Illinois Business Developments

Illinois as the biggest markets in the Midwest and home to over 2000 corporate headquarters, an active entrepreneurial scene, and more than 1.2 million small-scale businesses, offers all of the assets global companies require to thrive in the modern business. The world's best infrastructure connects businesses to suppliers and customers to skilled workers in various fields as well as an advanced manufacturing base - Illinois excels in a variety of areas like advanced and clean technology, agriculture, energy, life sciences and transportation logistics.

Illinois has experienced a tremendous increase in international investment growth in recent years. Countries such as Britain, Japan, Germany and China were among the top countries investing in Illinois in 2023. By that time, the total was more than USD $13.2 billion in agricultural, manufacturing, and other industries in Illinois alone.

Since 2014, more than $1 billion in incentives were awarded under Illinois Reimagining Energy and Vehicles program to businesses that offer electric vehicles and clean energy production. Last month, DCEO also provided PsiQuantum Manufacturing with an incentive package that was worth over $200 million to build a advanced facility in East Alton.

Governor JB Pritzker was joined by representatives from his organization, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to inaugurate CZ Biohub Chicago - a innovative research hub that is that is at the forefront in research. This initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the development of human tissues as well and develop revolutionary therapies.

Governor JB Pritzker and Flender Corporation recently announced they are expanding their existing factory in Elgin and will create 50 full-time employees while maintaining the 140 full-time positions they currently have.

The Illinois Small Business Development Center located at Southern Illinois University is funded through a collaborative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center provides entrepreneurs in the area with support for beginning or expanding their business through programs such as free workshops on business planning individual counseling sessions with experienced Business Advisors and access to financing options.

State leaders in Indiana are encouraging employers to offer higher pay and benefits as a means of keeping childcare workers in the country which is a problem due to a shortage of work. This follows the closing of a children's care center in Bronzeville that struggled to keep its employees.

Illinois Department of Labor also introduced an online tool to educate small businesses on the laws governing employment. Employers can search using keywords or browse categories on this website, Pressez (pressez.substack.Com) as well as connect with state agencies and sources.

Illinois Business Development Authority (IBDA) is taking steps to make people aware of Illinois tax incentives that can be used for business expansion by hosting an online webinar about this topic. The event was recorded. It will then become archived and posted on their site.