Illinois and Chicago among top U.S. destinations for corporate expansion, relocation
For the third year in a row, Illinois has been ranked No. 2 for corporate expansion and relocation by Site Selection magazine, a leading publication in corporate real estate and facility planning.
The magazine also ranked Chicago as the No. 1 metropolitan area for the 12th consecutive year.
This designation follows another successful year of attracting new businesses and economic opportunities through investments in site readiness, workforce development and infrastructure improvements, according to the governor’s office.
With corporate expansions and relocations increasing 20% over 2023, Illinois’ reputation “as a premier global destination to do business” is growing, Gov. JB Pritzker said in a news release.
“With unmatched infrastructure and incentives, a talented and qualified workforce, and a diverse array of industry leaders, it’s no surprise that Illinois has achieved this impressive recognition from Site Selection Magazine for the third year in row,” he said.
Team Illinois — a collaboration between the governor’s office, the Illinois Department of Commerce and Economic Opportunity, Intersect Illinois, and other partners focused on attracting economic growth and jobs to Illinois — has worked to foster a thriving business environment through site readiness programs and incentive packages.
“Illinois continues to demonstrate its leadership in driving economic growth, and being ranked #2 by Site Selection Magazine for the third consecutive year is a testament to our state’s exceptional business environment,” said DCEO Director Kristin Richards. “With unparalleled incentives, a robust workforce, and world-class infrastructure, Illinois remains a prime destination for companies looking to grow and innovate.”
Illinois saw 664 business expansion or relocation projects in 2024 — up from 552 in 2023 — and also placed No. 2 in projects per capita. Companies that located or expanded throughout Illinois in 2024 include:
• PsiQuantum: the anchor tenant of the Illinois Quantum and Microelectronics Park, creating 150 new jobs and $1.09 billion in capital investment.
• Sysmex America, Inc.: growing its operations in northeast Illinois, creating 110 new full-time jobs and retaining nearly 550 existing jobs through a $20.6 million investment.
• Aluflexpack AG: expanding its operations to Bolingbrook with a $10 million investment and 30 new full-time jobs.
• Wieland Rolled Products North America: investing $500 million in six facilities statewide.
• Bedrock Materials: locating its research and development headquarters in Chicago with plans to expand its footprint in Illinois with a $2.5 million investment.
• Ymer Technology: opened its U.S. headquarters in Buffalo Grove with a $5.7 million investment.
Corporate real estate analysts consider Site Selection’s yearly analyses as “the industry scoreboard.” To qualify, projects must meet one or more of these criteria: investment of $1 million or more, creation of 20 or more new jobs, or adding 20,000 square feet or more of new space.
Illinois’ robust fiscal growth — including nine credit upgrades since 2021 and doubled private sector investments in 2024 — has laid the foundation for continued growth in key industries outlined in Illinois’ Economic Growth Plan. With these targeted investments, the state is becoming a national leader in emerging industries including quantum technology, electric vehicle manufacturing, clean energy production, and next-generation agriculture, the governor’s office said.