A Fortune Turnaround and Domino Effect of Illinois and Chicago

I have been living in Illinois and Chicago for the past three plus years. While I thought, I operate in an island of isolation amid a sea of foreigners, it should not be perceived as such. I feel in every way possible that all my churning, hard work and efforts should positively influence my surroundings, city and state. Otherwise, there is no meaning to this tenure. In the same way, when something unique is happening in the open, people should not let it go unnoticed and feel indifferent. In other words, the inertia should be felt, energy should be absorbed, and catalytic chain reaction should be actively received. Look at this mind boggling stat – more than 41 million visitors came to visit Illinois state parks in 2025, the highest number in nearly 15 years. When there is so much interest from people all over the land to come and bless the place, it should turn into meaningful outcome and not reduced to neglect or oversight or indifference. As millions visited, billions watch over and trillions have very good wishes to shower blessings from the regions near and far. Succinctly, this should be an 1893 moment of modern day for the state of Illinois and the city in redefining its stature and rise for the next century and beyond. 

In 1893, the World's Columbian Exposition in Chicago showcased American innovation, architecture, and cultural ambition. It transformed the city into a global hub, introduced a great exposition, and inspired the City Beautiful movement. The fair symbolized Illinois’ industrial rise and civic pride, reshaping its identity and future ever since. Everyone should feel from the heart of their hearts that the present moment should bring back the milestone all over again. In fact, everyone should push for the milestone to converge again bringing together all the forces to make an indelible imprint. This will be a fitting tribute to the lifetime of work from many underway in this region. This will not be possible if everyone treat everyone else as an operator in island of isolation. Unless there is greater unity, greater ownership, great sense of attachment and greater feeling of ‘we, our and us’ the moment shall pass without much happening to seize the opportunity. I am an outsider living in this state and I cannot be treated as foreign as a convenient reason to overlook everything else. When I live in Illinois, the land of Lincoln for more than 3 years with near 6 years of attachment, there is every reason to own the land. Infact this becomes my second home state after my native state in India. You care and wish the best for foreign land like your own. Like Hyderabad and Telangana creating a ripple effect all over India, Chicago and Illinois should create a domino effect all over America. This is certainly underway as the region has become the focal point of action and the reverberations to be felt all over U.S. We certainly should reinvent the 1893 moment for this place for many reasons known, heard and felt. 

Even if we leave the grand plans aside, there is significant turnaround in the fortunes of the state in the last few years. This should be considered to gauge the reality on the ground. In the rest of the post let us look at the fortune revival which has truly and really happened on ground. Three years ago, Illinois was synonymous with fiscal dysfunction. The state that once teetered on the brink of junk bond status, struggled with massive budget deficits, and watched helplessly as businesses and residents fled to neighboring states has undergone one of the most remarkable financial turnarounds in modern American history. Through strategic leadership, disciplined fiscal management, and bold economic development initiatives, Illinois and Chicago have not merely recovered—they have emerged as models of government effectiveness and economic vitality. 

Perhaps no metric better illustrates Illinois's dramatic turnaround than the unprecedented series of credit rating upgrades the state has received. Illinois' significant improvement to its fiscal outlook has been noticed by the state's credit rating agencies, which have upgraded Illinois' General Obligation Bond credit ratings a total of six times during the past year. This represents a complete reversal from the previous trajectory. The state credit rating has been upgraded for the first time in 20 years, marking an end to decades of fiscal decline. The upgrades have come from all major rating agencies. The action also represents the eighth upgrade in less than two years under Governor Pritzker following eight downgrades under the previous administration. The most dramatic evidence of Illinois's turnaround lies in the state's budget performance. GOMB is now projecting a nearly $1.7 billion net surplus in the general funds budget for fiscal year 2023, wiping out a forecasted fiscal year 2023 shortfall of nearly $3 billion as estimated in 2019. 

This represents a swing of nearly $4.7 billion from projected deficit to actual surplus—a transformation that seemed impossible just a few years ago when Illinois was struggling with chronic budget shortfalls and delayed payments to vendors and service providers. The state has also made remarkable progress in reducing its accounts payable backlog, a chronic problem that had plagued Illinois for decades. Illinois reduced its accounts payable balance by approximately $1 billion over the course of fiscal 2023 to less than $500 million, a level the state has not seen in more than two decades and continuing a pattern of using unappropriated surpluses to pay down bills. 

This revenue growth reflects not just economic recovery, but sustained economic expansion that provides the state with resources to invest in infrastructure, education, and economic development while maintaining fiscal discipline. 

The rating agencies have recognized these improvements, noting the State's increased reserves, the significant paydown of outstanding accounts payable, and increased sales tax collections as the reasons for the upgrades. 

Beyond fiscal management, Illinois has achieved remarkable success in attracting private investment and supporting business growth. As previously noted, company investments incentivized through EDGE & REV tripled to nearly $3 billion since 2022, representing unprecedented private sector confidence in Illinois's economic future. 

The state has also maintained consistent employment growth, with eighteen consecutive months of job growth demonstrating sustained economic momentum.  

Perhaps nowhere is the success of Illinois and Chicago's transformation more visible than in tourism statistics that have exceeded even the most optimistic projections. The 2023 tourism numbers for Illinois tell a story of remarkable recovery and growth. The overall economic impact reached $83 billion, representing a 6.4% increase from 2022 figures. This growth demonstrates not just recovery from pandemic lows, but expansion beyond pre-pandemic levels. The financial impact extends throughout the economy. Visitor spending generated $4.6 billion in state and local tax revenue, providing crucial funding for public services and infrastructure projects. The tourism industry directly supported 278,200 jobs across Illinois, providing employment opportunities in communities throughout the state. 

Chicago's tourism recovery has been nothing short of spectacular. The city welcomed over 36.92 million leisure visitors in 2023, with business travel accounting for an additional 13.21 million visitors. These numbers represent a dramatic turnaround from the pandemic-era lows and position Chicago among America's top destination cities. 

One of the most encouraging aspects of Chicago's tourism recovery has been the return of international visitors. Overseas visitors surged from 963,000 in 2022 to 1,347,000 in 2023, marking a 40% increase. India has emerged as a particularly strong growth market, with visitor numbers increasing 55% from 2019 to 2023. The multiplier effect extends throughout the economy. Tourism dollars support not just hotels and attractions, but restaurants, retail establishments, transportation services, and countless other businesses that benefit from visitor spending. 

Illinois has leveraged its improved fiscal position to make significant infrastructure investments. Ten major projects in Chicago representing a total investment of $396 million are planned or underway, fueled by Gov. JB Pritzker's historic, bipartisan Rebuild Illinois capital program. The flagship project remains the O'Hare expansion, with Mayor unveiling the design of Satellite Concourse 1, the first major component of the once-in-a-generation expansion and modernization project known as the O'Hare 21 Terminal Area Plan. This $1-billion project represents a long-term investment in Chicago's role as a global transportation hub. 

The Illinois turnaround represents more than regional success—it provides a model for how state governments can address fiscal challenges while promoting economic growth. The data tells the story of a remarkable transformation: from a state facing potential junk bond status to one earning regular credit upgrades, from chronic budget deficits to budget surpluses, from declining business confidence to record-breaking private investment, and from struggling tourism to industry-leading visitor growth. As we can see, the key elements of success include fiscal discipline, credit worthiness, revenue growth, business confidence, tourism success and infrastructure investment. As Illinois and Chicago build on these achievements, the foundation established over the past three years provides the stability and resources needed for continued success. The great turnaround is not just about recovery—it represents the emergence of Illinois as a model for effective governance and sustainable economic development in the 21st century. 

The fortune turnaround of Illinois and Chicago represents far more than regional economic success—it exemplifies how strategic investments and effective governance can create positive spillover effects that benefit the entire nation. With Illinois's $1.132 trillion gross state product placing it fifth in the nation and corporate, logistics, and innovation capabilities that influence economic activity nationwide, the state and city have established themselves as indispensable engines of American prosperity. The domino effect is already visible: improved logistics efficiency reducing costs for businesses nationwide, corporate headquarters decisions creating employment opportunities in multiple states, innovation developments enhancing competitiveness across diverse industries, and infrastructure investments improving service quality for travelers and shippers throughout America. 

As Illinois and Chicago continue building on the remarkable progress of the past three years, their role as catalysts for national economic growth will only strengthen. The investments being made today in infrastructure, innovation, and business development create capabilities that will generate benefits for the American economy for generations to come. In the interconnected landscape of modern commerce, the success of Illinois truly represents success for the entire United States. 

The numbers don't lie: Illinois and Chicago have not merely survived their challenges—they have emerged stronger, more competitive, and better positioned for future growth than they have been in decades. Just as Abraham Lincoln guided the nation through its greatest moral and constitutional crisis, the land of Lincoln today possesses the leadership qualities, invigoration, innovation capacity, and democratic values needed to navigate America's path forward. We can all certainly agree that the land of Lincoln is seeing presidential action of Lincoln proportions, which are promises kept and promises delivered and can be felt throughout. The best time to create an everlasting milestone for the place has arrived. If fortune revival is job well done, creating a domino effect is icing on the cake which is truly in progress. Afterall when you care for the land, the land cares for you and everything else merely fall in place.