Regional Review: Globalization Is Vital Part of Midwest States’ Economies

Mali R. Schantz-Feld (Location USA / April 2013)

States in the Midwest are taking an active part to build their own destiny. While manufacturing has always been a part of the region’s history,diversification has spurred growth in the tourism, business services, and finance sectors as well. More

The States Leading the U.S. Manufacturing Resurgence

Mark Crawford (Q1 / Winter 2013)

Exhibiting know-how and innovation, U.S. manufacturers are adding to their payrolls and economic growth across the nation. We have identified 19 states where manufacturing is leading the way... More

Railroads: Still an Important Industrial Link

Jim Romeo (Q1 / Winter 2013)

The manufacturing epicenters of the future will need to integrate supply chain, logistics infrastructure, work force, and community continuous improvement; the presence of rail services is an important link in that chain. More

Costs Falling, Investment Rising in Midwest Data Centers

Reeder Holiman, Senior Vice President; Brian Ginkel, Vice President; Ann Marie Woessner-Collins, Managing Director; Bo Bond, Managing Director, Jones Lang LaSalle (Fall 2012)

Recent legislative changes resulting in tax savings, coupled with low utility rates and the ability to cool with outside air, are substantial cost advantages and merit study when selecting a data center site. More

Slideshow: Costs Falling, Investment Rising in Midwest Data Centers

Rural Jobs Challenge Awards Encourage Innovative Partnerships

Beth Mattson-Teig (Fall 2012)

The grants, which were awarded in August, are part of a national competition aimed at encouraging job creation and economic growth in rural communities across the country. More

Is Investment in an Urban Locale Right for Your Company?

Adam Prager, President, Prager Company (August 2012)

Many cities are growing faster than their suburban counterparts, as companies mine their skilled work forces, affordable property, and financial inducements. More

Regional Review: Midwest States Actively Diversify Their Economies

Mali R. Schantz-Feld (August 2012)

While manufacturing has always been a part of the region's history, a report entitled "Midwest Destiny" - by the Federal Reserve Bank of Chicago - noted that diversification has spurred other sectors, such as tourism, business services, and finance. More

Infrastructure Lessons for Economic Growth and Business Success

Leslie Wagner, Director of Project Management and Development, Ginovus (Summer 2012)

The quality of a state's/community's infrastructure has a profound effect on its ability to attract development and the success of companies that choose to locate there. More

ILLINOIS at a glance

POPULATION: 12,869,257 (2011)

LABOR FORCE: 6,585,583 (Sept. 2012)

RIGHT TO WORK: No

TRADITIONAL INDUSTRIES:Agriculture, heavy industry, financial services

EXPANDING INDUSTRIES: Administrative and support services, transportation and warehousing, employment services, fabricated metal product manufacturing, high-tech, biotech, sustainable energy, hospitals, food services and drinking placesn

COLLEGE GRADUATES: (Age 25 and over) 30.3% (2006-2010)

BASIC BUSINESS TAXES:
Corporate Income Tax: 7.0 percent on net income apportioned to Illinois, plus an additional 2.5 percent for corporate personal property replacement

Sales Tax: State rate of 6.25 percent on retail purchases of tangible personal property plus an optional additional tax ranging from 0.0-3.25 percent in local jurisdictions

Property Tax: Real property only is taxed and is assessed at 33.3 percent of fair market value; statewide average property tax rate is 7.3 percent (exception: Cook County property is assessed at 38 percent for commercial property, 36 percent for industrial property, and 16 percent for residential property)

BUSINESS INCENTIVES:
Economic Development for a Growing Economy (EDGE) Program

Employer Training Investment Program (ETIP)

Large Business Development Program

Entrepreneurship Center Network

Business Development Public Infrastructure Program

Enterprise Zone Program (tax abatement)

High Impact Business Program

Tax Increment Financing Program

Community Development Assistance Program

Community Services Block Grant Loan Program

Foreign trade zones

Economic Development Program (Illinois Dept. of Transportation)