Illinois Business Developments

Illinois is the biggest market in the Midwest and home to more than two thousand corporate headquarters, a thriving entrepreneurial scene, and more than 1.2 million small businesses, provides all the resources that global businesses require to succeed in business today. From the world-class infrastructure that connects businesses with their customers and suppliers to highly skilled workforce across various industries and an advanced manufacturing base - Illinois leads in many areas such as clean and advanced agriculture, energy, IT life sciences logistics for transportation.

Illinois has experienced a tremendous increase in increase in foreign investment over the last few years. Countries like Britain, Japan, Germany and China were among those most investing in Illinois and by 2023, this sum was greater than USD $13.2 billion in manufacturing, agribusiness and other areas in Illinois alone.

Since 2014, more than $1 billion in incentives were granted under Illinois Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as green energy production. This month, DCEO also granted PsiQuantum Manufacturing with an incentive package worth more than $200 million for their new advanced facility in East Alton.

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

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

The Illinois Small Business Development Center located at Southern Illinois University is funded by a co-operative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center offers entrepreneurs from the local area with help in starting or expanding their businesses through programs such as free business planning workshops individual counseling sessions with experienced Business Advisors as well as access to financing options.

State officials in Indiana are pushing employers to offer better pay and benefits as a way to keep child care workers in the country and facing a lack of work. This comes following the closing of a child care facility in Bronzeville which struggled to retain employees.

Illinois Department of Labor also has launched an online tool to provide small-sized businesses with information on labor laws. Employers can search using keywords or browse categories on the site, and connect with state agencies and sources.

Illinois Business Development Authority (IBDA) is working to increase awareness about Illinois tax incentives to 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.