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Illinois Business Developments
Illinois is the biggest marketplace in the Midwest and home to more than 2,000 corporate headquarters, an active startup scene, and over 1.2 million small-scale businesses, offers all the resources that global businesses require to succeed in the modern business. From world-class infrastructure which connects businesses with their customers and suppliers to highly skilled workforce across various industries as well as a modern manufacturing base - Illinois excels in a variety of areas like advanced and clean agriculture, energy, IT life sciences transportation logistics.
Illinois has seen tremendous international investment growth in recent years. Countries like Britain, Japan, Germany and China were among the top countries investing in Illinois In 2023, this sum was greater than USD $13.2 billion across agriculture, manufacturing and other industries in Illinois alone.
Since 2014, nearly $1 billion worth of incentives have been awarded under Illinois' Reimagining Energy and Vehicles program to companies providing electric vehicles and green energy production. In the last month, DCEO also provided PsiQuantum Manufacturing with an incentive package that was worth over $200 million to build a advanced 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 inaugurate CZ Biohub Chicago - a revolutionary research hub located in the forefront of scientific research. The project will unite University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the development of human tissues as well to develop innovative therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they have announced they are expanding their current manufacturing facility in Elgin that will result in 50 full-time positions while keeping the 140 full-time jobs they have currently.
The Illinois Small Business Development Center located at Southern Illinois University is funded through a collaborative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center offers local entrepreneurs with assistance for beginning or expanding their business through programs such as free business planning workshops individual counseling sessions with expert Business Advisors, and access to funding opportunities.
State officials in Indiana are informing employers to provide higher wages and benefits as a means of keeping childcare workers working across the nation which is a problem due to a shortage of jobs. The move comes after the closure of a child care facility in Bronzeville which was struggling to retain staff.
Illinois Department of Labor also has launched an online tool to provide small-sized businesses with information on lawful employment practices. Employers are able to search using keywords or browse categories on this website; and connect with state agencies and sources.
Illinois Business Development Authority (IBDA) is taking steps to promote awareness of Illinois tax incentives to expanding businesses by hosting an online webinar on this subject, which was recorded. It will then be archived on their website.
