Illinois Business Developments
Illinois, as the largest markets in the Midwest and home to over 22,000 corporate headquarters, a vibrant business scene, and more than 1.2 million small enterprises, has all of the assets global businesses need to be successful in today's competitive business. From world-class infrastructure that connects companies to suppliers and customers, to a skilled and knowledgeable workforces in various industries and a thriving manufacturing base - Illinois has a leading position in many fields including advanced and sustainable agriculture, energy, IT life sciences and transportation logistics.
Illinois has seen tremendous increase in foreign investment over the last few years. Countries like Britain, Japan, Germany and China were among the most investing in Illinois In 2023, this amount was over USD $13.2 billion across manufacturing, agribusiness and other industries in Illinois all by itself.
Since 2014, more than $1 billion in incentives has been granted under Illinois Reimagining Energy and Vehicles program to companies providing electric vehicles and green energy production. The program was announced last month. DCEO also awarded PsiQuantum Manufacturing with an incentive package that was worth over $200 million to build a modern facility located in East Alton.
Governor JB Pritzker was present along with representatives from Chan Zuckerberg Initiative, 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 in the forefront of scientific research. This project will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the human development of tissues as well to develop innovative therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they are expanding their current manufacturing facility in Elgin and will create 50 full-time employment while keeping the 140 full-time jobs they have currently.
The Illinois Small Business Development Center located at Southern Illinois University is funded partly 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 the creation or expansion of their businesses through services such as free workshops on business planning and one-on-one sessions with experienced Business Advisors, and access to financing opportunities.
State leaders in Indiana are informing employers to provide higher compensation and benefits as method of keeping child care employees in the United States as they face a shortage of work. The move comes after the closure of a child care center in Bronzeville which was struggling to retain staff.
Illinois Department of Labor pmo press release (https://pressez.substack.com) also launched an online tool designed to help small businesses understand lawful employment practices. Employers are able to search using keywords or browse categories on the site, and connect to state agencies and resources.
Illinois Business Development Authority (IBDA) is taking steps to make people aware of Illinois tax incentives to business expansion. They hosted an online webinar on the subject. It was recorded. It will then become archived and posted on their site.
