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Current Illinois Business Analysis: Insights and Opportunities for Economic Growth

The Economic Development Council, co-chaired by Rick Surkamer and Dr. Jill Kickul, undertook a comprehensive study to analyze Illinois businesses' dynamics. With 46% of surveyed businesses expressing decreased optimism in the regional economy, the study identifies key opportunities for improvement. These include enhancing education, reducing state-driven costs, promoting existing quality programs, and exploring innovative growth drivers. With insights from over 160 businesses, this analysis aims to foster economic growth and improve operational efficiency across various industries in Illinois.

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Current Illinois Business Analysis: Insights and Opportunities for Economic Growth

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  1. 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

  2. Who are we? • Economic Development Council • Illinois Chamber of Commerce • Members • Purpose

  3. 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

  4. 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.

  5. Study Participants and Methodology • Over 160 Illinois businesses • Average annual revenues ($78.2 million) • Average # employees (300+ workers)

  6. 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

  7. Educate the child, employees and business owners

  8. Educate the child, employees and business owners

  9. Reduce state driven cost of doing business

  10. Reduce state driven cost of doing business

  11. 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

  12. Reduce state driven cost of doing business

  13. 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)

  14. 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

  15. Explore drivers for growth The state of Illinois is diverse with… • Varying industries • Economic trends • Region-specific needs and interests

  16. Explore drivers for growth

  17. Implementation Strategies

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