State incentive program investments drive a record $13 billion
CHICAGO – Today, Governor JB Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) released data highlighting record-breaking economic development milestones from 2025. Guided by Governor Pritzker’s strategic economic growth plan, Illinois reached a record $13 billion in incentivized investments, delivered record tourism accomplishments, and marked major milestones in key sectors, including quantum, while making continued investments in small businesses and workforce development.
“Illinois’ year of record-breaking economic growth didn’t happen by accident – it was driven by smart targeted investments, fiscal discipline and a clear vision for long term growth,” said Governor JB Pritzker. “We’re attracting record levels of private sector investments, creating good-paying jobs in every region of the state, and leading the nation in emerging industries like quantum, clean energy, and advanced manufacturing - and we are just getting started. By continuing to invest in innovation, workforce development, and small businesses, Illinois is positioning itself to compete and win in the global economy for decades to come.”
“Whether people are coming for work or play, the message is clear: Illinois is a destination,” said Lieutenant Governor Juliana Stratton. “Strategic investments are fueling record growth and opening doors for families and communities across our state. The future of Illinois is bright!”
“The State of Illinois’ record-breaking investments and growth are strengthening our position as a global economic powerhouse,” said DCEO Director Kristin Richards. “From launching new incentive programs, to providing critical support to small businesses through legacy programs, and topping national economic development rankings, momentum continues to grow in Illinois.”
Illinois’ Incentivized Investments Continue to Grow
Over the last year, total company investments bolstered by DCEO’s key incentive programs grew to a record $13 billion. This includes Economic Development for a Growing Economy (EDGE), Reimagining Energy and Vehicles (REV), Manufacturing Illinois Chips for Real Opportunity Act (MICRO), the Data Center Tax Credit Program, and the High Impact Business (HIB) program.
EDGE and REV – the state’s most active incentive programs – continued to drive strong results, with companies committing 2,900 new jobs and retaining 3,700 existing jobs. With competitive incentives, modernized infrastructure, unmatched transportation, and an abundant and highly qualified workforce, Illinois continues to attract and retain companies making large-scale, long-term investments.
Notable REV agreements from 2025 include Pure Lithium Corporation relocating its entire next-generation battery technology operations from Boston to Chicago, and electric bus company Damera Corporation pledging its first U.S. assembly plant to be located in the Greater Peoria region, which will create 90 jobs. Rivian also expanded its footprint by investing $120 million to construct a new 1.2 million-square-foot supplier park and create 100 new jobs in Normal, paving the way for additional supplier investments and jobs, including suppliers such as Adient and OPmobility.
Major EDGE agreements from the last year include Cronus Chemicals LLC’s $2 billion investment to construct a new fertilizer production facility in Tuscola while creating 130 new jobs; Fortune Brands Innovations’ expanded Deerfield headquarters creating 400 new jobs; Rockford Brake Manufacturing reopening a historic Rockford factory while bringing 150 jobs to the region; Silesia opened its second U.S. facility in Huntley; and Epic Pharma Solutions Inc. opened its first U.S. facility and creating 50 new jobs in Pekin.
Furthermore, the $31 million Regional Site Readiness Program is preparing sites to attract future investment and new job opportunities in various sectors including advanced manufacturing, clean energy production and manufacturing, food production, and life sciences.
Illinois Earned 10 Credit Rating Upgrades Since June 2021
After nearly two decades of steady downgrades, Illinois has earned 10 credit rating upgrades since June 2021. This recognition comes as Illinois has made significant financial progress under Governor Pritzker, including passing seven consecutive balanced budgets, eliminating the bill backlog, increasing the rainy-day fund to nearly $2.4 billion today, and years of responsible financial management and discipline.
Illinois Among Leaders in National Economic Development Rankings
In 2025, Illinois topped the lists of major economic development rankings, including Site Selection Magazine, CNBC’s Top States for Business, and more. Highlights include:
o Moved up 17 spots in Best States for Business (#13) since 2019
o #3 in the nation for education (up from #4 in 2024)
o Top 10 for infrastructure (#8), technology and innovation (#6), and access to capital (#5)
o Top 20 for workforce #19 (up 18 spots from 2024) and cost of business #19 (up 13 spots from 2024)
• #2 state in the nation for corporate investments for the third year in a row, with Chicago clocking in as the Top Metro in the country for corporate investments for the 12th year in a row (Site Selection Magazine)
• #2 in Midwest for workforce development (Site Selection Magazine)
• Chicago voted Best Big City in the nation by readers for the ninth consecutive year (Condé Nast Traveler)
• Secured 11 Top 10 Spots on Business Facilities Annual Business Rankings (Business Facilities)
• Received a Startup Ecosystem Stars Award from the International Chamber of Commerce and Mind the Bridge, recognizing the state as a global leader in innovation and economic development and making Illinois the only U.S. recipient honored across all five award categories.
• Cook County (#5) and Lake County (#10) rank among the Top 10 Best Counties in America for economic development (Site Selection Magazine)
• #6 on sustainability rankings (up from #7 in 2024) (Site Selection Magazine)
Illinois Made Record-Breaking Tourism Achievements
Illinois welcomed 113 million domestic and international visitors who spent a record $48.5 billion in 2024 – an increase of 500,000 visitors and $1.3 billion in spending from 2023, according to data provided by Tourism Economics. This tourism surge also led to a new all-time high in hotel tax revenue figures in FY25, totaling $367 million – a 14% increase over the previous record set in FY24.
Illinois Reached Second-Highest Film Production Expenditures in State History
Illinois announced film production expenditures of $653 million in 2024 – the second-highest expenditure total in state history, supporting an estimated 18,200 estimated hires (excluding extras) and $351 million in estimated wages. The high expenditures reflect Illinois’ ability to bounce back and grow the state’s film industry amid labor strikes that halted production in 2023.
This year of record growth was fueled by Governor Pritzker’s commitment to growing Illinois’ world-renowned film industry by expanding the Film Production Tax Credit, extending the credit through 2039, and launching the Film & TV Workforce Training Program. Since its launch, the Illinois Film Office has partnered with various organizations across the state to train and hire over 200 individuals annually from historically underrepresented communities. As filmmakers continue to bring their crews and talent to the state, Illinois' economy benefits from the influx of production companies supporting local catering companies and restaurants, hotels, drivers, a diverse union workforce, and other key industries.
Illinois’ Quantum Ecosystem Marks Major Milestones
This fall, Governor Pritzker broke ground on PsiQuantum’s facility at the Illinois Quantum and Microelectronics Park (IQMP) on Chicago’s South Side. This marked the official start to the buildout of state-of-the-art facilities that will bring the IQMP to full scale, driving billions in economic impact, creating thousands of jobs, and cementing Illinois as the nation’s leader in the global race for quantum innovation.
Anchor tenant PsiQuantum will build and house America’s first utility-scale, error-corrected quantum computer at the IQMP. The IQMP will also host a growing roster of global companies including IBM, Diraq, Infleqtion, and Pasqal.
At the inaugural Global Quantum Forum in July, Colorado-based, quantum computing and sensing leader Infleqtion announced that it will accelerate quantum computing in Illinois and locate its quantum computing headquarters to Chicago. As part of the expected $50 million investment, the company will create dozens of new jobs, accelerating the growth of its hardware and software workforce.
With support from the State’s MICRO Program, Pasqal – a global leader in neutral-atom quantum computing – will establish its U.S. headquarters at the IQMP and house one of the company’s quantum processing units onsite. The French tech leader will invest more than $65 million and create 50 new full-time jobs on Chicago’s South Side.
Global Reach Expands as Illinois Exceeds Export Sales Records
Illinois experienced another record-breaking year with export sales exceeding $81 billion in 2024. According to rankings by the U.S. Department of Commerce, Illinois continues to lead as the top exporting state in Midwest and the fourth largest exporting state in the U.S.
In recent years, Illinois has prioritized strengthening relationships with foreign partners and companies to create jobs and boost Illinois businesses, including leading trade missions around the world. Earlier this year Governor Pritzker signed Memorandum of Understandings (MOUs) with the United Kingdom and the State of Mexico. The Illinois State Trade and Export Program (ISTEP) provided companies with assistance that led to more than $90 million in export sales – a 55% increase from 2024. DCEO also led 10 group trade missions bringing 53 companies to 12 global markets and supported companies on 37 Individual Foreign Market Sales Missions in 2025.
New and Legacy Programs Provide Critical Small Business Support
Small businesses are at the heart of Illinois’ economy, and the State continues to pour resources into supporting their success. Nearly $10 million was awarded to 47 small businesses through the Small Business Capital and Infrastructure Grant Program to uplift businesses owned by historically underrepresented groups and very small businesses, helping them create and retain jobs, improve efficiency, and grow local economies. Also, grant funds totaling $30 million were awarded to 25 grantees through the Rebuild Illinois Downtowns and Main Streets (RDMS, $20 million) and Research in Illinois to Spur Economic Recovery (RISE, $10 million) programs to revitalize commercial corridors and downtown areas throughout the state and accelerate local economic initiatives.
Legacy programs continued to grow as grantees were awarded over $10 million in Illinois Grocery Initiative grants through the New Stores in Food Deserts Program ($9.6 million) and Equipment Upgrades Grant Program ($600,000) to address food deserts and prevent grocery store closures in Illinois. The State also doubled down on its support to small and mid-size manufacturers across Illinois by awarding $1.3 million to 29 manufacturing companies through the Made in Illinois Grant Program to drive innovation, efficiency, and growth in the state’s vital manufacturing sector.
The Innovation Voucher Program saw significant growth in its first full year of operation, awarding a total of $2.3 million to help 35 businesses advance R&D projects in collaboration with Illinois universities – fueling commercialization and strengthening the pipeline from research to market. Additionally, the SBIR/STTR State Matching Program expanded its support by increasing the Phase I match from $50,000 to $75,000 and introducing a new Phase II matching award of up to $250,000, helping Illinois businesses compete for and execute federally funded R&D in Illinois.
The State further strengthened the startup ecosystem by awarding $7 million to support the construction and renovation of key growth-industry tech incubators across Illinois – expanding high-quality space where startups can scale. Illinois also launched the Clean Energy Contractor Incubator Program to support small business contractors within the clean energy economy.
Finally, Illinois launched a nation-leading Local Journalism Sustainability Tax Incentive Program that puts resources directly into local newsrooms – supporting the hiring and retention of qualified journalists and strengthening community-rooted reporting across the state.
Growing Illinois’ World-Class Workforce
Illinois continued its leadership in the state’s world-class workforce development by continuing to invest in its growth and success. More than $30 million was awarded across the Illinois Works Pre-Apprenticeship Program, Apprenticeship Expansion Program, and to apprenticeship specialists initiatives.
Under the Climate and Equitable Jobs Act (CEJA), the State also awarded $80 million in grant funding to bolster a diverse workforce in the growing clean energy industry through multiple initiatives, including $46 million for CEJA workforce hubs in 13 communities. Additionally, TCCI Manufacturing’s new $45 million Clean Energy Innovation Hub in Decatur will strengthen Illinois’ EV component part supply chain, create jobs, and provide state-of-the art training opportunities through its Clean Energy Workforce Academy in partnership with Richland Community College.
Finally, DCEO also announced the availability of $10 million in new funding for the Job Training and Economic Development (JTED) Program – a workforce training initiative that provides wrap-around services that will bolster equitable workforce recovery for Illinoisans struggling to gain meaningful employment. To date, Illinois has invested $35 million across 77 grants awarded to community-based organizations, supporting more than 4,700 unemployed, underemployed, and underrepresented Illinoisans and providing support to 5,600 high school youth to train for careers in advanced manufacturing.
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