Illinois Is Focused On The Future

Illinois Governor JB Pritzker is leading the charge toward the new economy, with incentives and other tools to grow business.

By Anne Cosgrove
From the September/October 2024 Issue

 

Illinois Governor JB Pritzker
Illinois Governor JB Pritzker

During 2023, Illinois saw stellar economic growth, which has continued in 2024 under the leadership of Governor JB Pritzker.

As one indicator, during 2023 the number of jobs created by the state’s Economic Development for a Growing Economy (EDGE) program and the Reimagining Energy and Vehicles (REV) program increased more than 50%, from 2,691 to 4,279 with the number of retained jobs increasing from 151 to 2,962. By comparison, prior to the pandemic in 2019, company investments from EDGE totaled $348 million, new jobs totaled 1,667, and REV did not yet exist.

Illinois’ business attraction strategy is focused on providing job creators what they need for their businesses to thrive here.”

Governor JB Pritzker

And, through the Advantage Illinois (AI) program, the state issued a record 145 low-interest loans totaling $35.7 million to small businesses—the most issued in a year since the program’s inception in 2012. Nearly 70% of loans were provided to Socially and Economically Disadvantaged Individuals (SEDI) or through the Fund for the Advancement of Minority Enterprises (FAME). The Illinois Department of Commerce and Economic Opportunity (DCEO) is expanding small business support due to $350 million in funding as part of the State Small Business Credit Initiative (SSBCI) administered by the U.S. Department of the Treasury.

With competitive incentives, modern infrastructure, significant transportation options, and an abundant and qualified workforce, Illinois is attracting companies making large-scale, long-term investments.

Illinois Governor JB Pritzker
(Photo: Adobe Stock/Grindstone Media Grp)

Business Facilities recently spoke with Gov. Pritzker, who took office in January 2019, about the latest for business and residents in Illinois.

Business Facilities: Please tell us about the business climate in Illinois. What are highlights for corporate expansions, as well as companies considering locating in the state?

Governor JB Pritzker: With some of the nation’s largest companies calling Illinois home, and with record numbers of small businesses and startups choosing the state in the last few years, Illinois’ business climate is more attractive than it has been in decades. Highlights include:

PsiQuantum selected Illinois as the location for its ambitious project to build the world’s largest quantum computer. The company has committed to invest more than $1 billion in a 300,000-square-foot facility. Supported by a MICRO incentive and site readiness assistance, this development will anchor the Illinois Quantum and Microelectronics Park located on Chicago’s South Side.

Rivian, located in Normal, chose Illinois over Georgia to build its new highly anticipated R2 model electric vehicle. The company committed to investing $1.5 billion, creating 500 new manufacturing jobs in the next five years, and retaining 6,000 jobs at the facility over the course of the REV agreement.

After a competitive nationwide search, Gotion decided to locate its new state-of-the-art $2 billion electric vehicle (EV) lithium battery manufacturing plant in Manteno. Bolstered by a Reimagining Energy and Vehicles (REV Illinois) incentive package and the new Invest in Illinois fund, Gotion’s decision to locate its new gigafactory here speaks to the state’s growing reputation as an EV manufacturing powerhouse and represents a significant step forward in growing the EV ecosystem and supply chain. This investment means 2,600 new full-time jobs that are paid at least 120% of the average wage of similar job classifications in Kankakee County.

Ferrero, located in Bloomington, has made significant investments to its facility over the past two years, including launching a new chocolate factory which opened in 2024. Supported by an EDGE incentive, Ferrero is investing an additional $214 million to build a Kinder Bueno production line­—the first outside of Europe. Ferrero’s investment will create 200 new food production jobs.

Illinois Governor JB Pritzker
PsiQuantum has announced plans to build the first US-based utility-scale, fault-tolerant quantum computer at the former US Steel South Works property in Chicago, IL. (Image: Lamar Johnson Collaborative)

BF: What are target industries for Illinois in 2024? Would you highlight a project or two that has chosen the state for their business, and what attracted those decision-makers?

Gov. Pritzker: Illinois is laying the foundation for long-term growth by focusing on key growth industries:

  • Life sciences
  • Quantum computing, AI, and microelectronics
  • Clean energy production and manufacturing
  • Advanced manufacturing
  • Next generation agriculture, agriculture tech, and food processing
  • Transportation, distribution, and logistics

Manner Polymers is locating a new facility in Mt. Vernon for the production of flexible PVC compounds for wires and cables. The facility will be powered by a 15-acre solar field located on site. The company plans to invest $54 million and create more than 60 jobs for the Southern Illinois region. Construction on the project started in fall 2023.

With competitive incentives through REV Illinois, unmatched infrastructure, and access to markets, as well as an abundant and qualified workforce, Manner Polymers selected Illinois to locate its solar-powered facility after considering locations in Arkansas, Missouri, Indiana, Kentucky, and Tennessee. The comprehensive REV Illinois incentive package encourages forward-thinking manufacturers to invest in renewable energy, while aligning with the state’s initiative to increase production and usage of EVs.

BF: What incentives and other programs are emphasized to encourage retention of businesses and encourage others to come to the state?

Gov. Pritzker: Illinois’ business attraction strategy is focused on providing job creators what they need for their businesses to thrive here, including world-class sites, skilled workforce, high-quality customer service, and strategic incentives. Illinois’ business development incentives are stronger than ever. For six consecutive years, we’ve successfully led efforts in the State Capitol to pass sweeping upgrades to our suite of incentives.

A few examples of newly established programs include:

  • EDGE for Startups, allowing new companies without a corporate income tax liability to claim EDGE credits against their withholding liability
  • REV and MICRO, which provide a larger package of incentives for large employers making investments in electric vehicles, renewable, and semiconductor manufacturing
  • The Invest in Illinois Fund, a “closing fund” that allows Illinois to close the potential gap in incentives or costs for major employers

The state will continue to leverage these incentives and look for opportunities to deploy them in a way that brings well-paying job opportunities to Illinois residents while maximizing the net economic and fiscal benefit to the state.

Ferrero in Bloomington, IL
Ferrero in Bloomington, IL has made significant investments to its facilities over the past two years, including opening a new chocolate factory in May 2024. Shown here is an investment announcement from the company in 2022. (Photo: Ferraro)

BF: What are the key issues facing Illinois in terms of business development going forward? How are you addressing these issues?

Gov. Pritzker: The State of Illinois will be guided by four overarching economic development goals over the next five years, which are laid out in Illinois’ 2024 Economic Growth Plan:

  • Focus on high growth sectors and continue overall business climate improvements.
  • Advance comprehensive economic development efforts for business growth and attraction.
  • Promote equitable growth by empowering workers, entrepreneurs, and communities.
  • Build out the new clean energy economy.

BF: What else would you like to share about Illinois when it comes to site selection—and doing business here?

Gov. Pritzker: With competitive incentives, modernized infrastructure, unmatched transportation options to ship goods around the world, and an abundant and highly qualified workforce, Illinois is winning over companies looking to make large-scale, long-term investments. The State of Illinois, alongside its partners, work tirelessly to support the needs of Illinois companies and companies in the pipeline. DCEO provides direct grant support and walks companies through the process every step of the way.

Illinois is a better place to live, work and do business than ever before.

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Check out all the latest news related to Illinois economic development, corporate relocation, corporate expansion and site selection.

Advanced Manufacturing, Capital Investment, Economic Development, Electric Vehicles, Featured, Food Processing, Governor's Report, Illinois, Incentives, Taxes & Financing, Life Sciences, Logistics/Warehouse/Distribution, Magazine, Magazine Highlights, Manufacturing, Quality Of Life, Quantum Computing, Renewable Energy, Site Selection Factors, Workforce Development

Advantage Illinois, BF-September/October-2024, Business Climate, Business Incentives, Capital Investment, Economic Development, Economic Development for a Growing Economy, Governor JB Pritzker, illinois, Illinois Department of Commerce and Economic Opportunity, Single Location, Site Selection, Workforce Development

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