One of the state’s biggest employers is relocating their headquarters to Irving, Texas. A decade ago Caterpillar’s CEO warned state leaders of business losses unless they balanced the budget, controlled workers’ comp costs and cut taxes. He was ignored.
In February 2012, Caterpillar’s then-CEO Doug Oberhelman outlined needed reforms to save Illinois manufacturing jobs. State lawmakers have failed to act, and the Land of Lincoln is the only state in the region to lose manufacturing jobs since.
The Land of Lincoln’s unfriendly climate for manufacturers has weakened Illinois cities, discouraged investment and made the state uncompetitive in the region.
Manufacturers are struggling with unfavorable global conditions, and Illinois’ anti-growth policies are only hurting the state’s industrial sector more.
Caterpillar’s plans to bring new jobs to Arizona demonstrate how Illinois politicians’ planned tax hikes and failure to make needed regulatory reforms harm the state’s manufacturing sector.