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Earlier this week, Gov. J.B. Pritzker appeared in Joliet
alongside public and private officials to announce that Hyundai
Translead, which manufactures transportation equipment as a
subsidiary of the Hyundai Motor Co., would increase its
previously pledged investment in Will County.
“Last March, of course, we announced that Hyundai Translead, the
leading trailer manufacturer in North America, was making a $470
million investment here and creating 2,475 jobs,” Pritzker said.
“That investment has gone up to $600 million and 3,750 new
jobs.”
Major investments like the Hyundai manufacturing’s don’t happen
without a deal being reached however.
Illinois’ Department of Commerce and Economic Opportunity has
been guided under Pritzker, with state funding, to work to
attract corporations to come to and expand in the state.
The current state budget has $165 million set aside for
infrastructure improvements, competing with other states for new
capital projects and to financially assist those projects coming
to Illinois sites.
Additionally, Hyundai Translead is part of the state’s EDGE tax
credit program, which offers tax benefits in the form of a 50%
of each employee salary as a tax credit or withholding.
The program’s tax incentives means a portion of the tax revenue
brought in by the state from a major project could be halved for
up to 15 years, depending on a company’s investment.
One part of the program less discussed is the requirement that a
project would’ve not happened in Illinois if not for the tax
credit.
Pritzker’s office touted that the EDGE program has led to the
creation of about 6,000 jobs this year.
Another part of the Joliet manufacturing announcement was
another state investment in the industry in the form of a new
manufacturing training academy being added to the nearby Joliet
Junior College.
The program is funded through the DCEO’s $20 million budget
appropriation for grants to be given to local community colleges
to develop workforce training partnerships with private
companies.
Pritzker spoke to the impact and goal of the program.
“The state of Illinois has been intentional about our commitment
to this work. We're laying the foundation for sustainable growth
by making historic investments in education, in infrastructure,
and our workforce development,” Pritzker said. “That partnership
is going to strengthen the regional talent pipeline by providing
training opportunities for those who are looking to enter
advanced manufacturing.”
Pritzker also said the Hyundai investment was the largest single
job creation in the state’s recent history, which he said is
because of his administration’s efforts to attract capital.
“We're doing our best to make sure that we're competitive with
states like Texas and South Carolina, Michigan, and others that
have a good economic development program. Illinois didn't have
one when I got into office, we really had fallen behind,”
Pritzker said.
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