Dupage Policy Journal

State Rep. Deanne Mazzochi (R-Elmhurst) said Gov. J.B. Pritzker's (D-Ill.) administration's habit of playing favors has backfired and led to companies leaving Illinois.

"It's reflective of how Pritzker's willingness to play favors and picks winners and losers has damaged this state," Mazzochi told DuPage Policy Journal. "He has been clear in expressing that he is a big fan of Build Back Better and the Green Energy Deal, and that makes it more difficult for businesses to function. Some get tax breaks and favorable treatment and others don't get anything. The one thing that continues to hold Illinois back is lack of quality in the governing class. I think he has really been glib about what that means and about how so much tax revenue has walked out the door."

Billionaire Ken Griffin was the wealthiest resident of Illinois. He is among the top 50 wealthiest people in the world, according to the Bloomberg Billionaires Index, as reported by MarketWatch. He has an estimated worth of $28.9 billion. 

Griffin recently moved to Miami, Florida, and relocated his hedge-fund firm, Citadel, and market-making firm, Citadel Securities, to the city. His announcement was the third in the last two months from major companies that are pulling their headquarters out of Illinois. Citadel officials said crime was a factor in Griffin's decision.

"Chicago will continue to be important to the future of Citadel, as many of our colleagues have deep ties to Illinois," Griffin wrote in a letter to his employees. "Over the past year, however, many of our Chicago teams have asked to relocate to Miami, New York, and our other offices around the world." 

Mazzochi spoke about the factors driving businesses out of Illinois.

"It varies, but one of the things that once made Illinois such high-quality was our education system and our cheap energy," she said. "Pritzker has gone out of his way to politicize the education system, and he's turned energy here into a mess everywhere in the state. He passed legislation mandating that energy plants here be forced to shut down within a certain period of the year – not a good idea with energy prices still climbing."

Caterpillar revealed in mid-June that it would move its global headquarters from Deerfield, Illinois, to Irving, Texas, according to a press release from the company. 

"We believe it's in the best strategic interest of the company to make this move, which supports Caterpillar's strategy for profitable growth as we help our customers build a better, more sustainable world," Chairman and CEO Jim Umpleby said. 

State Sen. Darren Bailey (R-Xenia) was asked about the main factors that are driving these big companies out of the state.

"It's the high workers' comp cost," he said. "Unfortunately, here in Illinois, those cost[s] are out of control, and with Dems refusing to pay off the unemployment insurance fund these will only get worse. You couple that with all the other issues, and as great of [a] state as Illinois is, there aren't a lot of reasons for businesses to stay or come here."

Boeing revealed in May that it would transfer its headquarters from Chicago to a suburb of Washington, D.C., according to NBC Chicago.

"We are excited to build on our foundation here in Northern Virginia," Dave Calhoun, Boeing president and CEO, said. "The region makes strategic sense for our global headquarters, given its proximity to our customers and stakeholders and its access to world-class engineering and technical talent." 

Chief Executive magazine conducted a survey of approximately 700 business owners from every state, The Center Square reported. The survey ranked Illinois 48th overall, meaning it is the third-worst state in the country for business. The two states that ranked worse than Illinois were New York and California. Texas, Florida, and Tennessee were ranked as the top three states for businesses. 

"I've filed legislation aimed at trying to make the state more attractive to businesses, but Democrats haven't taken any of them up," Mazzochi said when asked about what additional steps lawmakers can take to attract businesses. "Instead, they've taken a far more destructive route, and hopefully voters will remember that come election time."

Ted Dabrowski, president of Wirepoints, spoke about the issue as well.

"We're too corrupt," he said. "Our taxes are way too high. We have way too many regulations and we have massive debts, and that is plenty of reason enough for companies to not want to locate in Illinois, not to mention the state is shrinking in population so it's not a growth state to put your business in."