By Intersect Illinois
With the 18th-largest economy in the world, strong infrastructure, unparalleled connectivity to global markets, and a top-tier workforce, Illinois is leveraging its business advantages to attract a diverse mix of emerging industries.
Leading in Life Sciences
Illinois is at the heart of the life sciences industry, rapidly becoming a national powerhouse. With over 15,000 life sciences firms, a top-five national ranking for talent production, and lower rent for lab and R&D space than established coastal hubs Boston and San Francisco, Illinois provides an ecosystem of like-minded companies, robust infrastructure, and a supportive business environment enabling companies of all sizes—from Fortune 500s to startups—to flourish.
Biotech is one key subsect of Illinois’ life sciences industry, benefiting significantly from the state’s dedication to research, expanding lab and office space, and collaborative spirit. One example of the state’s momentum in biotech is the Chan Zuckerberg Biohub Chicago. The Chan Zuckerberg Initiative chose Chicago as the home of its new $250 million biohub largely because of the state’s world-class universities and talent. Bringing together leading Chicagoland scientific and technology institutions, the biohub is focused on cutting-edge biomedical research and plans to double its team in 2025.
Another key subsect is medical device manufacturing. Home to four of the top ten largest medical device companies—Medline, GE HealthCare, Abbott, and Baxter—the Northeast region of Illinois draws from a combined $75 billion in revenue from these companies alone, helping drive the growth of the Medtech sector in the state.
Taking Quantum Leaps Forward
Building on its longstanding leadership in tech, Illinois is taking coordinated and effective steps to ensure the next generation of innovators has the support and resources it needs to thrive, such as top-tier infrastructure, talent, and like-minded ecosystems.
As the world grapples with generational issues, such as drug discovery, climate change, and national security, Illinois is prioritizing a revolutionary technology that has the potential to address these challenges and spark significant economic opportunity: quantum computing.
The state announced the Illinois Quantum and Microelectronics Park (IQMP) in Chicago, which will bring together quantum and microelectronics developers, researchers, suppliers, end-users, and other partners to accelerate the development and commercialization of these technologies. The campus has already attracted global tech leaders PsiQuantum and IBM, as well as the Defense Advanced Research Projects Agency (DARPA). As a hub of research and investment, the IQMP aims to cement Illinois as a global leader in quantum technologies, bringing jobs and investment with it.
The announcement of the first-of-its-kind park is made possible through Illinois’ robust and highly collaborative ecosystem comprised of private, academic, and civic partners, including national labs Argonne National Laboratory and Fermilab, and world-class academic institutions such as the University of Chicago and the University of Illinois.
Powering the World’s Data Boom
Supporting the world’s surging demand for data is another priority for Illinois, as data centers provide critical infrastructure for a variety of online services including artificial intelligence and cloud storage. With powerful workforce and infrastructure, and Chicago ranking as the fourth-largest colocation data center market in a 2024 JLL report, the state is well-positioned to continue leading in this industry.
Illinois’ data center incentive program is one reason the state has established itself as a global player. The program offers a variety of state and local tax exemptions for companies that invest at least $250 million in a data center, create 20 new full-time or full-time equivalent jobs, and are carbon neutral (or attain certification under one or more green building standards). Breaking ground on a $350 million, 446,000-square-foot data center project in Aurora in fall 2024, CyrusOne is one example of the many companies taking advantage of this program and developing in Illinois.
Illinois is also investing in its grid to support the energy demands of large data centers. ComEd, one of the nation’s largest power utilities, provides northern Illinois businesses access to a modern grid that meets all the needs of a robust data center, including carbon neutrality.
Data centers are vital to the future of technology, and Illinois has the infrastructure, support, and resources to continue powering the data boom.
The Future of Fuel
As a long-standing hub for transportation, distribution, and logistics (TDL) and a clean energy pioneer as the first state in the Midwest to commit to 100% renewable energy by 2050, Illinois is a natural fit to lead the burgeoning sustainable aviation fuel (SAF) industry.
An alternative fuel made from non-petroleum feedstocks, SAF is increasingly recognized as a critical component in reducing greenhouse gas emissions within the aviation industry. Illinois is the nation’s number one producer of soy and number two producer of corn by export value, offering a wealth of feedstocks needed for developing SAF.
In addition to feedstock abundance, the state’s ecosystem includes strong R&D, a skilled biofuels workforce, and a large customer base. Leveraging this ecosystem, and the nation’s first SAF tax incentive, which provides a $1.50/gallon tax credit for SAF sold to or used by an air carrier, Illinois is a premier destination for companies looking to accelerate the development and adoption of SAF.
One major investment exemplifying the state’s growing prominence in this sector is Avina Clean Hydrogen. Citing the nearby infrastructure and proximity to major airports, Avina selected southwest Illinois for its new $820 million SAF project. One thing is clear through investments like Avina’s, as well as other prominent investments from Illinois-based United, Marquis Energy, and LanzaJet: SAF is taking off in Illinois.
