Gov. Rauner signed an executive order Feb. 3 directing the Illinois Department of Commerce to work with the newly-formed Illinois Business and Economic Development Corporation (ILBEDC) to attract businesses and investment, and encourage job growth and economic development throughout Illinois.
“This Executive Order formally establishes collaborative efforts between the Department of Commerce and the Illinois Business and Economic Development Corporation to jump-start economic development in our state,” Rauner said. “ILBEDC will make us more competitive to put Illinois back in the game after years of sitting on the sidelines, idly watching neighboring states and others lure businesses and jobs away from Illinois. This collaboration will field a highly competitive, proactive organization focused strictly on business development and job creation.”
The Department of Commerce will collaborate with ILBEDC to more efficiently pursue economic development through the use of private sector resources and expertise. Private economic development organizations are used in 16 other states including Indiana, Ohio and Florida.
“We’ve lost tens of thousands of jobs and residents to other states in recent years,” Commerce Department Director Jim Schultz said. “The corporation will employ economic development best practices to help reverse these trends and bring businesses back to Illinois, while working with the Department of Commerce to maintain high standards of transparency and accountability.”
Illinois Chamber of Commerce Board Chairman Matt Gambs applauded the Governor’s action. “The best way to improve Illinois for everyone is to improve the state’s economy,” Gambs said. “Creating this new economic development corporation will be a great benefit for Illinois’ business community, because investment in our economy means jobs and that’s good for everyone.”
More information about ILBEDC is available at their website.