Chicago's taking yet another victory lap as Site Selection Magazine has hailed it as the top metro area for corporate expansions and relocations for the 11th consecutive year. The entire state of Illinois is also basking in glory, securing the #2 spot nationally in these categories for the second year running, the magazine announced. The Land of Lincoln tallied 552 business expansion or relocation projects in 2023, an uptick from 487 in 2022.
Gov. JB Pritzker was quick to sing praises about his state’s performance, "Illinois continues to attract leading companies to our state, with hundreds of openings and expansions every year," Pritzker said, according to a statement obtained by Site Selection Magazine. He pointed to Illinois’ "unique incentives, our growing market, and our diverse and talented workforce," as the engines driving the state's economic success. The state's #2 ranking in per capita projects is also a notch higher than last year's, where it stood at #4.
The magazine's ranking isn't just good PR; it's considered "the industry scoreboard" by corporate real estate analysts. To get on the scoreboard, projects have to meet strict criteria, including an investment of $1 million or more, the creation of 20 or more new jobs, or the development of 20,000 square feet or more of new space.
Heavy hitters contributing to Illinois' growth included Gotion's $2 billion EV battery gigafactory in Manteno and Kraft Heinz's $400 million distribution center in DeKalb. The investments are expected to create 2,600 and 150 jobs, respectively. Another major player, Gulfstream, invested $285 million in Cahokia, not just creating 200 jobs but also securing 500 others. DCEO Director Kristin Richards hailed Illinois' incentives and assets, "With unrivaled incentives and top assets, Illinois' momentum is undeniable as hundreds of companies expand or relocate to the Land of Lincoln," she said, in a statement obtained by Site Selection Magazine.
The state's bragging rights also extend to its upgraded credit status, with nine boosts since June 2021. Illinois prides itself on a robust infrastructure that includes major air, road, rail, and port access. Furthermore, its educational institutions continue to be a pipeline, supplying skilled workers to the companies setting roots in the state. Mark Arend, editor-in-chief of Site Selection, concurred with his publication's analysis, stating, "Illinois is delivering the right location criteria to companies siting new projects and expanding existing ones."
