Florida Takes Its Business Fight to Chicago Billboards

Florida’s campaign to attract companies from traditional northern economic hubs has reached Chicago, where the Florida Chamber of Commerce is challenging Illinois Governor JB Pritzker over his state’s fiscal and regulatory policies.

Billboards along Chicago’s high-traffic Stevenson Expressway, Interstate 55, show Pritzker shrugging. The advertisements sarcastically name the Democratic governor the runner-up for Florida’s “Economic Developer of the Year” and thank him for inadvertently driving businesses and tax revenue to the Sunshine State. The campaign is scheduled to run for one week.

Florida’s constitution bans a state personal income tax, while Illinois levies a flat individual income tax of 4.95%. Illinois also has some of the highest property tax rates in the nation. Florida operates with a balanced budget mandate and relatively low public debt; Illinois faces structural fiscal challenges that include more than $140 billion in unfunded state pension liabilities.

According to annual migration data from the Internal Revenue Service (IRS), billions of dollars in taxable income have moved from Illinois to Florida in recent years. The Florida Chamber estimates that more than $2 billion in taxable income has migrated between the two states.

The Chicago effort follows a Florida Chamber campaign in New York City’s Times Square aimed at progressive New York State Assemblyman Zohran Mamdani. Local business advocates said that campaign generated more than $100 million in earned-media value. It highlighted the contrast between Florida’s business-friendly policies and the tax-heavy proposals supported by northern progressives.

U.S. Census Bureau data records consistent population declines in Illinois, which has lost tens of thousands of residents annually. Florida, meanwhile, added nearly 1.9 million residents over a multi-year period and reached a population of more than 22 million.

Those differences have accompanied several prominent corporate departures from the Chicago area. In June 2022, billionaire Ken Griffin announced that he was moving the global headquarters of his hedge fund, Citadel, and market-making firm, Citadel Securities, from Chicago to Miami. Griffin had been one of Illinois’s most prominent philanthropists and political donors, and he cited rising crime rates, street safety, and the local political climate as key reasons for leaving.

The Florida Chamber is also pursuing mid-sized enterprises and startups, with recruitment efforts focused on advanced manufacturing, aviation, and technology. Florida officials appointed a Chief Manufacturing Officer to streamline regulatory hurdles and have highlighted the state’s position as a leading state for new business startups.

Florida’s growth has brought housing and insurance problems. The influx of new residents has driven home prices and rents well beyond historical averages, creating a severe housing affordability crisis. The state also faces a severe property insurance crisis, with skyrocketing premiums and major carriers leaving the market because of litigation costs and hurricane risks.

Florida Chamber of Commerce President and CEO Mark Wilson said the greatest threat to the state’s continued economic expansion is failing to manage growth effectively. He warned that Florida must avoid the policy pitfalls and affordability issues that have previously affected long-term growth in California, New York, and Illinois.

The Florida Chamber said its “Free Enterprise” campaign is prepared to expand geographically. It plans to target additional high-tax states as part of a broader effort to advocate for deregulation and lower tax burdens across the country.