Caterpillar Says It Will Not Build New North American Plant in Illinois
The Fruits of Liberal Policy–
(Illinois Policy Institute)
A stunning new report by the Illinois Policy Institute revealed how Illinois lost one resident every 10 minutes during the past fifteen years. As Illinois lost residents to migration the state also lost out on a net of $26 billion in taxable income to out-migration from 1995 to 2010.
Caterpillar Inc. announced that it would not be building its new North American plant in Illinois.
Caterpillar Inc. will not be building its new North American plant anywhere in the state of Illinois, officials with the company told local leaders Tuesday, with part of the reason being continued concerns about the business climate in the state.
The company will instead focus on a location closer to its division headquarters in Cary, N.C., Peoria County officials were told in an email sent to them shortly after the close of business and later obtained by the Journal Star. The plant stood to bring with it from Japan roughly 1,000 jobs manufacturing track-type tractors and mini hydraulic excavators.
Peoria County had submitted a regional proposal for the facility at the end of last year, and the Galesburg area also had a proposal on the table for the manufacturer. Peoria’s proposal reportedly included economic incentives as well as a promise of a legislative effort to establish a tax increment financing district to benefit the company.
At its core, Caterpillar’s decision reflects some concerns its officials had previously expressed about the economic condition of the Land of Lincoln.
“Please understand that even if your community had the right logistics for this project, Caterpillar’s previously documented concerns about the business climate and overall fiscal health of the state of Illinois still would have made it unpractical for us to select your community for this project,” the letter reads in part. “Caterpillar intends to continue calling for long-term changes in Illinois and to offer help to the state as it works toward real and fundamental reforms that will position communities like yours to compete for future projects.”
Peoria County Administrator Lori Curtis Luther, County Board Chairman Tom O’Neill and Galesburg Mayor Sal Garza could not be reached for comment Tuesday evening.