Celebrating a year of success for business in Illinois
A strong year for businesses in Illinois, companies that located and expanded here in 2022 cited many reasons for choosing the state:
- A workforce that combines world-class education with the famed Midwest work ethic
- Unmatched infrastructure with easy access to national and global markets
- A community of like-minded innovators, from established Fortune 500 companies to groundbreaking startups
- Forward-thinking policies to support key industries including electric vehicles, microchips, data centers and sustainable energy
Site Selection magazine ranked Illinois 3rd in the nation for corporate investment in this year’s issue and its editors noted in the annual Illinois Investment guide that “Illinois is consistently managing major facility investments at a clip better than 90% of the country because it knows how to build a better business climate. The proof is in the numbers.” This recap of story highlights from 2022 goes behind those numbers to show why companies are deciding to Be in Illinois.
- Good things are happening in Illinois. The state saw at least 357 corporate relocations or expansions from July 2021 to June 2022, creating more than 16,000 jobs and drawing $7.1 billion in investment, all year-over-year increases. This overview of Intersect Illinois’ annual report breaks down exactly why businesses are flocking to Illinois.
- Illinois’ growing electric vehicle industry. We dug into what’s driving EV industry growth throughout the state in this piece that examines three key reasons why EV companies want to be here. Additionally, this Q&A with Rivian explains why the company chose Illinois as the manufacturing base for its line of revolutionary trucks, SUVs, and delivery vans.
- Shifting consumer tastes, rising prices and evolving technology are transforming the food industry. Illinois is home to an ecosystem of companies, talent and assets that enables innovation to flourish. Investors are taking note, pouring more than $700 million worth of venture capital into food innovation companies just in the Chicago area last year. Here’s how the state is defining the future of food.
- Illinois creates a sunny future for solar manufacturers. The state boasts one of the most ambitious plans in the country to reach 100% clean energy, supported by the addition of more than 5,000 MW of solar capacity over the next five years. That’s presenting big opportunities for solar companies: The industry has invested $2.7 billion into Illinois, which is home to 295 solar companies. Read how the state is helping solar manufacturers and suppliers thrive.
- A surge in data center projects has made Illinois a leader in the industry. Northern Illinois alone has more than 70 operational data centers, with six more under construction and another 13 in the design and planning stages. The Chicago metro area has landed an additional eight new projects just in the past year, among them a $2.5 billion hyperscale facility by the global company CloudHQ. This guest piece by Gil Quiniones, CEO of ComEd, shows how Illinois is leading the way on data center growth.
- Population growth shows Illinois is a place businesses and people want to be. A corrected survey from the Census Bureau found that Illinois actually gained population over the last decade, rather than the initial reports of lost population. In this op-ed, Intersect Illinois CEO Dan Seals explains how this news justifies what we’ve been saying: Illinois is a place people want to be.
Explore more stories about why companies are choosing to be in Illinois, along with key facts and insightful reports, on our Insights page.
Illinois job market booms: Jobs increase in all 14 metro areas
The Illinois economy is showing continued strength as the new data reveals that jobs increased year-over-year in all of the state’s 14 metropolitan areas in December. Furthermore, the unemployment rate decreased in 13 of those areas, indicating steady and consistent job growth throughout the state, according to the data from the U.S. Bureau of Labor Statistics (BLS) and the Illinois Department of Employment Security (IDES).
How Illinois is building unique regional collaborations that drive economic growth
Illinois is made up of a diverse network of communities, each with their own assets that attract businesses and drive growth. Throughout the state, these communities are embracing collaboration, finding that working together to promote their regions can significantly boost economic development. Companies making location decisions do not see boundaries between jurisdictions. When a business locates in one community, it positively impacts the entire surrounding region.
Four economic development trends that could lead to opportunity in 2023
The start of a new year often brings new opportunities for business growth. One of these opportunities that can significantly impact businesses is the decision to expand or relocate. The complex process requires careful consideration of financial feasibility, market demand, availability of resources and talent, and the potential impact on current operations. As business leaders map out their plans for the year ahead, they are carefully evaluating these and other factors to make informed decisions and navigate any challenges ahead with confidence.
Be in touch
Are you ready to be where the action is? Reach out to the Intersect Illinois team to discuss properties perfectly suited for your business.