Illinois has emerged as an ideal environment for business creation, as seen by its 4.7 percent annual growth in startups, the second highest in the nation. This is attributed, in part, to the state’s system of world-class universities producing a highly-educated and entrepreneurial workforce. Incubators, such as Rev3 and 1871, are another key factor in the state’s success. For example, by partnering with local universities, private businesses, governments, and economic development agencies; 1871, alone, has created over 800 jobs. Businesses in office-using industries are leading this growth and that has created a new source of demand for the office market where metro-level vacancy has declined 300 basis points in the past two years.

1. Chicago
Chart of the week: July 13, 2015
Source: JLL Research, Bureau of Labor Statistics, Crain’s, Illinois Incubators, Pixabay
Illinois is fertile ground for business creation
• Illinois has emerged as an ideal environment for business creation, as seen by its 4.7 percent annual
growth in startups, the second highest in the nation. This is attributed, in part, to the state’s system of
world-class universities producing a highly-educated and entrepreneurial workforce.
• Incubators, such as Rev3 and 1871, are another key factor in the state’s success. For example, by
partnering with local universities, private businesses, governments, and economic development
agencies; 1871, alone, has created over 800 jobs. Businesses in office-using industries are leading
this growth and that has created a new source of demand for the office market where metro-level
vacancy has declined 300 basis points in the past two years.
2011
Total:
388,125
Net: 6,720
2012
Total:
395,645
Net: 7,520
2013
Total:
402,909
Net: 7,264
2014
Total:
421,908
Net: 18,999
Number of establishments at year-end in Illinois
20152010
Top five 12-month growth
Professional and business services 5,162 6.3%
Other services 3,703 8.8%
Trade, transportation, and utilities 3,439 4.0%
Leisure and hospitality 1,629 4.8%
Construction 1,463 3.7%