Illinois Business Developments

Illinois is the most populous market in the Midwest and the home of more than 22,000 corporate headquarters, a thriving startup scene and over 1.2 million small-scale businesses, offers the infrastructure that companies require to thrive in business today. From world-class infrastructure that connects companies with suppliers and customers to a skilled workforce across various industries and a thriving manufacturing base - Illinois is a leader in many areas like advanced and clean energy, agribusiness, illinois.gov press; Pressez.substack.com, IT life sciences and transportation logistics.

Illinois has experienced a tremendous increase in expansion of foreign investments in recent years. Countries like Britain, Japan, Germany and China were among the most invested in Illinois In 2023, this amount was over USD $13.2 billion across agriculture, manufacturing and other sectors in Illinois alone.

Since 2014, more than $1 billion in incentives have been distributed under Illinois' Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as clean energy production. The program was announced last month. DCEO also provided PsiQuantum Manufacturing with an incentive package that was worth over $200 million for their brand new advanced facility in East Alton.

Governor JB Pritzker was joined by representatives from the 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 in scientific studies. The project will unite University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the human development of tissues as well as develop groundbreaking therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they have expanded their production facility located in Elgin and will create 50 full-time jobs while keeping 140 existing full-time positions intact.

The Illinois Small Business Development Center located at Southern Illinois University is funded by a co-operative agreement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center assists entrepreneurs in the area with support for starting or expanding their businesses by offering services like free business planning workshops and one-on-one 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 way of keeping child care employees in the United States which is a problem due to a shortage of work. This comes following the closure of a care center in Bronzeville where it was difficult to retain employees.

Illinois Department of Labor also has launched an online tool to educate small businesses on lawful employment practices. Employers can search by keyword or browse categories on this site; as well as connect to the appropriate state agencies and resources.

Illinois Business Development Authority (IBDA) is working to promote awareness of Illinois tax incentives for business expansion by hosting the IBDA's webinar this week on the subject. The webinar was recorded. The webinar will later appear on the website.