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You might not be familiar with Lake County, Illinois, but you've definitely heard a lot about our businesses. We're the location of choice for the international headquarters of big-name companies like Abbott, AbbVie, Baxter, Amgen and Walgreens. We are also the home of offices for Bristol Myers Squibb, Pfizer, Takeda, Amgen, Fresenius Kabi and many others. In fact, 51% of Illinois' life science jobs are located in Lake County - making it THE Midwestern life science powerhouse.
Chicago | Boston | Bay Area | San Diego | New Jersey | |
Business Operating Cost Index | 98.3 | 101.2 | 104.5 | 99.9 | 101.8 |
Effective Tax Rates |
20.4% | 21.1% | 19.9% | 19.9% | 24.6% |
Electricity Prices (cent/kWh) |
12.56 | 21.11 | 19.90 | 19.90 | 19.30 |
Chicago | Boston | Bay Area | San Diego | NJ | |
Cost of Living | +23% | +64% | +18% | +3% | |
Median Home Price (3 BR, 2BA) | $518,821 | $714,900 | $1,263,813 | $798,964 | $560,621 |
Thanks to a highly-integrated educational system that anticipates business needs, students study at nationally-ranked high schools, earn pre-med credentials at the College of Lake County and Lake Forest College and go on to receive doctoral degrees in an array of disciplines including neuroscience, molecular biology, pharmacy, medicine and more.
Illinois is one of the top states in the U.S. for science and engineering-focused degrees. Chicagoland is also the #1 destination for BIG TEN graduates, with thousands entering the market each year with life science-related degrees.
The area is a national leader in biotech research and development, with some of the best minds at Northwestern University, the University of Chicago, the University of Illinois and others.
This 97-acre campus at the Rosalind Franklin University of Medicine and Science includes:
Lake County is at the heart of the intersection between life science and advanced manufacturing. The College of Lake County has invested in its crown jewel of education, the incredible Advanced Technology Center (ATC) in Gurnee, to develop talent to support businesses in these industries. At this cutting-edge facility, students pursue career pathways focused on industrial technology, fabrication and other disciplines.
The college has also revitalized its efforts to attract, train and place diverse healthcare professionals using $1.5 million to provide programming and student support through its PATH program. This grant provides financial support and wrap-around services to a diverse group of students studying high-demand healthcare professions including nursing, medical imaging and pharmacy tech. To date, 2,000+ students have received direct support from PATH.
Lake County is home to flexible and rapidly growing developments including Bridge Point North in Waukegan, the Antioch Business Park, and Cornerstone in Grayslake - where Medline invested $125 million into a 1.4 million sq. ft. LEED-certified distribution facility to handle thousands of individual products and devices shipped to healthcare providers across the continuum of care, such as hospitals, nursing homes, ambulatory surgery centers, hospices and physicians’ offices. Since cutting the ribbon, Medline has hired 700+ new employees, who handle more than $1 billion in annual orders.
This cutting-edge campus has celebrated a huge string of wins as high-profile life science and technology leaders—including Novartis Gene Therapy, Medline, Valent Biosciences, EVBox and Intermatic—have chosen to locate and grow here.
Chicago has been named the location for Chan Zuckerberg's second U.S. biohub, putting it on par with San Francisco. The deal represents a $150 million investment over the next 10 years, with a focus on engineering technologies to measure biological processes within human tissues. The partnership was cemented by 3 global universities.
Chicagoland's robust life sciences sector has landed it on the top 10 locations in the country for biopharma activity according to Genetic Engineering & Biotechnology News. The metro region's strength lies in its funding for life sciences, patents awarded, dedicated lab space and number of industry jobs.
Illinois’ life sciences industry has enjoyed considerable growth, from legacy companies such as Abbott, AbbVie, and Horizon, to startups spun out of the state’s research universities. Hundreds of thousands of square feet of new wet lab space is under development in the state, much of it in close proximity to Lake County, and the state has paved the way for new high-tech facilities by launching a $9 million capital program aimed at expanding access to space and encouraging industry breakthroughs.
As Lake County’s non-profit economic development corporation, we are equipped to help you tap into the many economic incentives available to businesses growing in Illinois.
The Enterprise Zone designation provides investment tax credits for new development or expansion, sales tax exemptions for building materials and other benefits based on job creation and capital investment.
The EDGE provides annual tax credits against Illinois income tax liabilities up to 50% of state income taxes withheld from salaries for newly-created full-time jobs for up to 10 years. A credit of 75% for new jobs and 25% for retained jobs is available for projects in underserved areas.
The R&D tax credit in Illinois is modeled after the federal R&D tax credit, including the federal definition of qualifying research. It offers a 6.5% tax credit on qualifying R&D expenditures, encouraging innovation and technological advancement.
The Employer Training Investment Program provides grants to fund up to 50% of employee training costs for new or expanding businesses, supporting skill enhancement in line with new technologies and practices. The program focuses on full-time Illinois residents and excludes part-time or contract employees.
This program provides state assistance for roadway improvements or new construction necessary for access to new or expanding industrial, manufacturing or distribution companies.
The Prime Sites Capital Grant program assists companies with large-scale capital investment projects that commit to significant job creation for Illinois residents.
Through this program, projects that invest $12 million and create 500 full-time jobs or invest $30 million and retain 1,500 full-time jobs may be eligible for tax credits to expedite their growth.
Since its inception, Rosalind Franklin University's Helix 51 incubator has welcomed a number of growing companies specializing in fields such as oncology, cardiovascular health, Gut microbiome, infection disease, fibrotic disease and fibromyalgia.
Using $2 million in matching funds from the Illinois Department of Commerce’s wetlab buildout program, RFU invested in the build out an additional 14,000 sq. ft. of wetlab space which is now move-in ready.
In recognizing the value of Lake County’s talent, vitamin and supplements manufacturer Carlson Labs acquired 350,000 sq. ft. for its expanded manufacturing operations at 100-120 Schelter Road in Lincolnshire, Illinois.
This highly-automated facility will retain 50 jobs in Lake County and add an additional 140 to the thriving workforce.
Medical device manufacturer Nemera, which produces auto-injectors and syringes in Buffalo Grove, Illinois is further expanding in Lake County with the purchase of 190,000 sq. ft. at 600 Darling Drive in Vernon Hills.
The facility has hired 100 new employees to support the production of Nemera’s proprietary ophthalmic products, producing the multidose eyedropper Novelia®.
We can make your decision to grow your biotech business in Lake County, Illinois an easy one. There are countless reasons that the area leads in life science, and we have broken down the top 10 to show why its huge concentration of industry leaders, enormous pool of talent and infrastructure of support can help you make the most of your company.
With over 25 years as Lake County’s non-profit economic development corporation, Lake County Partners drives business success by helping businesses leverage the area's talent and resources to grow. We specialize in site selection, workforce development, financing and incentives. Get in touch and we'll help you join our extensive network of industry leaders.