Dupage Policy Journal

State Rep. Amy Grant (R-Wheaton) said the business environment in Illinois needs to change after several high-profile companies moved their headquarters out of the state.

"I think it says how bad the environment is here and screams for change in order for us to keep these kinds of businesses here," she told DuPage Policy Journal. "Dems need to change their thinking; right now, they're more concerned about social issues over everything else. You have to think you can't sustain any of that if you don't have businesses in your state, social programs, or anything else."

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." 

Grant spoke about the factors driving businesses out of Illinois.

"We have to place a priority on our business[es] and start valuing them for what they add to our state," she said.

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-Flora) 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."

Grant suggested additional steps that state lawmakers can take to attract and retain businesses in Illinois.

"I think we can start by lowering our taxes, and that has to be done," she said. "When I talk to friends outside of the state about taxes, it makes me sick. Why would they want to come here or bring their employees here when taxes are out of control like they are? The economic environment has to change. Right now, it makes no sense that we're one of the largest agricultural states in the country, but a company like Caterpillar wants to leave."

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. 

"We're too corrupt," Ted Dabrowski, president of Wirepoints, 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."