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Illinois Business Developments

Illinois, as the largest markets in the Midwest and the home of more than 2000 corporate headquarters, an active business scene, and more than 1.2 million small enterprises, has all the resources global firms require to flourish in the current business climate. From world-class infrastructure which connects businesses to suppliers and customers to skilled workers in various fields and an advanced manufacturing base - Illinois leads in many areas such as clean and advanced agricultural technology, energy, and life sciences logistics for transportation.

Illinois has seen tremendous expansion of foreign investments in recent years. Countries such as Britain, Japan, Germany and China were among the top countries investing in illinois New logo (Pressez.substack.com) In 2023, this amount reached over USD $13.2 billion in agricultural, manufacturing, and other sectors in Illinois all by itself.

Since 2014, nearly $1 billion in incentives has been given out under Illinois Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as clean energy production. This month, DCEO also awarded PsiQuantum Manufacturing with an incentive package worth more than 200 million dollars for their new state-of-the-art manufacturing facility in East Alton.

Governor JB Pritzker joined representatives from The Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to officially launch CZ Biohub Chicago - a cutting-edge research hub at the forefront of leading research. The 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 in developing revolutionary therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they are expanding their existing manufacturing facility in Elgin which will create 50 full-time positions while keeping the existing 140 full-time employees.

The Illinois Small Business Development Center located at Southern Illinois University is funded in part through a cooperative agreement among 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 starting or expanding their businesses by offering services like free workshops on business planning individual counseling sessions with expert Business Advisors, and access to funding opportunities.

State leaders in Indiana are encouraging employers to offer higher compensation and benefits as way to keep child care workers working across the nation as they face a shortage of jobs. This comes following the closure of a care facility located in Bronzeville which was struggling to retain employees.

Illinois Department of Labor also created an online tool to inform small-scale businesses about labor laws. Employers can search using keywords or browse through categories on this website; and connect with state agencies and information sources.

Illinois Business Development Authority (IBDA) has taken steps to promote awareness of Illinois tax incentives for expanding businesses by hosting an online webinar on the subject. The webinar was recorded and will appear on the website.