Illinois Ranks #2 State in the Nation for Corporate Investment
Chicago takes the title as ‘Top Metro’ in the nation for 10th straight year
Site Selection Magazine – an international industry-leading business publication — released its annual corporate expansion and relocation rankings, naming Illinois 2nd in the nation for corporate projects and Chicago the Top Metro for the 10th year in a row. The publication noted 487 Illinois projects in 2022, moving the state up from the number three spot in the previous year’s rankings.
“Illinois is open for business and leading the way as one of the top 10 states for corporate investment, with Chicago named the number one metro for the 10th year in a row,” said Governor Pritzker. “Thanks to our nation-leading infrastructure revitalization, talented workforce, and growing economy, Illinois is the best place to do business.”
The issue also named the Chicago metropolitan area as the Top Metro for corporate investment for the 10th straight year. With a growing reputation as a tech hub with Google’s purchase of the Thompson Center and new headquarters moving in, such as Kellogg, Chicago continues to bolster its reputation as a global powerhouse.
“Illinois is the best state to live, work and do business and under Governor Pritzker’s leadership, we’ve reached unprecedented fiscal health, surpassed $1 trillion GDP for the first time and continue to create jobs and grow our economy,” said Acting DCEO Director Kristin A. Richards. “We’re proud to have nearly 500 corporate investments in 2022 and looking ahead, we are doubling down on our business attraction and retention efforts to support economic development in every corner of the state.”
The State of Illinois has created an environment where companies can thrive through unprecedented investments in our infrastructure and our workforce, while also developing cutting edge programs that bring economic growth and jobs to the state. Illinois recently launched a $400 million invest in Illinois fund to attract large businesses and stay competitive with other states, expanded incentives for the clean energy industry, and made it easier for companies to apply for EDGE – the state’s primary incentive program.
The state also announced $40 million in grants to supercharge the development of megasites – large, developed sites ready for occupancy for manufacturers, distribution centers, industrial centers, and more. These grants will increase the number of investment-ready sites in Illinois and increase the state’s competitiveness for large-scale projects.
Companies that located or expanded throughout Illinois in 2022 include:
- CyrusOne Data Center – $250 million facility located in Aurora
- Ferrero – Bloomington manufacturing facility; $214.4 million investment and 200 jobs
- GAF Commercial Roofing – Peru manufacturing plant; $80 million investment and 70 jobs
- LG Chem/ADM – two new joint ventures in Decatur; 125 jobs
- Ollie’s Bargain Outlet – Princeton distribution center; $68 million investment and 145 jobs
- Prime Data Centers – New $1 billion data center in Elk Grove Village
- T/CCI – Decatur retooling for EV component manufacturing; $20 million investment and 50 jobs
- Tyson Foods – Caseyville manufacturing facility expansion, $180 million investment and 400 jobs
Similarly, the State of Illinois – which was recently named the top state in the Midwest for Workforce development by Site Selection – has made unprecedented investments in training programs and workforce facilities, including Manufacturing Training Academies, Illinois Works pre-apprenticeship programs, and nearly $180 million annually for clean energy jobs training and community support efforts under the Climate and Equitable Jobs Act (CEJA).
“Site Selection’s ranking of top states for business attraction validates that we are on the right track,” said Intersect Illinois CEO Dan Seals. “Illinois has the talent, infrastructure, central location and some of the most competitive tools needed to attract major job creators to the state and companies are noticing.”
“Illinois’ performance improved in both categories of project counts this year – from third place to second in total projects and from seventh to fourth in projects per capita,” says Mark Arend, editor in chief of Site Selection. “This will signal to readers that Illinois is an attractive and effective location for establishing and expanding operations.”
Site Selection’s yearly analyses are regarded by corporate real estate analysts as “the industry scoreboard.” To qualify, projects must meet one or more of these criteria: investment of $1M or more, creation of 20 or more new jobs or 20,000 sq. ft. or more of new space.