April 1, 2024

Illinois ranks #2 in the country for corporate relocation for second year in a row

Kraft Heinz distribution center Kraft Heinz DeKalb Distribution Center (Kraft Heinz)

For the second year in a row, Illinois ranked as the #2 state in the country for corporate expansion and relocation projects in 2023. The number of new projects jumped 13% from the year before, according to Site Selection magazine.

This increase also placed Illinois as the #2 state for projects per capita, up from the #4 spot last year. In 2023, Illinois saw a total of 552 projects, up from 487 the previous year, also making it the #1 state in the Midwest for project development for the second consecutive year.

Root Data Center in Hoffman Estates made the publication’s list of top projects by capital investment and EV battery maker Gotion was among the top projects for job creation for its new $2 billion gigafactory in Manteno.

“Illinois continues to attract leading companies to our state, with hundreds of openings and expansions every year. With our unique incentives, our growing market, and our diverse and talented workforce, there’s no doubt that the economy in Illinois is thriving. This impressive recognition from Site Selection magazine for the second year in a row makes it clear: Illinois is back and open for business,” said Illinois Governor JB Pritzker.

A diverse mix of industries and incentives

Site Selection’s yearly analyses act as the industry scoreboard for corporate real estate. To qualify, projects must meet one or more of these criteria: invest at least $1 million, create 20 or more new jobs, or add at least 20,000 square feet of new space.

Companies from a variety of industries made the move to Illinois last year, adding to the diverse business landscape. In addition to the Root Data Center and Gotion factory, Kraft Heinz announced a $400 million distribution center in DeKalb that will create 150 jobs and add to their roster of Illinois-based locations. The Chan Zuckerberg Initiative also announced plans to open the organization’s second Biohub in Chicago, a $250 million investment that will staff 50 researchers from a variety of biomedical backgrounds.

“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,” said Intersect Illinois CEO Dan Seals. “Site Selection’s rankings are a testament to the positive momentum we are seeing throughout Illinois.”

Illinois has prioritized business attraction with new incentives, policies, and programs. For example, the Manufacturing Illinois Chips for Real Opportunity (MICRO) Act offers expanded tax credits to semiconductor manufacturers while the Reimagining Energy and Vehicles (REV) Act does the same for electric vehicles and clean energy projects. Moreover, Governor Pritzker has renewed the state’s $400 million “closing fund” that offers assistance for major investments.

To learn more about how Illinois provides attributes needed for company growth, reach out to Intersect Illinois.

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