Illinois Adds Nearly 13,000 New Jobs, $12 Billion in New Business Investment and Double Digit Growth in New Business Expansions and Relocations in FY24
Intersect Illinois FY24 Annual Report also shows Intersect-assisted projects account for $2.05B in investment and 158% increase in new jobs
Today, Intersect Illinois released its annual report detailing exciting news for economic development across the state. The report highlights significant double digit increases in new business expansion and relocation projects, investments and jobs that demonstrate Illinois’ momentum as a global destination for business.
Data analysis shows that in FY24 (July 2023 – June 2024) 440 business projects expanded or relocated in Illinois overall (up 15.2% over last year), generating $12.5B in investment (up 85.6% over last year) and 12.9K jobs (up 37.9% over last year). These results are a testament to the work of Team Illinois, a coalition that includes Governor JB Pritzker, the Governor’s Office, the Illinois Department of Commerce and Economic Opportunity (DCEO), Intersect Illinois (“Intersect”) and legislative and statewide economic development partners.
“Today’s report exemplifies the outstanding trend of economic growth in Illinois, from local small businesses to international corporations,” said Governor JB Pritzker. “As the State’s Chief Marketing Officer, I’m grateful for Team Illinois’ ongoing efforts to expand and diversify business development in Illinois, and we will continue building on FY24’s momentum to attract businesses big and small in the coming years.”
The report also highlights Intersect’s efforts to support this growth, project wins and analysis of the state of economic development in Illinois. Intersect Illinois initiated 103 projects in FY24, up 24% over the previous year. The organization’s seven project wins during this time resulted in 2,738 jobs (up 158% over last year) and $2.05B in investment (up 47% over last year).
“Fiscal Year 2024 represented a period of significant growth for both Intersect Illinois and economic development across our great state, and speaks to the dedication of our Team Illinois partners who have been unrelenting in creating an environment ripe for attracting new business and development here at home,” said John Atkinson, Chairman of Intersect Illinois. “With the state now on strong financial footing, Team Illinois is working in lockstep to strategically and proactively showcase our advantages as a business destination — and more and more companies are realizing that there has never been a better time to be in Illinois.”
Additional features of the report include project industry breakdowns, new Intersect business attraction efforts, such as its Vetted Sites program, the expansion of quantum computing development, events and outreach, and board of director development. Key takeaways include:
Project industries: Illinois continues to attract companies in key target industries. Intersect Illinois saw the most projects coming from the electric vehicle and energy sector, with manufacturing and agribusiness following. In FY24, Intersect Illinois also assisted in laying the groundwork for developments within the state’s burgeoning quantum computing industry, including through the hiring of its first chief quantum officer and support of the new Illinois Quantum and Microelectronics Park (IQMP).
Supporting growth throughout the state: Intersect Illinois saw a 43% increase in project opportunities distributed through its statewide RFI submission system that were interested in a downstate location. Intersect provides site selection infrastructure data through its enhanced Vetted Sites program to support business attraction and fast-moving projects.
Board development: In FY24, Intersect Illinois transformed its board of directors to exclusively include CEO, president, managing and executive director, and market leader level-members, and added a new executive advisory council. More than 30 distinguished leaders across industries joined the board during this time to lend their expertise and experience in support of Intersect’s mission to bring jobs and economic prosperity to Illinois.
Building connections: As part of efforts to work closer with site location decision-makers for companies across the globe, Intersect Illinois took leading roles in events such as the SelectUSA Investment Summit, the country’s top foreign direct investment (FDI) event, and two site selector symposiums. Additionally, the organization took part in international trade delegations to tell the story about why Illinois is a premier business destination to audiences around the world.
Making the case for Illinois: Marketing and communications efforts were strengthened in FY24, with Intersect’s organic social media presence gaining a 1,410% increase in impressions and marketing efforts generating a 411% increase in leads.
Adding to this momentum, Intersect Illinois’ new President and Chief Executive Officer, Christy George, officially assumed her new role this November.
“Here in Illinois, we continue to see exciting projects develop in key sectors such as logistics, life sciences, information technology, EV/energy, agribusiness and advanced manufacturing,” said Christy George, Intersect Illinois President and CEO. “I look forward to working alongside the team at Intersect Illinois to further positive trends in this report as we target companies that align with both the advantages our state already has and the growth we’re pursuing.”
In the year ahead, Intersect Illinois will continue to collaborate with Team Illinois to attract economic growth and jobs that benefit communities throughout the state. Read the full annual report here.
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