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Intersect Illinois releases annual report: $402 million in new investment, project close rate doubles

New push leads to 137 percent investment growth, 112 percent increase in jobs south of I-80

Intersect Illinois, the state’s not-for-profit economic development organization focused on bringing jobs and investment to Illinois, has released its annual report for the 2022 fiscal year. The report highlights businesses that Intersect Illinois helped relocate or expand during the fiscal year, which accounted for $402 million in investment and 1,884 new jobs, an increase in jobs of nearly 10 percent over the previous year.

“As I reflect back on my first full year with Intersect Illinois, I’m pleased with the organization’s growth and accomplishments,” said Intersect Illinois CEO Dan Seals. “While there is still much work to be done, we are headed in the right direction and have a clear path to bring more jobs and investment throughout the state.”

Seals started at Intersect Illinois in September of 2021. At the same time, Intersect Illinois hired its first Vice President of Downstate Relations, Robert Stephan. Since then, Intersect Illinois has seen an increase in downstate projects, opportunities and board involvement. Intersect Illinois-assisted projects created 387 jobs and $154.6 million in capital investment downstate in FY22, a 112 percent increase in jobs and a 137 percent increase in investment over the yearly averages since Intersect Illinois’ inception in 2016.

The annual report highlights projects including 4Front, Danobat, Formic, GAF and Newcold, that Intersect Illinois assisted in locating or expanding in the state. Intersect Illinois’ project close rate improved from 8.4 percent in FY21 to 17.8 percent in FY22. Top industries represented include manufacturing, agribusiness, and transportation and logistics.

“Intersect Illinois has been a great partner for Formic Technologies as we have looked to grow and expand our presence in Illinois and the Midwest,” said Formic Technologies CFO Jack Wagler. “Formic has appreciated and valued the guidance, insights, feedback and thoughtful suggestions that the Intersect Illinois team has provided.”

More than 357 businesses located or expanded in Illinois in FY22

A deeper look at companies that located or expanded in Illinois is also included in the report, showing 357 expansions or relocations that brought 16,169 jobs and more than $7.1 billion in capital investment to the state. The report illustrates the year-over-year increase in the number of expansions and relocations, new jobs, capital investment and square footage occupied and provides insights into each of these.

The report also showcases the proactive business attraction work that Intersect Illinois has recently prioritized, including lead generation, digital marketing, familiarization (FAM) tour creation, the Be in Illinois marketing campaign and presence at the SelectUSA Investment Summit in Washington D.C. Additionally, the report highlights efforts to make the organization run more efficiently and effectively. 

Finally, in FY22 Intersect Illinois welcomed Comcast, Illinois REALTORS, Illinois Manufacturing Excellence Center, Nicor Gas and the University of Illinois System to its board of directors. This is in addition to existing representation from Ameren Illinois, ADM, Carle Health, ComEd, 8 Hospitality Group, Loop Capital, and OSF Healthcare. Intersect Illinois’ engaged board of directors helps the organization generate public good with private sector efficiency, contributing expertise and connections to companies considering Illinois.

(EDITOR’S NOTE: This story also appears in the December 2022 print edition of the Illinois Business Journal.)

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