Illinois Business Developments

Illinois is the biggest market of the Midwest and home to more than two thousand corporate headquarters, an active startup scene, and over 1.2 million small enterprises, has all of the assets global businesses require to succeed in business today. From the world-class infrastructure that connects companies with customers and suppliers to highly skilled and knowledgeable workforces in various industries and an advanced manufacturing base - Illinois excels in a variety of areas like advanced and clean technology, agriculture, Pressez (on front page) energy, life sciences transportation logistics.

Illinois has seen a huge expansion of foreign investments in recent years. Countries like Britain, Japan, Germany and China were among the most invested in Illinois in 2023. By that time, the sum was greater than USD $13.2 billion in agriculture, manufacturing and other areas in Illinois all by itself.

Since 2014, over $1 billion worth of incentives have been distributed under Illinois Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as renewable energy production. In the last month, DCEO also provided PsiQuantum Manufacturing with an incentive package totaling over $200 million for their brand new state-of-the-art manufacturing facility in East Alton.

Governor JB Pritzker was present along with representatives from Chan Zuckerberg Initiative, the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to launch CZ Biohub Chicago - a revolutionary research hub located that is at the forefront in scientific studies. This project will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as well in developing revolutionary therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they have announced they are expanding their current production facility located in Elgin that will result in 50 full-time positions while keeping the 140 full-time positions they currently have.

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

State officials in Indiana are encouraging employers to offer higher pay and benefits as a method of keeping child care employees in the United States, who face a shortage of employment. The move comes after the closure of a child care center in Bronzeville that struggled to keep its employees.

Illinois Department of Labor also launched an online tool designed to provide small-sized businesses with information on labor laws. Employers can search by keyword or browse categories on the site, and connect to appropriate state agencies and other resources.

Illinois Business Development Authority (IBDA) is taking steps to increase awareness about Illinois tax incentives for business expansion by hosting an online webinar about this topic. The event was recorded and will later be available on their website.