Illinois has achieved its highest ranking ever in CNBC's Top States for Business list, securing the 13th spot and showcasing an impressive leap from 30th in 2019. This milestone is indicative of significant economic strides under Governor JB Pritzker's administration. Illinois also improved its standings in several other critical categories, such as education, where it now sits at number three, one rank higher than the previous year, according to the official announcement from the state government.
The state has shown a marked improvement in infrastructure, climbing to number eight, as well as in technology and innovation, where it is now ranked sixth. Equity and access to capital also remain a strong suit for Illinois, ranking fifth in these particular areas. "Since taking office, I have been on a mission to attract more businesses to Illinois, grow our economy, and give us a competitive edge for years to come. The latest rankings from today are a testament to the progress we have made here in Illinois and a clear sign that our thoughtful strategy and fiscal responsibility is paying off," Governor Pritzker said, according to the same source. These remarks underscore the strategic initiatives that have propelled the state's climb up the ranks.
Economic development has been bolstered by new business incentives and a track record of fiscal responsibility, which have supported Illinois in earning nine credit upgrades, balancing seven consecutive budgets, and making strategic investments geared towards economic growth. Adding to this, Illinois has initiated historic investments in education, creating thousands of new publicly funded preschool seats and recording significant improvements in eighth-grade reading and math scores, as "Illinois is currently ranked 4th for Pre-K-12th education, according to U.S. News and World Report," the governor's announcement highlighted.
Further emphasizing the state's growth, Illinois has seen the arrival of new businesses, including the relocation of Pure Lithium Corporation from Boston to Chicago, backed by state incentives—a move that is expected to contribute $46 million and 50 new jobs. Earlier accolades echoed Illinois's economic development effectiveness, as Site Selection Magazine placed Cook County and Lake County among the top counties nationwide for economic development. "Illinois also secured an Area Development Silver Shovel award as a result of its standout investments in the technology, digital and quantum industries," the announcement from the state further mentioned.
These accomplishments and recognitions paint an optimistic picture of economic activity and prospects for Illinois, affirming that the state is indeed open for business and is taking concrete steps towards fostering a sustainable and vibrant economic future.
