Illinois DCEO Discusses Partnerships, Competitive Business Climate

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

Click here to view the full presentation.