After years of struggling to compete for businesses and jobs, Illinois has entered the 21st century of economic development with the creation of the Illinois Business and Economic Development Corporation, a private non-profit organization that will work to attract businesses and investment to Illinois through a combination of marketing, sales and exceptional customer service.
The Illinois Business and Economic Development Corporation will empower Illinois to compete with states around the country for new businesses and investments. Upwards of 15 states across the country have created private economic development organizations, including surrounding states Indiana, Ohio, Missouri and Michigan, giving them a competitive edge in business attraction, often at the expense of Illinois. The leading job-creating states in the U.S. today are lead largely by private not-for-profit economic development organizations.
Since the creation of the Corporation in January 2016, Governor Bruce Rauner has issued an executive order instructing the Illinois Department of Commerce to work collaboratively with the private corporation. The Corporation will complement the Illinois Department of Commerce, collaborating and assisting with economic development and offering a streamlined, business-to-business experience to clients. A board of directors comprised of civic and business leaders from across the state will bring a valuable private-sector perspective to Illinois’ economic development and marketing efforts.
The corporation is preparing to be fully engaged and working alongside the Illinois Department of Commerce in the third quarter. This cohesive partnership will provide best in class customer experience for our current Illinois businesses and assist in attracting new investments to the state.