Gov. JB Pritzker is trumpeting Illinois' economic success as the state charges into 2024, gathering with business leaders at the gleaming new Salesforce Tower in Chicago to mark major economic gains. The governor emphasized the growth of tech companies in the city, declaring, "Illinois business is stronger than ever," according to an Illinois government press release.
With economic incentives like REV and EDGE chartering private investment in the state close to $3 billion since 2022 - Illinois has positioned itself as a national leader for economic development. "Illinois ranks among the best in the nation for economic development," boasted DCEO Director Kristin Richards in a statement obtained by the Illinois government news site. In comparison to the pre-pandemic year 2019, last year's investments instigated by EDGE totaled almost tenfold at more than $1.8 billion in private funds.
Illinois' robust package of economic incentives has attracted tech giants and diverse industries, ranging from electric vehicle manufacturing to data center development. A shining beacon of the city's economic expansion, Salesforce's newly christened tower is fueled by these incentives, having created 2,000 jobs in Chicago alone. On the West Side of Chicago, Metro Edge is shaping up to revolutionize the data center landscape as a key African-American-owned and led developer, according to Craig Huffman, CEO of Metro Edge Development Partners.
2023 marked the arrival of significant investments like Gotion's EV battery gigafactory, and companies like Prysmian Group expanded manufacturing for the renewable energy and electric vehicle sectors. Darrel Hackett, President & CEO of BMO Bank, reaffirmed BMO's commitment to the state, crediting its "vibrant business environment" for facilitating the bank's growth and contributing to communal progress. Incobrasa and UPSIDE Foods have also capitalized on the EDGE program to enhance their Illinois-based operations.
Touting job creation, the EDGE and REV programs saw more than a 60 percent jump in new jobs and a skyrocketing increase in retained jobs from the year prior. Pritzker emphasized that none of this progress would be attainable without collaborative efforts from business and civic leaders across Illinois, including sectors like data centers which saw a dramatic investment increase from $500 million in 2022 to $1.8 billion in 2023 alone.
