Illinois is proud to be home to many established business ecosystems. The below are just highlights of the diverse cluster of industries that have high growth potential and continue to see significant investments in our state:
Agribusiness and Food Processing With approximately 1,500 different types of soil and over 72,000 farms that average 358 acres each, Illinois is so fruitful that almost 90% of Illinois agricultural land can be used to raise crops.
Therefore it is no wonder that Illinois leads the pack in agribusiness, and that the state is a front-runner in soybean processing, meat packing, and dairy manufacturing. The state is the nation’s second leading exporter of soybeans and feed grains, and Illinois exported $8.2 billion worth of agricultural commodities to other countries in 2014.
Food processing is also a cornerstone of Illinois’ economy as the leading manufacturing activity. It contributes more than $13 billion to the value of raw agricultural products. The 2,500 food manufacturing companies in the state employ more than 82,500 Illinoisans, making it the leading private employer in Illinois.
Advanced Manufacturing Manufacturers in Illinois make the products that enhance the lives of people across the USA and around the globe, from elevators and agricultural equipment to automotive components, power tools and electronics. Altogether, the 19,500 manufacturing operations in Illinois employ 578,000 workers. The value of their output topped $101 billion in 2015, fifth among all states, and accounted for 13% of the gross state product.
Some of the world's best-known brands have major manufacturing operations in Illinois, including Caterpillar, Case New Holland, Deere & Co. and KONE
Energy Our central location makes Illinois a transportation hub for crude oil and natural gas moving throughout North America, with eight crude oil pipelines, eight petroleum product pipelines, 18 interstate natural gas pipelines, two natural gas market centers, and two petroleum ports.
Illinois is also the third largest producer of ethanol with a production capacity exceeding 1.6 billion gallons per year. Illinois ranked first in the nation in 2016 in both generating capacity and net electricity generation from nuclear power. Nuclear power plants in Illinois generated 12% of the nation’s nuclear power.
Life Sciences and Biotech Within the Midwest there are more than 16,800 biotechnology establishments employing more than 377,000. In a recent study conducted by the iBIO, Illinois has demonstrated an average annual growth of 13.3%, the strongest revenue growth experienced in the study. The success is largely due to the rise in research and development expenditures and the ability to secure early-stage funding within the state.
Business and Professional Services As the sixth largest state in the nation, and home to the third largest city in the country, demand for business and professional services is high in Illinois. This target industry created more than $75 billion in output over the course of 2015, with no indication of slowing down |