Intersect Illinois sees growth in new investments over expansions and more projects downstate in Q1 of 2024 compared to Q1 of 2023.
With increased projects and more geographically dispersed business expansions year-over-year, Illinois had a strong start to 2024.
New investment projects are defined as a net new investment project by a company in Illinois. Companies highlighted meet one or more of these criteria: investment of $1 million or more, creation of 20 or more new jobs or 20,000 sq. ft. or more of new space.
Key takeaways include:
Illinois notches more projects
Illinois had an 88% increase in total expansion and new investment projects compared to Q1 of 2023.
Major Q1 2024 projects include:
- Primient, a producer of plant-based foods and industrial ingredients, committed to a $400 million modernization investment at its Decatur site.
- Echo Global Logistics, a provider of technology-enabled transportation and supply chain management services, expanded in Chicago with the completion of its new 185,000-square-foot headquarters.
- Battery startup NanoGraf announced a new manufacturing facility that will also house laboratories, inventory and office space.
- Smalley Steel Ring Factory, a leading maker of rings used in precision manufacturing, announced a multiyear $51 million expansion project at its global headquarters in Lake Zurich that will add 200,000 square feet of new building.
More new investments than expansions
New investments outweighed expansions in Q1 of 2024, with 78% of projects logged as new investments. This is up from Q1 of 2023, where 54% of projects were logged as new investments.
Expansion and new investment projects were more geographically diverse
In 2024, projects were more geographically dispersed, showing 57% more counties with expansions and new investments.
Downstate expansions and new investments grew
Downstate projects increased 66% from Q1 2023 to Q1 2024. One example is Intermountain Electronics, a power distribution manufacturer that has tripled its workforce since locating in Centralia in 2020. Building on this immense growth, the company plans to build a secondary production warehouse and hire 35 employees this year.
Another example is Riverbend Energetics, an aerospace and defense manufacturer of small energetic devices used by the U.S. Department of Defense in Alton. With assistance from an EDGE tax credit, the manufacturer added 25 jobs.
Kane County saw biggest jump in projects
Kane County logged five projects in Q1 of 2024, up from one project during the same period the previous year. These projects include Italian food manufacturer The Perla Co. USA Inc., which plans to turn a 174,000-square-foot building in North Aurora into a U.S. headquarters for production and distribution of its antipasti product line.
For more project insight, visit Intersect Illinois Business Growth Tracker and follow us on LinkedIn for regular updates.
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