Illinois Business Developments

Illinois, as the largest markets in the Midwest and home to more than 2000 corporate headquarters, an active business scene, and more than 1.2 million small businesses, provides all the resources global businesses need to be successful in the modern business. From world-class infrastructure that connects companies to suppliers and customers to a skilled workforce across various industries as well as a modern manufacturing base, Illinois excels in a variety of areas such as clean and advanced agriculture, energy, IT life sciences logistics for transportation.

Illinois has seen tremendous increase in foreign investment over the last few years. Countries such as Britain, Japan, Germany and China were among those most invested in Illinois in 2023. By that time, the amount reached over USD $13.2 billion across agricultural, manufacturing, and other industries in Illinois alone.

Since 2014, over $1 billion worth of incentives have been granted under Illinois' Reimagining Energy and Vehicles program to firms that supply electric vehicles and renewable energy production. Last month, DCEO also granted PsiQuantum Manufacturing with an incentive package worth more than 200 million dollars for their new high-tech manufacturing facility in East Alton.

Governor JB Pritzker accompanied by representatives of The Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to officially launch CZ Biohub cite press release chicago style (https://independent.academia.edu/pressez) - a revolutionary research hub located that is at the forefront in scientific studies. The 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 have expanded their production facility located in Elgin which will create 50 full-time jobs while keeping 140 existing full-time positions intact.

The Illinois Small Business Development Center 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 in the area with support for beginning or expanding their business by offering services like free workshops on business planning, one-on-one counseling sessions with expert Business Advisors as well as access to funding opportunities.

State leaders in Indiana are informing employers to provide higher salaries and benefits as a means of keeping childcare workers employed nationwide as they face a shortage of employment. This follows the closure of a care center located in Bronzeville that struggled to keep its staff.

Illinois Department of Labor also introduced an online tool to help small businesses understand the laws governing employment. Employers are able to search using keywords or browse categories on the website, as well as connect to state agencies and sources.

Illinois Business Development Authority (IBDA) is working to raise awareness of Illinois tax incentives for business expansion. They hosted an interactive webinar on the subject. It was recorded and will later be archived on their website.