Replenishing Tomorrow’s Workforce Today

Whether it’s electric vehicles or energy bars, chocolate treats or commercial roofing, businesses are expanding and thriving in Illinois: the state ranks second in the nation for corporate expansion and relocation projects, climbing one spot from last year, according to Site Selection magazine.

Illinois recently passed major new economic development legislation that is set to boost the state’s economic competitiveness. The incentives, signed into law by Governor JB Pritzker February 3, provide stronger financial assistance for businesses to relocate to or expand in the state, and makes it easier for them to qualify for existing programs, particularly in key industries such as electric vehicles, sustainable energy, and microchips. Here are six key takeaways from the legislation.

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).