John Atkinson: Illinois’ economic development strategy is future-ready

*Originally published in Crain’s Chicago Business

How the state’s Economic Growth Plan is guiding its next chapter

In August, Governor JB Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) released Open for Business: Illinois’ 2024 Economic Growth Plan. This five-year roadmap outlines the state’s economic development priorities and programming for the coming years, plus Illinois’ advantages as a business destination.

As Chairman of Intersect Illinois, the state’s public-private business attraction organization, I know that this report embodies what companies want to see most when considering an expansion or relocation: strategic vision, genuine coordination and a commitment from the top down to advocate for Illinois businesses. Though the full report offers a wealth of detail and insights, these three key takeaways demonstrate why Illinois is the place to be — for businesses and residents alike.

The groundwork for accelerated growth has been laid 

As Gov. Pritzker notes in his opening letter, Illinois’ business climate today hardly resembles that of years past. A key component of that is the Governor’s leadership in getting the state’s fiscal house in order, including eliminating all short-term debts, receiving nine credit rating upgrades in a row and operating under our fifth balanced budget with consistent surpluses. By prioritizing and improving the state’s foundational economic health, we are free to prioritize growth, expansion and innovation in ways we couldn’t before.

That’s where Team Illinois comes in. The unified efforts of Team Illinois — consisting of the Governor’s administration, DCEO, Intersect Illinois and our network of partners across the state — have been instrumental in building relationships, providing resources and offering “white glove” service to companies both stateside and across the world. By working in lockstep to aggressively pursue new business, more companies than ever are beginning to understand how our advantages in infrastructure, education and workforce make this the place to be.

Plus, in listening to the needs of our business community, Team Illinois has strategically optimized tax incentive programs that make it more beneficial to call Illinois home.

Workforce is key

Underlining the economic development goals, priorities and strategies in the plan is a firm commitment to uplifting Illinois’ people and families. With a skilled workforce of over 6 million people, an astounding 244 higher education institutions and the third largest community college system in the nation, Illinois’ workforce is a huge asset that will only be made stronger through continued support of education and training initiatives that equip them for in-demand occupations in growing industries.

We’re already seeing positive results from recent efforts to increase grants, refocus on career and technical education (CTE) and develop innovative approaches to reach students and workers, several of which are contained in this plan. CTE programs are actively preparing Illinoisans for high-demand careers in a variety of fields and present opportunities for local businesses to partner with schools in their community to train students for jobs that will be available to them upon graduation. Apprenticeship programs are a win-win, offering specialized training to workers and up to $5,000 in tax credits for businesses per apprentice they employ. And programs like the Film and TV Workforce Training Program help ensure we’re meeting the moment by offering training tailored to industries that are beginning to flourish here in our state.

Between these combined efforts, the pipeline of talent in Illinois will continue to grow to keep pace with the state’s positive economic development momentum.

Illinois’ economic development strategy is future-ready

The plan lays out six sectors of focus for Illinois, which include life sciences; quantum computing , AI and microelectronics; clean energy production and manufacturing; advanced manufacturing; next generation agriculture, agriculture tech and food processing; and transportation, distribution and logistics.

Why these six? They align with the advantages our state already has — across institutions, businesses and workforce — and the goals for growth we’re pursuing. While the report goes into more detail about each sector listed here, it’s clear that Illinois’ combination of strategic location, reliable clean energy and site readiness make it attractive to businesses of the future that have the potential to transform our state’s economy and spur remarkable job growth.

As we forge ahead, Team Illinois remains laser focused on driving this plan in every market and community across the state to build upon our strengths, our pipeline of projects and our next chapter as an economic development powerhouse. Intersect Illinois’ own annual report is set to be released by the end of September, marking another key milestone and platform for sharing the continued progress of our state’s collaborative economic development ecosystem. It’s a great time to be in Illinois.