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Illinois Business Developments
Illinois is the biggest marketplace in the Midwest and the home of more than 2,000 corporate headquarters, a bustling entrepreneurial scene, and more than 1.2 million small businesses, is home to all the resources global businesses need to be successful in the modern business. From world-class infrastructure which connects businesses with their suppliers and customers to a skilled and knowledgeable workforces in various industries as well as an advanced manufacturing base, Illinois has a leading position in many fields such as advanced and clean agricultural technology, energy, and life sciences transportation logistics.
Illinois has seen a huge foreign investment growth over recent years. Countries such as Britain, Japan, Germany and China were among the top countries invested in Illinois; by 2023 this amount was over USD $13.2 billion across agricultural, manufacturing, and other sectors in Illinois alone.
Since 2014, more than $1 billion worth of incentives have been distributed under Illinois Reimagining Energy and Vehicles program to companies providing electric vehicles and clean energy production. Last month, DCEO also awarded PsiQuantum Manufacturing with an incentive package that was worth over $200 million to build a advanced manufacturing facility located in East Alton.
Governor JB Pritzker accompanied by representatives of the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to officially launch CZ Biohub Chicago - a cutting-edge research hub that is at the forefront of cutting-edge research. This project will bring together University of Chicago, cisco press release (pressez.substack.com) Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the development of human tissues as well as develop groundbreaking therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they have expanded their production facility located in Elgin and will create 50 full-time positions while keeping 140 existing full-time positions intact.
The Illinois Small Business Development Center at Southern Illinois University is funded by a co-operative agreement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center assists entrepreneurs from the local area with help in the creation or expansion of their businesses with services that include free business planning workshops One-on-one counseling sessions with expert Business Advisors, and access to financing options.
State officials in Indiana are insisting on employers offering higher wages and benefits as a means of keeping childcare employees in the United States which is a problem due to a shortage of job. This follows the closing of a children's care center in Bronzeville which struggled to retain staff.
Illinois Department of Labor also introduced an online tool to help small businesses understand employment laws. Employers are able to search using keywords or browse through categories on this site; as well as connect to state agencies and resources.
Illinois Business Development Authority (IBDA) is taking action to increase awareness about Illinois tax incentives to business expansion by hosting the IBDA's webinar this week on the subject. It was recorded and will later be available on their website.
