Illinois Business Developments
Illinois as the biggest market in the Midwest and home to over 2000 corporate headquarters, an active startup scene and over 1.2 million small enterprises, has all the resources that global businesses require to succeed in the current business climate. From world-class infrastructure which connects businesses with their suppliers and customers, to a skilled workers in various fields and a thriving manufacturing base, Illinois has a leading position in many fields like advanced and clean technology, agriculture, energy, life sciences and transportation logistics.
Illinois has experienced a tremendous increase in foreign investment growth over recent years. Countries such as Britain, Japan, Germany and China were among the top countries investing in Illinois and by 2023, this total was more than USD $13.2 billion in agricultural, manufacturing, and other industries in Illinois all by itself.
Since 2014, nearly $1 billion in incentives has been given out under Illinois Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as clean energy production. This month, DCEO also awarded PsiQuantum Manufacturing with an incentive package that was worth over $200 million for their new high-tech manufacturing 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 launch CZ Biohub Chicago - a groundbreaking research hub that is at the forefront of cutting-edge scientific research. This initiative will bring together 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 production facility located in Elgin and will create 50 full-time jobs while keeping the existing 140 full-time employees.
The Illinois Small Business Development Center located at Southern Illinois University is funded in part through a cooperative agreement among U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern prairie press Paris illinois (https://form.jotform.com/) University. The Center provides entrepreneurs from the local area with help in starting or expanding their businesses with services that include free workshops on business planning individual counseling sessions with expert Business Advisors as well as access to financing opportunities.
State leaders in Indiana are informing employers to provide higher pay and benefits as a method of keeping child care workers employed nationwide which is a problem due to a shortage of job. The move comes after the closure of a child care center located in Bronzeville which was struggling to retain employees.
Illinois Department of Labor also has launched an online tool to educate small businesses on employment laws. Employers can search for keywords or browse categories on the site, and connect with state agencies and sources.
Illinois Business Development Authority (IBDA) is taking steps to increase awareness about Illinois tax incentives for business expansion. The IBDA hosted the IBDA's webinar this week about this topic. The event was recorded. It will then be archived on their website.
