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 "Illinois is at a critical crossroad," Illinois Department of
Commerce Director Jim Schultz said. "We have among the best assets
in the world, including unparalleled access to global markets with
our five international airports, seven Class I railroads, the third
largest interstate highway system in the country, the third largest
intermodal port in the world, and more. We have over 200 higher
education institutions around the state, a growing innovation
ecosystem, a diverse and dynamic workforce, along with an abundance
of natural resources.
"There is no reason Illinois should not have a thriving economy. Yet
we continue to lag behind other states and national averages, and we
are losing a steady stream of businesses, jobs and residents to
other states. Last year, Illinois lost an average 250 jobs a month
and ended 2015 with 3,000 fewer jobs, in stark contrast with overall
national growth. Middle class families are hurting as traditional
footholds like manufacturing are decimated, losing 14,000 jobs in
2015 alone. The result is families fleeing the state in droves; in
2015 more than 100,000 residents left Illinois.
"We must take decisive, focused action if we are going to reverse
our state's economic decline and put Illinois back on the path to
growth and prosperity," Schultz said. "The rigid structure and
suffocating bureaucracy of the Department of Commerce hinder our
ability to attract businesses to Illinois and to drive economic
development. A mere 14 percent of Department of Commerce staff is
dedicated to economic development activities, limiting the
resources to attract and to retain business, which is a disservice
to Illinois businesses and taxpayers."
Meanwhile, neighboring states have benefited from flexible, focused
private economic development organizations, easily overtaking
Illinois in business attraction and job creation.
"We must take a new approach to growth in Illinois; the status quo
is no longer acceptable," Schultz said.
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The Illinois Business and Economic Development Corporation (ILBEDC), modeled
from best practices of other successful state and local economic development
organizations, will focus on sales, marketing and exceptional customer service.
It will work at the speed of business and maintain lean, efficient operations.
The corporation will be governed by a diverse board of experienced economic
development and business leaders dedicated to returning Illinois to prosperity.
Final composition of the board is still under development.
The corporation will maintain strict standards of transparency and
accountability, based on industry best practices, including a robust conflict of
interest policy, public disclosure of donors, and application of other
transparency laws. The ILBEDC will not replace the Illinois Department of
Commerce, which will maintain key functions, including federal program
administration and final authority and oversight of all state grants and
incentives negotiated by the ILBEDC.
The ILBEDC, for which Articles of Incorporation were filed this morning with the
Illinois Secretary of State, is a private organization seeking 501(c)(3) status.
The Governor will sign an Executive Order in the coming days to formally
establish its relationship with the Illinois Department of Commerce. The
formation of the ILBEDC and its operations at least through FY16 will be funded
entirely with private donations. The Department of Commerce will maintain all
its existing duties, including working with companies on expansion and
relocation efforts, until the ILBEDC is operational.
For additional information on the ILBEDC, please visit www.ilbedc.org
[Illinois Department of Commerce and
Economic Opportunity]
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