CHICAGO, Ill. (WTVO) — Illinois’ investments in quantum computing, clean energy, advanced manufacturing, and distribution programs are paying off, with nearly $12.5 billion in private investments coming into the state in 2024.
The announcement of growth in key areas was made by Gov. JB Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) on Tuesday.
“Time and time again, the State of Illinois reinforces its status as a global economic powerhouse – an ongoing result of our world-class workforce, strong incentives, and unabashed commitment to innovation,” Pritzker said in a statement. “2024 was a landmark year for economic development in Illinois, with infrastructure improvements, job growth, and private-sector investments in high-growth industries like quantum and clean energy. Our momentum continues in 2025 as we continue to demonstrate there is no better place to do to business than Illinois.”
Private investments, incentivized by programs such as Economic Development for a Growing Economy (EDGE), Reimagining Energy and Vehicles (REV), Manufacturing Illinois Chips for Real Opportunity Act (MICRO), the Data Center Tax Credit Program, and the High Impact Business (HIB) program, reached $12.5 billion in 2024, up from $6.3 billion in 2023.
According to officials, the clean energy economy alone grew from $2 billion to $4 billion, with jobs in that sector quadrupling from 3,000 to 12,800, with significant investments in electric vehicle technologies and renewable fuels.
The state also announced an agreement last year with PsiQuantum to develop the first useful, error-corrected quantum computer at the Illinois Quantum and Microelectronics Park, located along Lake Michigan in Chicago. The campus will also house a partnership with the Defense Advanced Research Projects Agency (DARPA) to explore quantum computing’s potential in Illinois.
The state has also partnered with IBM to build the National Quantum Algorithm Center to advance the exploration of quantum-centric supercomputing across agencies.
According to the Governor’s Office, Illinois ranked at the top in the U.S. for workforce development for the second year in a row, according to Site Selection Magazine, and was chosen by the federal government for two of 31 regional Tech Hubs (in Decatur and Champaign), to "develop quantum technology solutions for pressing issues."
Officials also touted a record $78.7 billion in export sales, with the U.S. Department of Commerce ranking Illinois the top exporting state in the Midwest and fifth in the nation.
The Governor’s Office credited the state’s geographic location and proximity to airports, railways, and shipping ports for helping increase exports by 32% since 2019.
The state also reached its highest-ever hotel tax revenue in 2024, with and increase to $321.5 million, up from $308 million in 2023.
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January 14, 2025 at 11:46AM
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