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CURRENT ILLINOIS BUSINESS ANALYSIS

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Economic Development Council Research Findings. Rick Surkamer, Co-Chair Illinois Chamber of Commerce Economic Development Council Dr. Jill Kickul Kellstadt Graduate School of Business DePaul University. CURRENT ILLINOIS BUSINESS ANALYSIS. Who are we?. Economic Development Council

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Economic Development

Council Research Findings

Rick Surkamer, Co-Chair

Illinois Chamber of Commerce

Economic Development Council

Dr. Jill Kickul

Kellstadt Graduate School of Business

DePaul University

CURRENT ILLINOIS BUSINESS ANALYSIS

who are we
Who are we?
  • Economic Development Council
  • Illinois Chamber of Commerce
  • Members
  • Purpose
illinois business analysis study goals
Illinois Business AnalysisStudy Goals
  • Identify state government incentives that encourage and support businesses
  • Explore and suggest new drivers of economic growth that allow organizations to find innovative ways to increase efficiency, lower costs, and improve technological processes
illinois business analysis
Illinois Business Analysis

Current business optimism

Forty-six percent of the Illinois businesses surveyed are less optimistic about the economy of the region served by their organization than they were 12 months ago.

study participants and methodology
Study Participants and Methodology
  • Over 160 Illinois businesses
  • Average annual revenues ($78.2 million)
  • Average # employees (300+ workers)
summary of key findings
Summary of Key Findings

Four key areas of interest and opportunities:

  • Improve education
  • Reduce state driven costs
  • Promote existing quality programs
  • Explore new drivers of growth
reduce state driven cost of doing business2
Reduce state driven cost of doing business
  • Lower cost via taxes
  • Lower cost via labor
  • Increase market opportunities
  • Increase qualified labor pool
  • Strengthen infrastructure
  • Improve quality of life
market and promote existing state programs
Market and promote existing state programs

Top utilized state programs

  • Industrial Training Program
  • Enterprise Zone
  • Illinois Skills Match (ISM)
  • Tax Increment Financing (TIF)
  • Economic Development for a Growing Economy (EDGE)
market and promote existing state programs1
Market and promote existing state programs

Capital/Resource

Investments

Technology Barriers

Cost

Minimization

Risk Reduction

Informational and

Knowledge Sharing

Resources in Partnering to

Facilitate Implementation

Future

Investment In

Technological

Innovations

explore drivers for growth
Explore drivers for growth

The state of Illinois is diverse with…

  • Varying industries
  • Economic trends
  • Region-specific needs and interests
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