New Commercial Developments in the Prairie State to Watch Right Now
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Illinois Business Developments
Illinois is the biggest markets in the Midwest and the home of more than 2000 corporate headquarters, a vibrant startup scene and over 1.2 million small businesses, is home to all the resources global companies require to thrive in the current business climate. The world's best infrastructure connects businesses with their suppliers and customers, to a skilled workers in various fields as well as an advanced manufacturing base, Illinois is a leader in many areas such as advanced and clean energy, agribusiness, IT life sciences 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 invested in Illinois In 2023, this total was more than USD $13.2 billion across manufacturing, agribusiness and other industries in Illinois all by itself.
Since 2014, nearly $1 billion in incentives were distributed under Illinois Reimagining Energy and Vehicles program to businesses that offer electric vehicles and green energy production. This month, DCEO also awarded PsiQuantum Manufacturing with an incentive package of more than 200 million dollars for their new advanced facility in East Alton.
Governor JB Pritzker was present along with representatives from his organization, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to officially launch CZ Biohub Chicago - a innovative research hub that is in the forefront of scientific studies. The 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 as develop groundbreaking therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they have expanded their factory in Elgin, creating 50 full-time employment while keeping the existing 140 full-time employees.
The Illinois Small Business Development Center at Southern Illinois University is funded by a co-operative arrangement between U.S. Small Business Administration, illinois manufacturing news (independent.academia.edu) Department of Commerce and Economic Opportunity and Southern Illinois University. The center provides local entrepreneurs with assistance in creating or expanding their businesses through programs such as free business planning workshops individual counseling sessions with expert Business Advisors and access to financing opportunities.
State leaders in Indiana are pushing employers to offer better salaries and benefits as a way to keep child care employees in the United States, who face a shortage of jobs. The move comes after the closure of a child care facility located in Bronzeville where it was difficult to retain employees.
Illinois Department of Labor also has launched an online tool to provide small-sized businesses with information on the laws governing employment. Employers can search by keyword or browse categories on this website; and connect to the appropriate state agencies and information sources.
Illinois Business Development Authority (IBDA) is taking action to promote awareness of Illinois tax incentives that can be used for expanding businesses by hosting an online webinar on this subject, which was recorded and will later be available on their website.
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