In yet one more blow to Illinois’s crumbling financial panorama, Morton Salt, the enduring firm behind the blue and yellow umbrella lady and was based in Chicago, has introduced its determination to relocate its headquarters to Overland Park, Kansas.
The transfer comes as no shock to these intently monitoring Illinois’s more and more hostile enterprise local weather, which has pushed a number of main firms to flee the state in recent times.
In 2021, the Chicago Tribune reported, “Morton Salt, the 173-year-old Chicago firm not too long ago bought by a California funding agency, laid off 120 workers at its downtown headquarters… slashing its workplace employees by 40%.”
“We will verify that Morton Salt made the tough determination to scale back its company workforce by roughly 120 workers in our Chicago workplaces,” Morton Salt stated in an announcement.
“This was not a choice we took flippantly, however after a complete analysis of our firm’s long-term monetary outlook and our capability to develop into extra aggressive within the salt business, this discount was essential to assist meet our enterprise objectives.”
Morton Salt now joins the likes of Citadel, TTX, Boeing, Caterpillar, and Tyson Meals—all of which have packed up and left Illinois, citing a poisonous mixture of excessive taxes, overregulation, and escalating crime charges in Chicago, in keeping with Illinois Coverage.
The information outlet reported that regardless of Illinois’s marginal enchancment in CNBC’s rankings for enterprise friendliness—transferring from thirty sixth to thirty third within the nation—firms proceed to flee in droves.
The state’s woke insurance policies which have reworked Illinois from a Midwestern powerhouse right into a enterprise wasteland.
Extra from Illinois Coverage:
The Tax Basis’s State Enterprise Tax Local weather rankings of Illinois and neighboring states in 2018 in comparison with 2024 exhibits Illinois has develop into more and more extra hostile in direction of companies in the course of the 6 years, dropping 8 spots.
Whereas some firms, reminiscent of McDonald’s and the Chicago Mercantile Alternate, have hinted at the potential for leaving, others together with Kellogg, and Kimberly-Clark have expanded their presence within the space. It’s the general pattern that’s troubling, with downtown Chicago’s workplace emptiness fee reaching a document excessive of 25.1% in March.
State and metropolis leaders have been gradual to deal with the problems driving companies out of Illinois. The state’s company tax fee is No. 2 within the nation. It’s state and native tax burden is the nation’s highest.
Excessive taxes are why most Illinoisans have moved out previously decade, dropping the inhabitants by 548,916.
As Morton Salt and others depart, Illinois leaders must fastidiously look at why. Failing to deal with the departures of individuals and companies severely will price the state’s financial system dearly and make life more durable on those that stay.
