(The Center Square
) – Caterpillar, one of Illinois’ top employers, is moving its corporate headquarters from the Chicago suburbs to Irving, Texas, the company announced Tuesday.
The industrial equipment maker is the second major employer to announce a move from Illinois after Boeing
said last month it was relocating its headquarters from Chicago to Arlington, Va.
“We believe it’s in the best strategic interest of the company to make this move,” Caterpillar CEO Jim Umpleby said in a statement. “It supports Caterpillar’s strategy for profitable growth as we help our customers build a better, more sustainable world.”
Caterpillar has been based in Deerfield since 2017 when it moved from Peoria. Now, it’s heading to Texas, which has attracted a number of major business moves over the past several years, particularly from California.
Illinois and California are considered high-tax states with challenging regulatory environments for businesses. Texas has no income tax.
“Caterpillar’s global headquarters relocation is a major win for the people of North Texas and the entire state, now making Texas home to 54 Fortune 500 corporate headquarters,” Texas Gov. Greg Abbott said in a statement. “I am proud to welcome Caterpillar’s headquarters to Texas and am excited for the economic opportunities this will create for Texans. Businesses of all sizes and people from all backgrounds can grow and succeed in the Lone Star State because we champion a world-class economic environment fueled by the lowest business operating costs in the nation, a reasonable regulatory environment, and a lower cost of living coupled with an exceptional quality of life.”
The move will impact about 230 jobs and begin later this year, Caterpillar said.
The Center Square -- formerly known as Watchdog.org and the Illinois News Network -- and their reporters represent 18 states across the United States as the taxpayers' watchdog, exposing the way government really works.