It's official: Illinois and Chicago have scored top spots, yet again, in the business big leagues. According to an announcement by Governor JB Pritzker, the Illinois Department of Commerce and Economic Opportunity (DCEO), and Intersect Illinois, Site Selection Magazine's latest rankings put Illinois as #2 for corporate expansion and relocation, marking the third straight year of holding steady at the runner-up position. Meanwhile, Chicago bulls-eyed the #1 metro accolade for a striking twelfth consecutive year.
"Illinois continues to attract leading businesses and with expansions and relocations increasing 20 percent increase over 2023, the State is growing its reputation as a premier global destination to do business," Governor JB Pritzker said, as per the official statement. Across the board, Illinois' team-to-beat, dubbed Team Illinois—a collaborative effort that includes the Governor’s Office, DCEO, and Intersect Illinois, among others—has aggressively worked to quickly improve site readiness, workforce development, and infrastructure, making certain Illinois remains a top contender in the corporate arena.
The hard numbers speak for themselves. Illinois saw 664 business expansion or relocation projects in 2024, a substantial jump up from 552 the previous year, and also snagged #2 in projects per capita. These statistics caught the discerning eye of Mark Arend, editor emeritus of Site Selection Magazine, who said, "A second-place finish in both Governor's Cup contests — for total qualified projects and total projects per capita — is a remarkable accomplishment," illustrating Illinois' substantial magnetism for company investment.
Speaking to the strength of Illinois' fiscal upswing, numerous companies opted to divvy up significant capital here. Notable expansions include PsiQuantum establishing a base at the Illinois Quantum and Microelectronics Park to the tune of $1.09 billion, Sysmex America, Inc. bolstering its presence in Northeast Illinois, and Wieland Rolled Products North America reinforcing its commitment with a half-billion-dollar investment. This, paired with nine credit upgrades since 2021 and surged private sector investments in 2024, paints a picture of a state on an up-and-up trajectory.
Targeted investments in quantum technology, electric vehicle manufacturing, clean energy production, and next-generation agriculture signal the state's drive toward becoming a leader in emerging industries. "The momentum we built in 2024 is a testament to Illinois' competitive advantages - from our Vetted Sites program to the State's workforce development initiatives to targeted investments in high-growth industries," Christy George, President and CEO of Intersect Illinois, told officials.
