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Illinois Business Developments
Illinois is the biggest marketplace in the Midwest and the home of more than 2000 corporate headquarters, a bustling startup scene, and over 1.2 million small-scale businesses, offers all of the assets global businesses need to be successful in business today. From world-class infrastructure which connects businesses to suppliers and customers, to a skilled and knowledgeable workforces in various industries and a thriving manufacturing base, Illinois excels in a variety of areas including advanced and sustainable agricultural technology, energy, and life sciences, transportation logistics.
Illinois has witnessed a significant expansion of foreign investments in recent years. Countries such as Britain, Japan, Germany and China were among the countries that most investing in Illinois in 2023. By that time, the amount reached over USD $13.2 billion in agriculture, manufacturing and other industries in Illinois alone.
Since 2014, nearly $1 billion in incentives were given out under Illinois' Reimagining Energy and Vehicles program to businesses that offer electric vehicles and renewable energy production. The program was announced last month. DCEO also awarded PsiQuantum Manufacturing with an incentive package worth more than 200 million dollars for their new advanced manufacturing facility in East Alton.
Governor JB Pritzker joined representatives from his organization, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to officially launch CZ Biohub Chicago - a innovative research hub that is 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 human tissue development as well to develop innovative therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they are expanding their current factory in Elgin which will create 50 full-time jobs while keeping the existing 140 full-time employees.
The Illinois Small Business Development Center 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 local entrepreneurs with assistance in beginning or expanding their business by offering services like free business planning workshops individual counseling sessions with expert Business Advisors as well as access to financing opportunities.
State leaders in Indiana are insisting on employers offering higher wages and benefits as a method of keeping child care workers working across the nation, who face a shortage of employment. This comes following the closing of a children's care facility in Bronzeville which struggled to retain employees.
Illinois Department of Labor also has launched an online tool to educate small businesses on employment laws. Employers can search using keywords or browse categories on this site; as well as connect to appropriate state agencies and other resources.
Illinois Business Development Authority (IBDA) is working to raise awareness of Illinois' tax incentives for business expansion by hosting an online webinar about this topic. The event was recorded. It will then appear on the website.
