State Rep. Chris Miller (R-Oakland) | https://repcmiller.com/
State Rep. Chris Miller (R-Oakland) | https://repcmiller.com/
State Rep. Chris Miller (R-Oakland) has expressed concerns about the declining number of Fortune 500 company headquarters in Illinois. Miller attributes this trend to the state's burdensome taxes and regulations, which he believes are driving businesses away.
Illinois currently ranks fourth in the United States with 35 Fortune 500 headquarters, but notable companies have been departing from the state.
"Illinois is home to 35 Fortune 500 Companies' headquarters. Unfortunately, that number is shrinking as our state's burdensome taxes and regulations drive businesses away," Miller said on Facebook.
Illinois has been grappling with the out-migration of businesses, with several notable companies relocating to other states in recent years. Some of these companies include Citadel, Boeing, and Caterpillar. The Illinois House Republican Caucus Blog highlighted the issue, stating that many other states offer lower property taxes than Illinois, and some, like Texas, have no state income tax. These factors have contributed to the decision of companies to move their headquarters elsewhere.
Walgreens, which ranks 19th in the nation as of 2020, is currently the leading Fortune 500 company in Illinois. The collective contribution of the top 500 companies significantly impacts the nation's gross domestic product.
In 2021, Illinois experienced the third-worst loss of businesses in the United States, with a net loss of 208 single-establishment firms due to out-migration. The state ranked behind only New York and California in this regard. On the other hand, Florida emerged as the biggest winner, gaining nearly 400 businesses. This trend reflects the South's outperformance in attracting businesses, driven by cross-state migration in professional and technical service sectors.
Miller is the chairman of the Illinois Freedom Caucus. The group is comprised of State Representatives Adam Niemerg (R-Dieterich), Jed Davis (R-Newark), David Freiss (R-Red Bud), Brad Halbrook (R-Shelbyville), Blaine Wilhour (R-Beecher City) and Dan Caulkins (R-Decatur).
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