After a busy first few weeks as President and CEO of Intersect Illinois, I am deeply excited about the momentum the state has and our opportunities for continued growth. Just last month, Intersect Illinois released our annual report for the 2024 fiscal year, which found that business expansion and relocation projects, jobs, and investments are all up. Generating $12.5 billion in investment and 12.9K jobs, 440 projects expanded or located in Illinois in just one year. More and more companies are noticing the state’s momentum and choosing to be in Illinois. And much of this is happening right here in Lake County.
Boasting Illinois has all the elements companies need to thrive – a central location with efficient and easy access to global markets, strong financial footing, with the state receiving nine straight credit rating upgrades under Governor Pritzker’s leadership, and a large, skilled workforce fueled by a robust talent pipeline. Partners across the state are coming together to showcase these assets and elevate Illinois’ standing as a business destination on the global stage.
What is Team Illinois?
“Team Illinois” is a coalition that brings together the Governor’s Office, the Illinois Department of Commerce and Economic Opportunity (DCEO), Intersect Illinois and countless utilities, private companies and EDOs (such as Lake County Partners), the Greater Chicagoland Economic Partnership (GCEP) and World Business Chicago (WBC). Serving as a coordinated and united front to advance Illinois’ business climate, this collaboration helps ensure the “Why Illinois” story is told – especially in industries with high-growth potential, such as life sciences, quantum computing, next-generation agriculture, advanced manufacturing, and clean energy.
Team Illinois’ recent delegation trip to Japan in October is a prime example of how Illinois partners across private, public, and academic backgrounds collaborate in lockstep to pursue new investment opportunities and build connections globally.
During the trip, Sysmex America, Inc, a subsidiary of Japanese medical diagnostic equipment manufacturer Sysmex Corporation, announced it will invest $20.6 million to expand in Northeastern Illinois, creating 110 new full-time jobs and retaining nearly 550 existing jobs. These new good-paying jobs to Lake County speak to its reputation as a world-class life sciences powerhouse.
Life Sciences Shine in Lake County & Illinois
Lake County is at the heart of Illinois’ life sciences industry, notching approximately 51% of the state’s activity. As the nation’s third-largest life sciences cluster, the county is home to a rich ecosystem that includes some of the world’s leading brands such as AbbVie, Abbott, and Baxter. The region offers access to qualified and abundant talent as the state churns out thousands of graduates in life sciences-related degrees at educational institutions such as Lake County’s Rosalind Franklin University of Medicine and Science.
The future of life sciences will continue to be a top priority for Illinois, as emphasized in Governor Pritzker and DCEO’s recently released five-year economic growth plan. The plan serves as a roadmap for economic development in Illinois, focusing on industries where our state has unique advantages.
The State plans to build upon its strong life sciences presence through efforts such as targeted marketing, capital investments, job training and workforce development programs. The plan notes Illinois’ extensive innovation in medical devices and procedures and biopharmaceuticals, illustrating how investment and collaboration will help continue to propel the industry forward.
How Illinois is Building on Its Strong Manufacturing Industry
Manufacturing is another critical industry that the five-year plan indicates as a high priority for growth. Making up 12.4% of the state’s GDP, Illinois is a long-time global leader in manufacturing due to its talent and workforce, ecosystem of manufacturers and R&D, and tremendous infrastructure. Additionally, manufacturers in Illinois benefit from the state’s ample industrial sites and competitive incentives, such as the Megasite Investment Program, Reimagining Energy and Vehicles in Illinois (REV Illinois), Manufacturing Illinois Chips for Real Opportunity Act (MICRO), and Made in Illinois Grants. The plan identifies several manufacturing sectors, such as machinery, fabricated metal, and chemical, that will leverage these existing advantages into the next era of this storied industry.
One effort the State is making to bolster this industry’s talent pipeline is through a new marketing campaign, led by DCEO and the Illinois Innovation Network, called “Make it in Illinois.” The campaign highlights the up-and-coming, attractive career pathways in manufacturing and encourages Illinoisans to get involved.
Lake County is also a hub for manufacturing and continues to see growth in this industry. Intersect Illinois recently worked closely with Lake County Partners, DCEO, and the Village of Buffalo Grove to help bring Ymer Technology, a Swedish manufacturer of electric vehicle (EV) components for the heavy equipment industry, to Lake County. Ymer announced the grand opening of its new U.S. headquarters in Buffalo Grove, which it relocated from Texas, investing $5.7 million. Bolstered by a REV agreement, Ymer will produce cooling technology and thermal management systems for EVs, adding to Illinois’ clean energy manufacturing economy.
What is Intersect Illinois’ Role?
We look forward to continuing to work with our partners across the state to continue attracting more of these Illinois “wins” in industries that continue to evolve and play large roles in the state’s economy.
Intersect Illinois is the statewide economic development organization focused on bringing new jobs and investment to the state. As the business attraction organization, Intersect Illinois collaborates with partners in the public and private sectors to attract new jobs and investment. We showcase the state’s advantages including its central location with access to the country and world, its unmatched infrastructure, and its robust workforce fueled by its dynamic higher education system.
Intersect Illinois makes it easier for companies to expand in Illinois by providing a range of services to help navigate the site selection process, such as our Vetted Sites program. The Vetted Sites program identifies and provides infrastructure and site data for the state’s top sites, ensuring that companies can make location decisions as quickly and accurately as possible.
Click here to learn more about Intersect Illinois, and click here to connect with Lake County Partners and see how we can leverage our 25 years of nonprofit economic development experience to help your business leverage resources and grow.