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Press Release - Friday, March 01, 2024
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Illinois Ranks #2 in Nation for Corporate Expansions and Relocations for Second Year
Chicago area ranked Top Metro for 11th consecutive year
CHICAGO - Site Selection Magazine - an international industry-leading business publication - released its annual corporate expansion and relocation rankings, naming Illinois #2 in the nation for corporate projects and Chicago the Top Metro for the 11th year in a row. The state ranks #2 in the nation for corporate expansions and relocations for the second year in a row, with 552 business expansion or relocation projects in 2023 (up from 487 in 2022). Illinois also placed #2 in projects per capita, up from #4 the previous year.
"Illinois continues to attract leading companies to our state, with hundreds of openings and expansions every year," said Governor JB Pritzker. "With our unique incentives, our growing market, and our diverse and talented workforce, there's no doubt that the economy in Illinois is thriving. This impressive recognition from Site Selection Magazine for the second year in a row makes it clear: Illinois is back and open for business."
The magazine also recognized the Chicago metropolitan area as the Top Metro for business expansion and relocations among large metros for the 11th straight year. With growth in key sectors including life sciences, data centers, and technology, companies benefit from Chicago's deep talent pool, diverse economy and robust infrastructure.
Companies that located or expanded throughout Illinois in 2023 include:
- Gotion - $2 billion electric vehicle battery gigafactory in Manteno, creating 2,600 jobs
- Kraft Heinz - $400 million distribution center in DeKalb, creating 150 jobs
- Gulfstream - $285 million investment in Cahokia, creating 200 jobs and retaining 500
- Incobrasa - $250 million expansion in Gilman, creating 40 jobs and retaining 200
- Prysmian Group - $64 million facility expansion, creating 80 jobs
- Manner Polymers - $54 million facility in Mount Vernon, creating 60 jobs
"With unrivaled incentives and top assets, Illinois' momentum is undeniable as hundreds of companies expand or relocate to the Land of Lincoln," said DCEO Director Kristin Richards. "Year after year, Illinois continues to grow its reputation as a global economic powerhouse, create jobs and nurture our thriving business ecosystem."
"We continue to see companies from a diverse range of industries locate or expand in Illinois because of our state's unmatched infrastructure, central location and talented workforce," said Intersect Illinois CEO Dan Seals. "Site Selection's rankings are a testament to the positive momentum we are seeing throughout Illinois."
Illinois has seen an upward trajectory, earning nine credit upgrades since June 2021, and making focused investments in economic growth initiatives. The state's modern infrastructure provides easy access to the world via air, road, rail and port and its top-notch higher education system produces the skilled workforce companies need to thrive.
"Site Selection congratulates state and local economic development professionals across Illinois for the state's second-place finish in both the total projects and projects per capita facilities races," said Mark Arend, editor-in-chief of Site Selection. "This demonstrates to our readers that Illinois is delivering the right location criteria to companies siting new projects and expanding existing ones."
Corporate real estate analysts regard Site Selection's yearly analyses as "the industry scoreboard." To qualify, projects must meet one or more of these criteria: investment of $1 million or more, creation of 20 or more new jobs or 20,000 square feet or more of new space.
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