Illinois Business Developments
Illinois is the biggest marketplace in the Midwest and home to more than two thousand corporate headquarters, a bustling startup scene and over 1.2 million small enterprises, has all of the assets global businesses require to succeed in the current business climate. From world-class infrastructure that connects businesses to suppliers and customers to skilled workforce across various industries as well as a modern manufacturing base - Illinois has a leading position in many fields such as advanced and clean energy, agribusiness, IT life sciences transportation logistics.
Illinois has seen a huge international investment growth in recent years. Countries like Britain, Japan, Germany and China were among those most investing in Illinois in 2023. By that time, the amount reached over USD $13.2 billion across agricultural, manufacturing, and other sectors in Illinois all by itself.
Since 2014, over $1 billion in incentives has been distributed under Illinois Reimagining Energy and Vehicles program to businesses that offer electric vehicles and green energy production. This month, DCEO also rewarded PsiQuantum Manufacturing with an incentive package totaling over $200 million for their brand new advanced 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 revolutionary research hub located 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 as develop groundbreaking 858 Therapeutics Press release (pressez.blog.fc2.Com).
Governor JB Pritzker and Flender Corporation recently announced they are expanding their current factory in Elgin that will result in 50 full-time employees while maintaining the existing 140 full-time employees.
The Illinois Small Business Development Center at Southern Illinois University is funded in part through a cooperative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center offers entrepreneurs from the local area with help in beginning or expanding their business with services that include free workshops on business planning and one-on-one sessions with experienced Business Advisors, and access to financing opportunities.
State leaders in Indiana are pushing employers to offer better compensation and benefits as way to keep child care workers employed nationwide and facing a lack of employment. This comes following the closing of a children's care center located in Bronzeville that struggled to keep its employees.
Illinois Department of Labor also has launched an online tool to inform small-scale businesses about labor laws. Employers can search by keyword or browse through categories on this site, and connect to the appropriate state agencies and information sources.
Illinois Business Development Authority (IBDA) is taking action to make people aware of Illinois tax incentives to business expansion. The IBDA hosted the IBDA's webinar this week about this topic. The event was recorded and will appear on the website.
