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Illinois Business Developments
Illinois is the most populous market in the Midwest and home to more than 22,000 corporate headquarters, a bustling startup scene and over 1.2 million small businesses, provides all the resources that global firms require to flourish in the current business climate. From world-class infrastructure which connects businesses to suppliers and customers to talented workforce in various industries as well as an advanced manufacturing base - Illinois has a leading position in many fields including advanced and sustainable agriculture, energy, IT life sciences, transportation logistics.
Illinois has witnessed a significant expansion of foreign investments in recent years. Countries such as Britain, Japan, Germany and China were among the countries that most investing in Illinois; by 2023 this amount was over USD $13.2 billion across agricultural, manufacturing, and other industries in Illinois all by itself.
Since 2014, nearly $1 billion in incentives have been distributed under Illinois' Reimagining Energy and Vehicles program to firms that supply electric vehicles and renewable energy production. This month, DCEO also granted PsiQuantum Manufacturing with an incentive package totaling over $200 million to build a modern manufacturing facility located in East Alton.
Governor JB Pritzker was present along with representatives from the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago for the launch of CZ Biohub Chicago - a revolutionary research hub located in the forefront of research. The project will unite University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as as develop groundbreaking therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they have expanded their plant for manufacturing in Elgin that will result in 50 full-time employment while keeping the 140 full-time jobs they have currently.
The Illinois Small Business Development Center at Southern Illinois University is funded through a collaborative agreement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center offers local entrepreneurs with assistance in starting or expanding their businesses by offering services like free business planning workshops One-on-one counseling sessions with expert Business Advisors as well as access to financing opportunities.
State leaders in Indiana are encouraging employers to offer higher compensation and benefits as means of keeping childcare workers employed nationwide and press release archive (https://hashnode.com/@pressez) facing a lack of jobs. The decision comes after the closure of a care center in Bronzeville where it was difficult to retain employees.
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Illinois Department of Labor also launched an online tool designed to inform small-scale businesses about lawful employment practices. Employers can search using keywords or browse categories on this website; and connect to state agencies and other resources.
Illinois Business Development Authority (IBDA) is taking steps to increase awareness about Illinois tax incentives for expanding businesses by hosting an online webinar about this topic. The event was recorded and will be available on their website.
