2023 Economic Milestones

In 2023, Illinois topped the lists of major economic development rankings, including Site selection Magazine, CNBC’s Top States for Business and more. Highlights include:

No. 1 in Midwest for workforce development (Site Selection Magazine)

No. 2 state in the nation for corporate investments, with Chicago clocking in as the top metro in the country for corporate investments for the tenth year in a row (Site Selection Magazine)

CNBC Rankings:

No. 2 in the nation for infrastructure (up from No. 3 in ’22)

No. 2 in the nation for education (up from No. 6 in ’22)

No. 6 in the nation for access to capital (up from No. 8 in ’22)

No. 9 in the nation for cost of living (up from No. 20 in ’22)

Moved up 13 spots in 'Best States for Business' since 2018

Chicago voted Best Big City in the nation by readers for the seventh consecutive year (Conde Nast Traveler)

With millions of visitors spending billions of dollars in the state each year, tourism is a critical part of the economy. In FY23, the state reached its highest-ever hotel revenue figures ($308 million), surpassing the pre-pandemic record in FY19. According to the latest available data, Illinois welcomed 111 million visitors who spent $44 billion in 2022, representing 14 million additional travelers spending $12 billion more than calendar year 2021.

This year, the state announced record-high film expenditures of nearly $700 million for 2022, $130 million more than pre-pandemic levels in 2019.

In order to build upon the state’s reputation as a national destination for film and TV production, in 2022, the state expanded the Illinois Film Production Tax Credit and launched the Film and TV Workforce Training Program, which is designed to increase diversity in Illinois’ film industry.

The 2022 inaugural year of the Film and TV Workforce Training Program included more than 70 percent students of color, and 80 percent of the program’s participants obtained paid positions on productions after graduation.