At our recent Quarterly Communities Meeting luncheon, Erik Brejla and Victor Narusis from the Illinois Department of Commerce and Economic Opportunity discussed partnerships and Illinois’ competitive business climate.
Illinois Partnerships
- Illinois Department of Commerce
- Local EDO’s
- Education and Workforce
- Utilities
- Business
- Other Stakeholders
Benefits of Partnering with the Office of Trade and Investment
- Opening overseas markets for Illinois companies
- Dedicated towards helping small and mid-sized businesses grow
- ISTEP program (financial/technical assistance)
- FY 15-19 Group Trade Missions
- 219 total company missions generated $4.76 million in sales revenue
Illinois offers competitive tax rates
- Low corporate income tax rate: 5.25%
- Low personal income tax: 3.3%
- Low commercial energy rates: 8.72 cents/kWh
- Tax-free personal property
Illinois is a Global Headquarters Hub
Illinois has:
- More than 400 major headquarters
- 34 Fortune 500 companies and 29 S&P 500 Companies
- 12 Fortune “Global 500” companies
- Over 1,700 foreign-based companies
World class infrastructure
- O’Hare is the best connected airport in the nation
- 1,400 daily departures and 90 million annual passengers
- Nonstop service to more than 200 destinations
- Only “dual-hub” airport system in North America
- Within 4-hour flight of all North-American destinations
Thriving Innovation Ecosystem
- $2.4 billion annual R&D funding in Illinois
- 5,106 patents issues by inventors in Illinois in 2014
- 96 Nobel Prize winners from Chicago area
- 275 digital startups launched annually in Chicago area
- Over 300 corporate R&D facilities in Chicago area
- $8 billion in acquisitions & IPO’s in 2014 in Chicago area