State incentive programs more than doubled company investments from $6.3 billion in 2023 to $12.5 billion in 2024

CHICAGO - On January 14, 2025, Governor JB Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) released record-breaking data highlighting economic development milestones from 2024. Gov. Pritzker's economic agenda doubled private investments in Illinois from $6.3 billion in 2023 to $12.5 billion in 2024, quadrupling the number of retained jobs. Illinois also doubled company investments in the clean energy economy from $2 billion to $4 billion and achieved significant growth in key sectors including quantum computing, record-breaking tourism, and exports.

"Time and time again, the State of Illinois reinforces its status as a global economic powerhouse - an ongoing result of our world-class workforce, strong incentives, and unabashed commitment to innovation," said Governor JB Pritzker. "2024 was a landmark year for economic development in Illinois, with infrastructure improvements, job growth, and private-sector investments in high-growth industries like quantum and clean energy. Our momentum continues in 2025 as we continue to demonstrate there is no better place to do to business than Illinois."

"2024 was a momentous year for the State of Illinois. From doubling incentivized company investments to maintaining our status as a leader among national economic development rankings, the State is paving the way for continued economic development as guided by Illinois' Economic Growth Plan," said DCEO Director Kristin Richards. "There has never been a better time to live, work and do business in Illinois."

From 2023 to 2024, Illinois doubled its Incentivized Investments to $12.5 Billion

Total company investments from key incentive programs more than doubled from $6.3 billion in 2023 to a record $12.5 billion in 2024. This includes Economic Development for a Growing Economy (EDGE), Reimagining Energy and Vehicles (REV), Manufacturing Illinois Chips for Real Opportunity Act (MICRO), the Data Center Tax Credit Program, and the High Impact Business (HIB) program. With competitive incentives, modernized infrastructure, unmatched transportation, and an abundant and highly qualified workforce, Illinois continues to attract and retain companies making large-scale, long-term investments in the state.

In 2024, EDGE & REV Incentivized Investments Jumped by $2 Billion to Nearly $5 Billion Since 2023

During the last year, the number of jobs retained by EDGE and REV - the state's most active incentive programs - more than quadrupled, from approximately 3,000 to 12,800, with 4,100 new jobs created by the programs. By comparison, prior to the pandemic in 2019, company investments from EDGE totaled $348 million, new jobs totaled approximately 1,700, and REV did not yet exist. REV investments more than doubled from $2 billion in 2023 to $4 billion in 2024.

Major agreements from 2024 include EV manufacturer Rivian investing $1.5 billion in Central Illinois to produce its highly anticipated R2 model, Avina Clean Hydrogen's $820 million sustainable aviation fuel (SAF) investment in Southwest Illinois, Wiegel Tool Works, Inc.'s Wood Dale headquarters expansion to grow production for EV and renewable energy markets, Crysalis Biosciences' first-of-its-kind SAF plant in Sauget, EV manufacturer Ymer Technology opening its U.S. headquarters in Buffalo Grove, EV battery material supplier Bedrock Materials locating its research and development headquarters in Chicago, and EV component manufacturer Wieland Rolled Products North America investing $500 million - reinforcing its long-term commitment to six facilities across the state and the future of advanced manufacturing in Illinois.

Notable EDGE investments include Voortman Steel Machinery's Monee expansion to support advanced manufacturing, investments in EeroQ Corporation's quantum hardware headquarters in Chicago, and The Jel Sert Company's expansion of its West Chicago manufacturing facilities.

In addition to Illinois' premier incentive programs, the State of Illinois secured jobs and facility improvements for a storied institution by investing in Marshalltown Hammer's Bushnell expansion, which will preserve jobs and support advanced manufacturing.

Building the Future of Quantum in Illinois

This summer, Illinois announced a major Manufacturing Illinois Chips for Real Opportunity Act (MICRO) agreement with PsiQuantum - a leading quantum computing company focused on building the first useful, error-corrected quantum computer. Serving as the Illinois Quantum and Microelectronics Park's (IQMP) anchor tenant, PsiQuantum will drive innovation, competitive research, and economic growth in Illinois. The IQMP is projected to generate up to $20 billion in economic impact and create thousands of jobs.

The quantum campus will also be the location of the State of Illinois' new partnership with the Defense Advanced Research Projects Agency (DARPA), designed to explore the potential of quantum computing in Illinois. Through the Quantum Proving Ground program, quantum computing prototypes will be tested and evaluated as part of DARPA's new Quantum Benchmarking Initiative.

In December, the state announced a significant partnership with IBM to build the new National Quantum Algorithm Center, which will be fueled by IBM's next-generation, modular quantum computer ("IBM Quantum System Two") and will advance the exploration of quantum-centric supercomputing across industries.

Attracting federal, state, and private investment in quantum computing technology has become a major priority for the Pritzker Administration. Billions of dollars in capital have already been committed to building up the Illinois quantum ecosystem as a result.

Illinois Tops National Economic Development Rankings

In 2024, Illinois ranked among the best in the nation in major economic development rankings, including Site Selection Magazine, CNBC's Top States for Business and more. Highlights include:

 

• #1 in Midwest for workforce development for the second consecutive year (Site Selection Magazine)

• #2 state in the nation for corporate investments for the second year in a row, with Chicago clocking in as the Top Metro in the country for corporate investments for the 11th year in a row (Site Selection Magazine)

• CNBC Rankings:

• #4 in the nation for access to capital (up from #6 in '23)
• #5 in the nation for cost of living (up from #9 in '23)
• #6 in the nation for tech and innovation (up from #14 in '23)
• Moved up 15 spots in Best States for Business since 2018

• Chicago voted Best Big City in the nation by readers for the eighth consecutive year (Condé Nast Traveler)

Federal Funding Advances Innovation and Research

A testament to Illinois' leading technology ecosystem, the state has been chosen by the federal government for two of 31 regional Tech Hubs nationwide and one of 21 Recompete Pilot Program finalists. The iFAB Regional Tech Hub in Decatur and Champaign is one of 12 tech hubs nationwide to receive federal funding. EDA-designated The Bloch Quantum Tech Hub is projected to generate $60 billion in economic impact as it works to develop quantum technology solutions for pressing issues.

Current, a Chicago-area water innovation hub, was also selected to receive a grant of up to $160 million from the U.S. National Science Foundation (NSF) Regional Innovation Engine program for their Great Lakes ReNEW Innovation Engine. It was selected from 16 finalists, 188 invited proposals, and more than 700 initial submissions.

International Trade Missions Help Solidify Illinois as a Global Economic Powerhouse

Illinois experienced another record-breaking year with export sales over $78.7 billion in 2023. According to rankings by the U.S. Department of Commerce, Illinois continues to lead the Midwest as the top exporting state and fifth in the nation.

Illinois is a leading global gateway, with its convenient geographic location and proximity to airports, railways and shipping ports helping companies move their products to over 200 countries around the world. Since 2019, Illinois exports have increased by 32%.

In June, DCEO leadership joined Governor Pritzker on a trade mission in Canada to participate in the 2024 U.S.-Canada Summit and meet with key government leaders as well as business leaders in quantum, finance, electric vehicles, technology, and other growing sectors. Governor Pritzker also led a trade mission to Japan in October. During the visit, the Governor secured a business expansion with Sysmex America, Inc. in Northeastern Illinois - creating 110 new jobs and retaining nearly 550.

Illinois Breaks Tourism and Hotel Tax Revenue Records

The State of Illinois continues to prioritize its tourism industry as millions of visitors spend billions of dollars annually across Illinois, boosting economic development and supporting jobs in the industry. Illinois reached its highest-ever hotel tax revenue figures in FY24 with $321.5 million - an increase from the $308 million record in FY23. Additionally, Illinois welcomed 112 million visitors who spent $47 billion in 2023 - representing 1 million additional travelers spending $3 billion more than calendar year 2022.

Illinois also had a significant increase in international visitors, with 2.16 million international visitors in 2023, reflecting a substantial 39% increase from the previous year, according to data provided by Tourism Economics. This surge in international visitation showcases Illinois as an increasingly sought-after global destination. Additionally, international visitors injected nearly $2.7 billion into Illinois' economy rin 2023, representing a 47% increase in spending compared to the previous year.

Open for Business: Illinois Releases Five-Year Economic Growth Plan

Governor Pritzker and DCEO released Illinois' 2024 Economic Growth Plan, a five-year plan to guide Illinois' economic development priorities and programming. Building upon Illinois' success, this plan outlines a roadmap to attract record-level investments, create jobs and support communities over the next five years while laying the foundation for economic growth for generations to come.

Illinois' 2024 Economic Growth Plan is guided by four overarching economic development goals:

• Focus on high growth sectors and continue overall business climate improvements
• Advance comprehensive economic development efforts for business growth and attraction
• Promote equitable growth by empowering workers, entrepreneurs, and communities
• Build out the new clean energy economy

Illinois is laying the foundation for long-term growth by focusing on key growth industries:

• Life sciences
• Quantum computing, AI, and microelectronics
• Clean energy production and manufacturing
• Advanced manufacturing
• Next generation agriculture, agriculture tech and food processing
• Transportation, distribution, and logistics