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Illinois Business Developments

Illinois, as the largest market of the Midwest and home to more than 22,000 corporate headquarters, a vibrant business scene, and more than 1.2 million small enterprises, has the infrastructure that companies require to thrive in today's competitive business. From the world-class infrastructure that connects businesses to customers and suppliers to highly talented workforce in various industries and an advanced manufacturing base, Illinois excels in a variety of areas such as clean and advanced energy, agribusiness, press release lede (independent.academia.edu) IT life sciences, transportation logistics.

Illinois has witnessed a significant increase in foreign investment over the last few years. Countries such as Britain, Japan, Germany and China were among the countries that most invested in Illinois and by 2023, this sum was greater than USD $13.2 billion in agricultural, manufacturing, and other industries in Illinois all by itself.

Since 2014, over $1 billion in incentives were awarded under Illinois Reimagining Energy and Vehicles program to firms that supply electric vehicles and renewable energy production. The program was announced last month. DCEO also rewarded PsiQuantum Manufacturing with an incentive package totaling over $200 million for their new modern facility in East Alton.

Governor JB Pritzker joined representatives from Chan Zuckerberg Initiative, the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago for the launch of CZ Biohub Chicago - a groundbreaking research hub that is at the forefront in research. The project will unite University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as to develop innovative therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they are expanding their existing factory in Elgin, creating 50 full-time employment while keeping the existing 140 full-time employees.

The Illinois Small Business Development Center at Southern Illinois University is funded in part through a cooperative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center assists entrepreneurs from the local area with help in beginning or expanding their business through programs such as free workshops on business planning, one-on-one counseling sessions with expert Business Advisors and access financing options.

State officials in Indiana are informing employers to provide higher wages and benefits as a way to keep child care workers in the country as they face a shortage of jobs. This follows the closure of a child care facility in Bronzeville where it was difficult to retain employees.

Illinois Department of Labor also has launched an online tool to help small businesses understand employment laws. Employers can search by keyword or browse categories on the website, as well as connect to the appropriate state agencies and resources.

Illinois Business Development Authority (IBDA) is working to raise awareness of Illinois tax incentives that can be used for business expansion. They hosted the IBDA's webinar this week on this subject, which was recorded. The webinar will later become archived and posted on their site.