The state of Illinois was ranked in the top ten for several economic growth categories, according to Business Facilities’ (BF) 2020 state rankings released this week. The annual report by BF looks at key economic development indicators for the 50 states, and ranks states’ performance based on level of investment, jobs created and upward mobility in key industries essential to the national economy.
Illinois received high marks in key categories, including digital infrastructure, FDI, tech and wind power – a testament to the state’s diverse economy, and its continued economic growth. The state ranked in the top ten for 11 categories, including the following:
- Digital Infrastructure – #4
- FDI Projects – #5
- GDP – #5
- Opportunity Zones – #5
- Manufacturing Employment – #5
- Film Production Leaders – #6
- Installed Wind Power – #6
- FDI Capital Investment – #7
- Tech Jobs – #7
- Automotive Strength – #9
- Biotechnology Strength – #10
Illinois held strong in manufacturing employment, FDI capital investment and biotech industry growth in 2020, with an overall increase in FDI projects (in 2019 Illinois saw $3.2B of new FDI investment, according to the U.S. Bureau of Economic Analysis). Illinois’ top performing categories are consistent with the Pritzker administration’s commitment to investing in tech, manufacturing, digital and clean energy sectors – which are featured in the Governor’s 5-year economic plan.
The latest rankings follow several key economic development projects announced throughout Illinois over the past year. Examples include: Amazon’s new fulfillment centers in Matteson and Markham; STACK, Coresite, and Facebook’s decisions to locate state-of-the-art data center facilities (digital infrastructure); Ford Motor Company’s manufacturing facility’s growth in Chicago, Rivian’s growth in Bloomington (automotive strength); Burnex’s expansion of its Ringwood manufacturing facility (manufacturing employment); Blue Crew and the Aquatic Group’s expansions in Chicago (tech jobs); Ilo Sas and EVBOX’s expansions of their North American operations (FDI); and Pharma Logistics’ expansion in Libertyville (biotechnology). Just this week, viaPhoton, a fiberoptic manufacturing company, announced plans to launch their first ever microfactory in Aurora, IL – building on the state’s continued growth in the tech sector.
Additionally, Illinois Metros also received many Top 10 Rankings in Business Facilities Metro Rankings – these metros include: Chicago, Decatur and Elk Grove Village.
Illinois is home to over 2,000 foreign-based companies, has the 5th largest GDP in the US, the 18th largest economy in the world, and is a leading destination for global investment. Prior to COVID-19, the State saw simultaneous strong job growth in every region of the state. Today, Illinois continues to make steady progress in overcoming the virus, restoring jobs, and reopening its economy safely.