Illinois lost 218 businesses to other states in 2023, part of an acceleration to triple the rate of what losses were before the pandemic. When adjusted for population, Illinois ranked No. 2 for the most business losses.
By Bryce Hill | Illinois Policy Institute
The Illinois exodus isn’t limited to people: businesses are moving out of the state, and the rate is accelerating dramatically.
Illinois lost 2,616 businesses to other states from 1994-2023, data from the Bureau of Labor Statistics shows. For most of that time, the average loss was 65 businesses per year. The rate started accelerating significantly in about 2017 and has tripled since the pandemic.
Losing businesses to other states is nothing new in Illinois. Since the Bureau of Labor Statistics began tracking this data in 1994, Illinois has lost businesses to other states every single year.
The acceleration is what is new and troubling. Losses peaked at 260 in 2022 and were 218 in 2023, the most recent year of data. In terms of raw numbers, that was third in the nation, behind California losing 533 businesses and New York losing 278. But per capita, Illinois ranked No. 2.
Florida led the nation in attracting businesses from other states: 503 just in 2023. No other state attracted more than 160 migrating businesses.
The 2,616 businesses lost to other states from 1994-2023 put Illinois in third place for most losses. Again, when adjusted for the population, Illinois ranked No. 2 behind New York for losses during the 30-year period.
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