in 2022 – on the way to being ranked No. 2 in the nation for the second year in a row. Illinois also placed second only to South Dakota in projects per capita. That was up from No. 4 the previous year, the international industry-leading business publication said.
And for the 11th year in a row, the Chicago Metro area ranked No. 1 in the nation for corporate projects. “Maybe it’s a coincidence or maybe it’s not,” Site Selection Magazine’s Mark Arend writes in the March issue. “But the two states with the highest construction employment increases between December 2022 and December 2023 – Texas and Illinois – also are the same states claiming the 2023 Governors’ Cups for total qualified projects and total projects per capita.”
Both Illinois and Iowa also were No. 1 for workforce development in the January 2024 edition of “Site Selection Magazine” in each of their regions.
That ranking recognized “states that performed well in a set of measures that gauge workforce-related aspects of states’ overall employment climate.”
What are the criteria?
Criteria for that ranking included a state’s commitment to expanding access to innovative workforce programs and making critical investments through legislation and programming to reduce barriers to good-paying jobs to create a thriving business ecosystem for jobseekers, employees and employers.
“Illinois continues to attract leading companies to our state, with hundreds of openings and expansions every year,” Illinois Gov. J.B. Pritzker said in a news release highlighting the magazine’s March rankings.
“With our unique incentives, our growing market, and our diverse and talented workforce, there’s no doubt that the economy in Illinois is thriving,” he added. “This impressive recognition from Site Selection Magazine for the second year in a row makes it clear: Illinois is back and open for business.”
“With unrivaled incentives and top assets, Illinois’ momentum is undeniable as hundreds of companies expand or relocate to the Land of Lincoln,” Illinois Department of Commerce and Economic Opportunity Director Kristin Richards said in the release. “Year after year, Illinois continues to grow its reputation as a global economic powerhouse, create jobs and nurture our thriving business ecosystem.”
Illinois infrastructure key
Added Intersect Illinois CEO Dan Seals: “We continue to see companies from a diverse range of industries locate or expand in Illinois because of our state’s unmatched infrastructure, central location and talented workforce. Site Selection’s rankings are a testament to the positive momentum we are seeing throughout Illinois.”
In the Chicagoland area, the growth was recorded in key sectors including life sciences, data centers, and technology, and those expanding companies benefited from Chicago’s deep talent pool, diverse economy and robust infrastructure.
Companies Site Selection identified as locating or expanding throughout Illinois in 2023, included:
- Gotion – $2 billion electric vehicle battery gigafactory in Manteno, creating 2,600 jobs.
- Kraft Heinz – $400 million distribution center in DeKalb, creating 150 jobs.
- Gulfstream – $285 million investment in Cahokia, creating 200 jobs and retaining 500.
- Incobrasa – $250 million expansion in Gilman, creating 40 jobs and retaining 200.
- Prysmian Group – $64 million facility expansion, creating 80 jobs.
- Manner Polymers – $54 million facility in Mount Vernon, creating 60 jobs.
Upward trajectory cited
Illinois leaders credited the state’s recent rankings to what the release said is Illinois’ upward trajectory. That included nine credit upgrades since June 2021 and focused investments in economic growth initiatives. They also touted Illinois’ modern infrastructure. That, the news release said, provides easy access to the world via air, road, rail and port as well as its top-notch, higher education system that produces the skilled workforce companies need to thrive.
“Site Selection congratulates state and local economic development professionals across Illinois for the state’s second-place finish in both the total projects and projects per capita facilities races,” noted Mr. Arend, editor-in-chief of Site Selection. “This demonstrates to our readers that Illinois is delivering the right location criteria to companies siting new projects and expanding existing ones.”
Corporate real estate analysts regard Site Selection’s yearly analyses as “the industry scoreboard.” To qualify, projects must meet one or more of these criteria: investment of $1 million or more, creation of 20 or more new jobs, or 20,000 square feet or more of new space.
