Illinois

#48 Illinois

#46 in Taxation and Regulation

#44 in Workforce Quality

#45 in Living Environment

Right to Work? ✗

Regional Profile – Midwest

STATE	OVERALL REGIONAL RANK	TAXATION & REGULATION REGIONAL RANK	WORKFORCE QUALITY REGIONAL RANK	LIVING ENVIRONMENT REGIONAL RANK
Illinois	12	12	12	12
Indiana	1	3	2	2
Iowa	4	5	3	4
Kansas	7	6	9	8
Michigan	11	10	10	10
Minnesota	10	11	6	7
Missouri	9	8	11	6
Nebraska	8	4	1	1
North Dakota	6	2	8	11
Ohio	2	7	4	5
South Dakota	5	1	7	9
Wisconsin	3	9	5	3

Key Industries

Advanced Manufacturing, Aerospace & Defense, Biotech, Clean Energy, Optic/Photonics

Key Companies

Abbott Laboratories

Allstate Corp.

Archer Daniels Midland

Boeing

Deere & Co.

McDonald’s Corp.

Sears Holdings

State Farm

Walgreen

Advantages

Illinois could increase its gross domestic product by 7 percent, or $60 billion, over the next decade if it narrows the gender gap that keeps women from reaching their full economic potential, according to a new report from the McKinsey Global Institute.

Challenges

Illinois is considering converting the state’s single-rate individual income tax into a four-bracket tax with a top rate of 9.75% on individuals and 11.25% on small businesses.

Had Illinois’ gross domestic product grown at the same pace as the national average since 2003, workers would have produced an additional $64.6 billion in products and services in 2014. The point: Illinois needs to grow its tax base, not its tax rate, according to the Illinois Policy Institute.

Key Contacts

Business & Economic Development Council

David Pierson, representative
312-814-1346
100 W. Randolph Street,
Suite 3-400,
Chicago, IL 60601
[email protected]
http://www.illinois.gov/dceo/Pages/default.aspx

CEO Comments

“Illinois continues to tax heavily and politicians continue to destroy opportunities for employees and businesses. It’s a terrible combination, which leads to the exodus we see in both families and businesses.”

“The Illinois budget crisis is approaching catastrophic proportions and will soon impact the quality of living in the state for middle income and moderately higher income families. This budget crisis will also affect the school systems … and force several state colleges and/or universities to close. … The impending reduction in credit rating for the state will also cause the state to pay higher interest rates, thereby further damaging the state’s ability to pay its bills.”

“The governor is trying to improve the state, but the legislative leadership refuses to allow changes which will improve the business climate in the state.”