Illinois Business Developments
Illinois is the biggest marketplace in the Midwest and home to over 2000 corporate headquarters, a vibrant business scene, and more than 1.2 million small businesses, is home to all the resources that global firms require to flourish in the modern business. The world's best infrastructure connects companies to suppliers and customers, to a talented workforce in various industries as well as a modern manufacturing base, Illinois excels in a variety of areas like advanced and clean agricultural technology, energy, and life sciences, transportation logistics.
Illinois has seen tremendous 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, this amount was over USD $13.2 billion in agriculture, manufacturing and other areas in Illinois all by itself.
Since 2014, nearly $1 billion in incentives were awarded under Illinois' Reimagining Energy and Vehicles program to businesses that offer electric vehicles and green 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 new high-tech manufacturing facility located 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 launch CZ Biohub Chicago - a innovative research hub that is that is at the forefront of cutting-edge scientific research. This project 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 manufacturing facility in Elgin which will create 50 full-time employment while keeping 140 existing full-time positions intact.
The Illinois Small Business Development Center at Southern Illinois University is the press box still open in chicago (www.diigo.com) funded by a co-operative agreement among U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center assists local entrepreneurs with assistance in beginning or expanding their business with services that include free workshops on business planning and one-on-one sessions with expert Business Advisors as well as access to financing options.
State officials in Indiana are pushing employers to offer better wages and benefits as a way to keep child care workers working across the nation which is a problem due to a shortage of job. This comes following the closure of a care center located in Bronzeville which was struggling to retain employees.
Illinois Department of Labor also has launched an online tool to help small businesses understand employment laws. Employers can search using keywords or browse through categories on this website, as well as connect to state agencies and sources.
Illinois Business Development Authority (IBDA) has taken steps to raise awareness of Illinois tax incentives to expanding businesses by hosting an online webinar on this subject, which was recorded and will become archived and posted on their site.
